SAN FRANCISCO, CA - PG&E National Energy Group,
a unit of PG&E Corporation (NYSE:PCG), today reported
that it is revising its 2002 Form 10-K/A to reclassify
certain offsetting revenues and expenses, which net
to zero.
The revision is strictly a reclassification of approximately
$470 million of fully offsetting revenues and expenses
from discontinued operations to continuing operations.
The reclassification, which nets to zero, will result
in no change in PG&E NEG's operating income, net
income, balance sheet or cash flow. The only impact
of the reclassification is an increase in operating
revenues offset by an equal increase in operating expenses
in its consolidated statements of operations.
In addition, PG&E Corporation will revise its 2002
Form 10-K/A to reflect this change, which will result
in no change in operating income, net income, balance
sheet or cash flow.