E-Commerce Venture Signals Commitment To Capturing Advantages Of The "New Economy," Says Glynn


PG&E Corporation today, with 14 other major energy companies, announced plans to launch a new business-to-business Internet marketplace for the purchase of goods and services (See additional press release). By bringing customers and suppliers together online, PG&E Corporation and the other founding companies expect to streamline purchasing processes, shorten purchasing cycles, and increase accessibility between buyers and sellers.

"This and other e-commerce initiatives at PG&E Corporation leverage the power of the Internet to do our business more quickly, efficiently, and cost-effectively," said Robert D. Glynn, Jr., Chairman, CEO, and President of PG&E Corporation. "And, to help both buyers and sellers win in the new economy." Glynn reiterated PG&E Corporation's commitment to supplier diversity, saying "It is our intention that 'new economy' approaches to purchasing benefit all segments of the supplier community."

The founders behind the initiative plan to form an independent company by June 2000 to operate the exchange. The company will initially be owned by PG&E Corporation and the other founding members. They include American Electric Power, Cinergy, Consolidated Edison, Inc., Duke Energy, Edison International, Entergy, FirstEnergy Corp., FPL Group, Public Service Enterprise Group, Reliant Energy, Sempra Energy, Southern Company, TXU, and Unicom.


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