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PG&E Corporation Affirms Its Status Under Federal Holding Company Act

08/07/2001

(San Francisco, CA) - In a submission with the U.S. Securities and Exchange Commission (SEC) today, PG&E Corporation (NYSE: PCG) responded to a petition by the California Attorney General's Office that asked the SEC to review PG&E Corporation's exemption from the Public Utility Holding Company Act (PUHCA). The company issued the following statement regarding its submission.

"An objective review of the law and the facts quickly shows that the issues raised in the petition by the Attorney General's Office are entirely baseless. Our submission to the SEC today demonstrates that PG&E Corporation very clearly meets the SEC's long-standing, explicit criteria for exemption from PUHCA. We have also shown that the holding company's financial practices with regard to its Pacific Gas and Electric Company utility unit have been prudent and proper, and have not only been well within SEC standards, but in fact have exceeded them. If the SEC decides to review the facts, we would embrace the inquiry, and we are confident that the Corporation would be fully vindicated."

For a copy of the Executive Summary to the company's SEC submission, click here.

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