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PG&E Corporation Comments On Cpuc Investigation

04/03/2001

San Francisco, CA -- PG&E Corporation (NYSE:PCG) today issued the following statement from Chairman, CEO and President Robert D. Glynn, Jr., regarding the decision by the California Public Utilities Commission (CPUC) to initiate an investigation of the relationship between the holding company and its utility unit, Pacific Gas and Electric Company:

"We again welcome the opportunity to formally affirm, as we have several times now, the fact that PG&E Corporation has managed its utility business in complete compliance with all applicable laws and within the strict rules created by the CPUC to regulate the relationship between the utility and the holding company.

"Since the holding company was created in 1997, the CPUC has twice fully audited our compliance with its rules, and found no substantial violations. Earlier this year, the CPUC ordered an independent auditor to review our books, and the auditors also found nothing improper or illegal in the company's relationship with the utility.

"We also presented this information to the California state Assembly's Electrical Energy Oversight Committee earlier this year. They publicly stated that our actions were within the law.

"We look forward to again presenting the facts. When the facts are reviewed, we fully expect this newest investigation will arrive at the same conclusions as before."

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