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PG&E Corporation Comments On Ferc Market Mitigation Action

06/20/2001

(San Francisco, CA) - PG&E Corporation (NYSE: PCG) today issued the following statement on Monday's action by the Federal Energy Regulatory Commission (FERC) extending its wholesale electricity mitigation strategy beyond California to an additional 10 western states.

"We're very pleased that FERC saw the need to expand the existing mitigation to cover all electric suppliers in all hours throughout the Western System Coordinating Council. As a result of FERC's action, mitigation now covers the integrated Western market.

"We look forward to working closely with the FERC to monitor the functioning of the market and the impact of these mitigation measures on customer prices.

"We're also pleased that FERC has relied on a market approach to establish mitigation with the long-term goal of returning to a functional market to provide effective competition in the electric industry.

"We believe that customer choice and competition can provide long term, stable benefits to consumers. However, as FERC has recognized, some market mitigation measures are appropriate in the Western U.S. at this time to deal with California's broken market and the region-wide supply shortages."

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