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PG&E Corporation Will Not Declare First Quarter Dividend

02/21/2001

(San Francisco, CA) - Citing the severe financial impact of the ongoing California energy crisis, PG&E Corporation (NYSE: PCG) today announced it will not declare and pay the regular common stock dividend of 30 cents per share for the first quarter of 2001.

Future common stock dividends will not be declared or paid until the Corporation's Board of Directors determines that the financial health of the Company will support such action.

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