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PG&E Issues Statement After Court Decision On Its Request For Stay

06/01/2001

San Francisco — Pacific Gas and Electric Company today released the following statement after the U.S. Bankruptcy Court issued its decision denying the utility's request for a stay and an injunction on the TURN accounting proposal. On March 27, the California Public Utilities Commission (CPUC) issued an order that attempts to force the company to restate all its regulatory books and accounts retroactively back to January 1, 1998. On April 9, the company had asked the court to stay the CPUC's order, under the automatic stay provision of the Bankruptcy Code. The court did not grant this request, citing certain exceptions to the automatic stay:

"Pacific Gas and Electric Company is disappointed that the court did not grant immediate relief from the unlawful and retroactive CPUC order. However, today's decision was not on the overall merits of the CPUC action.

"Pacific Gas and Electric Company will continue to pursue all legal challenges to this unlawful CPUC decision."

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