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PG&E Issues Statement Following Close Of California Settlement Negotiations

07/09/2001

San Francisco — Following conclusion of the California Settlement Negotiations, Pacific Gas and Electric Company issued the following statement:

"Pacific Gas and Electric Company is sincerely appreciative of the Federal Energy Regulatory Commission (FERC) and Chief Judge Curtis Wagner for providing this forum to address the outstanding issues associated with California's energy future.

"During the past 15 days, the parties have engaged in useful dialogue that has produced a better understanding of the various positions and options for resolution. While the parties were not able to reach an immediate agreement, we believe that these discussions provide a solid basis for further negotiations and a record to assist the FERC with their decision-making.

"We remain committed to working to ensure that California consumers will pay just and reasonable costs for electricity. And we are hopeful that the parties can continue the discussions on a good faith basis without finger pointing and name calling."

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