San Francisco, CA) - Citing the severe financial impact of the ongoing California energy crisis, Pacific Gas and Electric Company, the utility unit of PG&E Corporation (NYSE:PCG), announced today that it will not declare preferred stock dividends for the three-month period ending April 30, 2001.

Future preferred stock dividends will not be declared or paid until Pacific Gas and Electric Company's Board of Directors determines that the financial health of the Company will support such action.