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Chapter 11 Update: PG&E Issues Statement On Cpuc Term Sheet

02/13/2002

SAN FRANCISCO - Pacific Gas and Electric Company today issued the following statement in response to the filing made in U.S. Bankruptcy Court by the California Public Utilities Commission (CPUC). On January 16, the Court ordered the CPUC to submit no later than today a term sheet outlining its alternative proposal for the utility to emerge from bankruptcy:

"The Court asked the CPUC to prepare a credible term sheet. The proposal outlined today is not credible and will not work. It will not work because it overstates the available cash, understates the debt and undermines the utility's ability to invest in electric system reliability. Most striking is the fact that the CPUC continues to misunderstand the meaning of creditworthiness. The CPUC's term sheet will not restore PG&E to creditworthy status and thus condemns the state to remain in the power business."

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