PG&E Corporation Comments On Attorney General's Claim


(San Francisco, CA) - PG&E Corporation (NYSE:PCG) issued the following statement responding to the lawsuit announced today by the California Attorney General:

"This action by the Attorney General's office is unwarranted, discriminatory and harmful to California.

"These financial transactions cited by the Attorney General have been thoroughly reviewed and audited multiple times, with no findings that the transactions were anything but entirely appropriate and legal. In fact, PG&E Corporation's holding company structure was developed under the close supervision of the CPUC and in strict accordance with its rules and regulations.

"Since the holding company was formed in 1997, the CPUC has twice fully audited PG&E Corporation's compliance with its rules regulating the relationship between the holding company and the utility. The CPUC's audits showed that we complied with these rules. A formal independent CPUC audit of the company's books last year also found nothing inappropriate or illegal in the company's transactions with the utility. Hearings before the state legislature on this subject also arrived at this same conclusion last year. Another review or these transactions is clearly unwarranted.

"Since there is no basis for another review of these same events, the attorney general's complaint, singling out our company as it did, appears to be more related to his ongoing efforts to obstruct our utility's plans for emerging from bankruptcy.

"Californians and the state's leaders are working hard to re-energize our economy and attract business and jobs. The Attorney General's office is misdirecting its resources and attention to an issue that has already been so thoroughly examined.

"The Corporation will defend this action in court and expects to prevail on the merits."


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