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PG&E Corporation Units Did Not Engage In Enron Trading Strategies, Ferc Told

05/22/2002

(San Francisco, CA) - PG&E Corporation (NYSE: PCG) reported today that its business units, Pacific Gas and Electric Company and the PG&E National Energy Group (PG&E NEG), have informed the Federal Energy Regulatory Commission (FERC) that they did not engage in Enron trading strategies. The Commission has asked more than 150 companies to provide information on their power marketing and trading activities in the California energy market during 2000 and 2001.

We are pleased to cooperate with the FERC investigation and we hope that this will assist in restoring confidence in the energy markets as speculation is replaced by fact.

Copies of Pacific Gas and Electric Company's and the PG&E National Energy Group's responses to FERC are available for viewing at www.pgecorp.com. Copies of the press releases issued by Pacific Gas and Electric Company and the PG&E National Energy Group summarizing their respective response to FERC may also be viewed at www.pgecorp.com.

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