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PG&E Issues Statement After Cpuc Announcement

08/22/2002

SAN FRANCISCO - Pacific Gas and Electric Company today issued the following statement after the California Public Utilities Commission (CPUC) held a press conference on the utility's Chapter 11 case:

"The CPUC's announcement today, weeks after the voting period ended, underscores the fact that its current plan is not feasible and cannot be confirmed.

"Since many of the important details of the CPUC's arrangement have not been made public, PG&E will need to obtain and thoroughly review additional information in order to provide a detailed analysis.

"PG&E continues to believe its plan of reorganization is the fastest, fairest and most feasible solution to resolve its Chapter 11 case. PG&E's reorganization plan is the only one that allows the utility to emerge from Chapter 11 as an investment-grade company, pays all valid claims in full with interest and gives the State of California a clearly defined path to exit the power buying business."

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