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PG&E National Energy Group Receives Extension For Renewal Of Credit Facility

10/21/2002

BETHESDA, Md. - PG&E National Energy Group, Inc. today announced that a syndicate of 16 lenders extended the maturity date of its revolving credit facility from Oct. 21, 2002 to Nov. 14, 2002. PG&E National Energy Group, Inc. is a wholly owned subsidiary PG&E Corporation (NYSE: PCG).

Terms and conditions include reducing the lenders' commitments under the 364-day part of the facility and a two-year part of the facility to the amounts outstanding, precluding PG&E National Energy Group from making any payment for certain projects under construction, and changing the interest payment schedule from quarterly to monthly.

As previously reported in filings with the U.S. Securities and Exchange Commission, PG&E National Energy Group continues to explore options to raise cash and reduce the company's indebtedness and ongoing guarantee and working capital requirements. These options include, but are not limited to, sales of assets and businesses, debt restructuring and reorganization of existing assets.

This is the second extension for the company. The original maturity date was Aug. 22, 2002. The administrative agent for the 16-bank syndicate is J.P. Morgan Chase Bank.

Headquartered in Bethesda, Md., PG&E National Energy Group develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services.

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