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PG&E National Energy Group Tells California State Senate Committee No Enron Trading Strategies Found

06/14/2002
PG&E NEG's Response to California Senate

BETHESDA, Md. - PG&E National Energy Group, a unit of PG&E Corporation (NYSE: PCG), today reported to the California State Senate's Select Committee to Investigate Price Manipulation of the Wholesale Energy Market that it did not engage in energy trading strategies described in Enron Corp. memos made public last month.

In May, PG&E National Energy Group responded to a similar request by the Federal Energy Regulatory Commission (FERC). The company's response to FERC, as well as today's response to the California legislature, specifically denied engaging in the Enron strategies, providing details of the procedure it used, with the knowledge and advice of the California Independent System Operator, to sell electricity into the state's real-time energy market.

PG&E National Energy Group, based in Bethesda, Md., develops, builds, owns and operates power production and natural gas transmission facilities and provides energy trading, marketing and risk management services in North America.

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