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PG&E National Energy Group Tells Ferc No Enron Trading Strategies Found

05/22/2002

(Bethesda, MD) - PG&E National Energy Group, a unit of PG&E Corporation (NYSE: PCG) reported to federal regulators today that it did not engage in the energy trading strategies described in Enron Corp. memos made public earlier this month.

The Federal Energy Regulatory Commission issued a request to more than 150 companies for information on energy trading practices in the western United States in 2000 and 2001. PG&E National Energy Group neither owned nor operated any power generation facilities in California during the 2000-2001 energy crisis, nor was it a substantial player in the state's trading market.

"Our energy trading activities were conducted consistent with the California Independent System Operator's policies and practices, as explained to us by the ISO," said Lyn Maddox, president of the company's trading operations. "It is our policy to always comply fully with the laws, rules, regulations and guidelines that govern all the markets in which we do business."

The company's response to FERC specifically denied engaging in the Enron strategies. In its response, the company also provided 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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