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PG&E National Energy Group Tells Public Utility Commission Of Texas No Manipulation Of Ercot Market

07/02/2002

BETHESDA, Md. - PG&E National Energy Group, a unit of PG&E Corporation (NYSE: PCG), today reported to the Public Utility Commission (PUC) of Texas that it did not engage in energy trading strategies described in Enron Corp. memos made public in May. The report was in response to a June 12 request to power marketers, scheduling and resource entities by the PUC.

PG&E National Energy Group responded to similar requests by the Federal Energy Regulatory Commission and the California State Senate's Select Committee to Investigate Price Manipulation of the Wholesale Energy Market. The response to those entities, as well as today's report to the PUC, specifically denied engaging in the Enron strategies. PG&E National Energy Group provided details of the procedures it used to sell electricity into the state's balancing energy market.

PG&E National Energy Group responded on behalf of its trading operation and Spencer Station Generating Company, L.P., its 178-megawatt generating facility that supplies wholesale power to the City of Denton.

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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