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Pacific Gas And Electric Company Announces Interest Payments On Unsecured Financial Debt, Including 7.90 Percent Deferrable Interest Subordinated Debentures, Series A

05/20/2002

SAN FRANCISCO - Pacific Gas and Electric Company today announced that it would make interest payments on May 31, 2002, for the month of March 2002 on certain of its unsecured financial debt.

Pacific Gas and Electric Company requested and received permission from U.S. Bankruptcy Court to pay unpaid interest to certain unsecured financial creditors and to make quarterly payments to such creditors on a going forward basis.

Pursuant to the court's March 27, 2002 order, the utility was required to make an initial payment of pre- and post-petition interest to holders of certain financial debt within ten days after court approval of the utility's disclosure statement. The court subsequently approved the disclosure statement on April 24, 2002, and Pacific Gas and Electric Company made an initial interest payment to these creditors on May 6, 2002 for the period ending February 28, 2002. The payment announced today is for interest for the month ended March 31, 2002. The ex-interest date for the interest payment is May 28, 2002, and the record date for the interest payment is May 30, 2002.

Holders of the following unsecured financial debt will be included in these payments: commercial paper, medium-term notes, senior notes, floating rate notes, and Southern San Joaquin Valley Power Authority bonds. Future payments on unsecured financial debt will be made quarterly. The next interest payment date will be July 1, 2002. Information regarding the payment amount per security will be posted on the PG&E Corporation website (www.pgecorp.com) shortly.

Pacific Gas and Electric Company also announced today that it will make an interest payment on May 31, 2002, for the month ended March 31, 2002 on its 7.90 percent Deferrable Interest Subordinated Debentures, Series A. The ex-interest date for the interest payment is May 28, 2002. The record date for the interest payment is May 30, 2002. The interest payment per $25 security is $.177976. The property trustee notified security holders on April 24, 2002, that on May 24, 2002, the 7.90 percent Deferrable Interest Subordinated Debentures, Series A, would replace PG&E Capital I's 7.90 percent cumulative Quarterly Income Preferred Securities, Series A. Future payments on these debentures will be made quarterly. The next interest payment date will be July 1, 2002.

The Bankruptcy Court's March 27, 2002 order also gave Pacific Gas and Electric Company permission to pay interest to certain other unsecured creditors, including vendors and service providers. Pacific Gas and Electric Company plans to make the first payment of interest to these creditors on or about July 30, 2002 and on a quarterly basis thereafter. The record date for the interest payment is June 30, 2002.

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