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Chapter 11 Update: PG&E Issues Statement On Ninth Circuit Decision On Express Preemption

11/19/2003

SAN FRANCISCO - PG&E Corporation (NYSE: PCG) and Pacific Gas and Electric Company today issued the following statement in response to the decision issued by the Ninth Circuit Court of Appeals on the issue of express preemption:

"We do not view today's ruling by the three-judge panel as having an impact on our plan to emerge from Chapter 11. The proposed settlement agreement reached with the staff of the California Public Utilities Commission (CPUC) in June is proceeding towards resolution by the end of this year and does not rely on the bankruptcy law preemption issues addressed in today's Ninth Circuit decision."

"The Court's ruling today, which relates to PG&E's original plan, authorizes the application of express preemption of otherwise applicable nonbankruptcy laws relating to financial conditions in a plan of reorganization. In addition, the Ninth Circuit reaffirmed that implied preemption could apply in a case even if express preemption did not."

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