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Chapter 11 Update: PG&E Issues Statement On Proposed Decisions Regarding Utility's Chapter 11 Exit

11/19/2003

SAN FRANCISCO - PG&E Corporation (NYSE: PCG) and Pacific Gas and Electric Company issued the following statement in response to the proposed decision issued by a California Public Utilities Commission (CPUC) administrative law judge and the two alternate decisions issued by CPUC President Michael Peevey:

"In June, our company and the staff of the CPUC announced a proposed settlement agreement that, in the words of U.S. Bankruptcy Court Judge Randall Newsome who oversaw the negotiations, 'unequivocally' is a fair deal for both sides and a great benefit for all Californians." This proposed settlement will allow PG&E to exit Chapter 11 as an investment-grade utility, pay in full or otherwise fully satisfy all valid creditor claims with interest, and allow us to reduce our customers" electric rates.

"PG&E appreciates the efforts of Judge Robert Barnett and President Peevey to maintain the schedule for resolution of the Chapter 11 case by releasing these proposed decisions today.

"Most importantly, we are pleased that the proposed settlement is fully reflected in President Peevey's Alternate Decision Number One, and that the Commission will have the opportunity to vote on the agreement we reached with the CPUC staff. We urge the Commission to adopt this alternate decision."

The CPUC has scheduled oral arguments in the case for December 2, with written comments by PG&E and others due to be filed with the CPUC by December 8, 2003. The CPUC is scheduled to take up the proposed settlement at its December 18th meeting.

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