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PG&E Corp Completes Filings: No Change To Net Income

06/30/2003

SAN FRANCISCO, CA - As previously announced, PG&E Corporation (NYSE: PCG) today filed a revised 2002 Form 10-K/A to reflect certain offsetting reclassifications of operating revenues and expenses, which net to zero, within its subsidiary PG&E National Energy Group (PG&E NEG). The reclassifications resulted in no change in PG&E NEG's or PG&E Corporation's reported operating income, net income, balance sheet or cash flow for the reporting period.

Related Documents

Form 10Q/A Form 10K/A

For the year ended December 31, 2002, the revision is a reclassification of offsetting PG&E NEG revenues and expenses of $467 million, which net to zero and were strictly limited to discontinued operations.

Also, for the quarter ended March 31, 2003, PG&E Corporation today filed a Form 10-Q/A to reflect certain offsetting reclassifications of similar transactions within its subsidiary PG&E NEG. For the quarter, the reclassification of certain offsetting revenues and expenses in continuing operations totaled $206 million and netted to zero. The reclassifications resulted in no change in PG&E NEG's or PG&E Corporation's reported operating income, net income, balance sheet or cash flow for the period.

In addition, PG&E NEG will file similar Forms 10-K/A and 10-Q/A to reflect these changes.

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