(San Francisco, CA) - PG&E Corporation (NYSE:PCG)
is scheduling release of second quarter financial
results on August 19, 2003. A conference call with
the financial community is scheduled to be held that
day to discuss the results. Details regarding the
call will be provided shortly.
The Corporation and Pacific Gas and Electric Company
will file this week with the U.S. Securities and Exchange
Commission (SEC) for an extension of the August 14,
2003, Form 10-Q filing deadline in order to provide
PG&E National Energy Group, Inc. (NEG), additional
time necessary to complete preparation of its second
quarter financial statements.
NEG is currently reviewing its methods for netting
certain revenues and expenses, primarily related to
hedging activities. The outcome of this review is not
expected to materially affect PG&E Corporation's
operating income, net income, balance sheet or cash
flow.
If NEG's financial statements are not complete by August
19, Pacific Gas and Electric Company intends to issue
its separate results and file its Form 10-Q on a stand-alone
basis.
As previously reported, on July 8, 2003, NEG filed
for bankruptcy protection and concurrently filed a proposed
plan of reorganization for emerging from Chapter 11,
which if implemented would eliminate PG&E Corporation's
equity in NEG. As a result of the Chapter 11 filing
and the resignation of PG&E Corporation representatives
from NEG's board of directors, PG&E Corporation
no longer retains significant influence over the ongoing
operations of NEG, including SEC filings made by NEG.
NEG's financial results from July 8, 2003, forward will
no longer be consolidated into PG&E Corporation's
financial results.