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PG&E Neg Reclassification: No Change In 2002 Net Income

06/27/2003

SAN FRANCISCO, CA - PG&E National Energy Group, a unit of PG&E Corporation (NYSE:PCG), today reported that it is revising its 2002 Form 10-K/A to reclassify certain offsetting revenues and expenses, which net to zero.

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8K Filing

The revision is strictly a reclassification of approximately $470 million of fully offsetting revenues and expenses from discontinued operations to continuing operations. The reclassification, which nets to zero, will result in no change in PG&E NEG's operating income, net income, balance sheet or cash flow. The only impact of the reclassification is an increase in operating revenues offset by an equal increase in operating expenses in its consolidated statements of operations.

In addition, PG&E Corporation will revise its 2002 Form 10-K/A to reflect this change, which will result in no change in operating income, net income, balance sheet or cash flow.

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