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PG&E Urges Cpuc To Adopt Proposed Settlement Agreement

12/04/2003

SAN FRANCISCO - PG&E Corporation (NYSE: PCG) and Pacific Gas and Electric Company today issued the following statement after Commissioners Geoff Brown and Carl Wood released proposed decisions in the utility's Chapter 11 proceeding:

"Neither of the proposed alternates released today achieve the immediate and substantial rate relief contained in the settlement reached between PG&E and the CPUC staff."

"The proposed settlement agreement we reached with the CPUC staff represents a chance for all the parties to put the energy crisis behind us, and move to a more secure future for customers, employees and investors. We remain confident that the majority of Commissioners recognize this unique opportunity and will take the right action by approving the proposed settlement agreement without changes."

"PG&E urges the CPUC to vote for President Peevey's Alternate Number One, which would end the Chapter 11 case, restore our company to investment grade credit status, and bring an immediate, significant rate reduction to our customers."

PG&E and other parties will file comments on today's proposed decision by December 11. The CPUC is scheduled to take up the proposed settlement agreement and the proposed decisions at its December 18th meeting.

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