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Pacific Gas And Eleactric Company And PG&E Corporation Comment On Proposed Settlement Of Utility Chapter 11 Case

06/19/2003

(San Francisco, CA) – Pacific Gas and Electric Company and its parent PG&E Corporation (NYSE: PCG.N) jointly issued the following statement on the proposed settlement of the utility’s Chapter 11 case with the California Public Utilities Commission(CPUC) staff, announced today by U.S. Bankruptcy Court Judge Randall Newsome:

“The proposed settlement would resolve the utility’s Chapter 11 proceeding on acceptable terms. It meets basic goals we set for any reorganization plan: It would allow Pacific Gas and Electric Company to emerge from Chapter 11 as an investment grade utility, pay all valid creditor claims in full, with interest, and do so without raising our customers’ rates.

Related Documents

Proposed Settlement Agreement Fact Sheet 8-K

“PG&E has agreed to this proposed settlement because it is the quickest way to resolve the Chapter 11 proceeding, in a manner that is fair to our customers and our company.

“This proposed settlement would help eliminate much of the uncertainty that our customers, employees, and shareholders have faced, and which has gripped the state’s energy industry for the past three years. Under its terms, the judicially-supervised, proposed settlement would also eliminate the likelihood of lengthy, costly bankruptcy litigation and appeals between PG&E and the CPUC. While PG&E would remain an integrated utility subject to state regulation, we believe this proposed settlement can resolve the financial issues that led to our seeking bankruptcy protection, allow the utility to move forward on a sound financial basis, and also establish a more stable regulatory environment for the future.

“The proposed settlement must still be approved by the CPUC, the Bankruptcy Court, and the corporation and utility boards of directors. As a result of this proposed settlement, PG&E Corporation and Pacific Gas and Electric Company will prepare a revised plan of reorganization based on its provisions. The Official Creditors’ Committee will be a co-proponent of the revised POR and a new creditor vote will occur on this plan.

“This was always a challenging, complicated Chapter 11 case, with dramatically different views on how it should ultimately be resolved. We appreciate Judge Newsome’s role in bringing the parties together and helping forge this settlement.”

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