(San Francisco) - The rights issued under PG&E Corporation's (NYSE: PCG) Shareholder Rights Plan expired today concurrent with Pacific Gas and Electric Company's exit from Chapter 11. The PG&E Corporation Board of Directors voted in February to terminate the Shareholder Rights Plan on the effective date of the utility's Chapter 11 plan of reorganization.

The expiration of the rights today is a response to shareholders who supported a proposal at the Corporation's 2003 annual meeting to terminate the plan. It is also a response to the improved financial and regulatory circumstances arising from the utility's exit from Chapter 11.

The Board adopted the Shareholder Rights Plan in December 2000, when the company faced the extraordinary financial circumstances brought on by the California energy crisis. The plan was intended to protect the Corporation's shareholders in the event the Corporation was presented with inadequate offers or coercive or unfair takeover tactics.