EDITORS: Please do not use
"Pacific Gas and Electric" or "PG&E" when
referring to PG&E Corporation or its National Energy Group.
The PG&E National Energy Group is not the same company as Pacific
Gas and Electric Company, the utility, and is not regulated by the
California Public Utilities Commission. Customers of Pacific Gas
and Electric Company do not have to buy products or services from
the National Energy Group in order to continue to receive quality
regulated services from Pacific Gas and Electric Company.
UPDATE: PACIFIC GAS AND ELECTRIC COMPANY ISSUES STATEMENT ON CPUC'S
ACTION IN THE BANKRUPTCY CASE
SAN FRANCISCO - Pacific
Gas and Electric Company today issued the following statement after
the California Public Utilities Commission (CPUC) filed a motion
in Bankruptcy Court objecting to the extension of the utility's
exclusivity period and announced sparse elements of an alternative
"The CPUC announcement today
is simply the latest in a series efforts to delay PG&E's emergence
from bankruptcy. The CPUC, whose actions and inactions were a major
cause of the state's energy crisis and PG&E's bankruptcy, has tried
to obstruct our efforts to resolve the case.
"PG&E has developed a plan
of reorganization that resolves all creditor claims, does not ask
the Bankruptcy Court to raise rates, protects customers from rate
volatility and provides a path for the state to get out of the energy
business. Our plan is supported by the Official Creditors' Committee
and has been developed in record time, notable achievements in a
bankruptcy of this size.
"The elements outlined today
by the CPUC do not appear to provide these benefits. We will be
asking the Bankruptcy Court to deny the CPUC's request."