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.
PURCHASES STAKE IN WEB-BASED WHOLESALE ENERGY TRADING PLATFORM
San Francisco, CA - PG&E
Corporation (NYSE: PCG), which operates one of the country's largest
wholesale energy trading businesses, today announced a strategic
investment to help launch a new web-browser based wholesale energy
trading platform this spring. The Corporation will make an equity
investment in True Quote LLC, which developed the new browser-based
platform in collaboration with EnFORM Technology and Microsoft Corporation.
The browser-based platform
is the latest version of a technology introduced last year as the
first real-time, broker-assisted, Internet-based quote system for
the natural gas and electricity wholesale marketplace. The online
trading system provides customers with real-time energy prices on
their desktops, and allows them to trade online.
PG&E Corporation Chairman,
CEO and images/news/newsobert D. Glynn, Jr. said, "The investment
in True Quote is another step PG&E Corporation is taking to create
value for customers and shareholders by leveraging the power of
e-busimages/news/newsInternet is enabling us to grow our business,
offer new products and services, and achieve new efficiencies."
Lyn Maddox, President of
PG&E National Energy Group's trading operations said, "True Quote
will foster increased market liquidity and will reduce transaction
costs, thereby capturing the same benefits that have been gained
by equity and bond brokers in recent years. True Quote has the vision,
cutting-edge technology and industry-recognized management team
that make it a quality strategic e-commerce investment."
The True Quote application
architecture is based on the latest distributed application design
and development principles, as outlined in Microsoft Corporation's
Distributed Internet Application Architecture (Windows DNA), deployed
in extremely high-volume sites. In addition to supporting the launch
of the new system through its investment, PG&E Corporation will
provide development advice to help optimize the system's performance.
Dennis W. Crum, True Quote
Chief Executive Officer said, "True Quote's design focus is to maximize
system scalability and extensibility, which are paramount to achieving
business and transaction volume objectives. We are well positioned
to deliver the most secure, reliable and scalable energy trading
PG&E Corporation, with 1999
operating revenues of almost $21 billion and operations in 21 states,
markets energy services and products throughout North America through
its National Energy Group. The Corporation has ownership and management
interests in more than 30 power plants and has one of the largest
energy trading and risk management programs in North America.
True Quote LLC develops
and operates independent images/news/newsic energy trading platforms
and portals. These systems, designed by energy industry veterans,
provide virtual trading communities for market participants to communicate
and transact in an efficient, real-time environment. For more information
please visit www.truequote.com.