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: PG&E ISSUES STATEMENT AFTER U.S. BANKRUPTCY COURT DECISION
SAN FRANCISCO - Pacific
Gas and Electric Company today issued the following statement after
the U.S. Bankruptcy Court allowed the California Public Utilities
Commission (CPUC) to file a plan of reorganization and disclosure
statement on April 15, 2002:
"The CPUC was forced to
admit today that its hopes of an all cash plan would not work and
that its January 2003 timeframe might not be achievable. Unless
the CPUC can address these flaws effectively, its plan of reorganization
would relegate PG&E to junk bond status and keep the state in the
power buying business for years to come.
"The CPUC faces significant
obstacles as to how to return PG&E to investment grade status, how
to address the $4.5 billion in debt their term sheet comes up short,
and whether or not they will need junk bonds to finance any shortfall.
The CPUC will also need to resolve the serious constitutional and
regulatory barriers that were raised today.
"PG&E continues to believe
the structure of its plan of reorganization, which pays all creditors
in full without selling assets or asking Bankruptcy Court to raise
rates or the state for a bailout, is the only feasible solution
to getting the company out of bankruptcy.
"PG&E looks forward to filing
its amended plan of reorganization and disclosure statement on March
7 and the hearing on March 26."