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.
STATEMENT FOLLOWING GOVERNOR GRAY DAVIS' RESPONSE TO FERC
SAN FRANCISCO - Pacific
Gas and Electric Company today issued the following statement after
Governor Gray Davis responded to the Federal Energy Regulatory Commission's
(FERC) draft on the California electricity market:
"Governor Davis understands
California's electric energy crisis comes from a dysfunctional wholesale
market. California's utilities, whose role under deregulation is
mainly to distribute energy, can play a key part in helping to find
a balanced solution.
"As the Governor noted,
California's utility companies, if allowed, can play an important
role in moderating price volatility and ensuring reliability by
expanding their ability to purchase in the forward market.
"In order to continue to
serve California's economy and citizens, utilities must be financially
healthy and stable. We will continue to protect our customers from
the shock of high wholesale energy prices and work to ensure that
a comprehensive solution recognizes that we cannot continue to borrow
money to pay our customers' energy costs."
Pacific Gas and Electric
Company has been working collaboratively with regulators, policy
makers, and its customers to develop solutions to the current wholesale
energy crisis. The company has offered several solutions to address
the critical energy crisis facing the state, including efforts to
increase supply, reduce demand, protect customers from high prices,
and upgrade transmission capability.