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.
AND ELECTRIC COMPANY RECEIVES COURT APPROVAL OF FIRST-DAY MOTIONS
Utility Granted Authority
to Pay Employee Compensation and Benefits and to Use Certain Bank
Accounts and Cash Management Systems
San Francisco, CA -- Pacific
Gas and Electric Company, the utility unit of PG&E Corporation (NYSE:
PCG), today announced that it has received approval from the U.S.
Bankruptcy Court for the Northern District of California, of various
The court has granted Pacific
Gas and Electric the authority to pay pre-petition employee compensation
and benefits, and it has authorized continued use of its bank accounts,
the utility's cash management system and corporate investment policy,
enabling Pacific Gas and Electric Company to fulfill post-petition
obligations to suppliers and other creditors without disruption.
The orders position Pacific
Gas and Electric to continue normal business operations, as it moves
through the reorganization process. Pacific Gas and Electric Company
is fully committed to continue to provide safe and reliable utility
transmission and distribution service.