March 5, 2003

Media Contact: Terrie Prosper, 415.703.1366, news@cpuc.ca.gov

BANKRUPTCY COURT ORDERS PRE-SETTLEMENT CONFERENCE MEETING IN PG&E BANKRUPTCY

The California Public Utilities Commission (PUC) today applauded U.S. Bankruptcy Judge Dennis Montali's ruling requiring the parties to participate in a pre-settlement conference meeting on March 10 in connection with Pacific Gas and Electric Company's (PG&E) bankruptcy.

"The PUC fully supported the proposal made by the Official Committee of Unsecured Creditors (OCC) at last week's hearing that Judge Montali direct the parties to engage in settlement discussions under the auspices of the Bankruptcy Court," said Michael Peevey, President of the PUC. "Because the PUC remains committed to PG&E's prompt emergence from bankruptcy, the PUC has in the past and will continue in the future to support all settlement initiatives. We hope that PG&E will come to next week's conference in good faith and with an open mind."

The joint PUC/OCC plan and related documents are available on the PUC's web site at www.cpuc.ca.gov.

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