CONCLUSION

When TURN announced its "deal" with PG&E, Mike Florio was quoted in the Chronicle as saying that the deal was too expensive and not that good for ratepayers, but it was "the best they could get." That was not a resounding vote of confidence in this Commission. I think we can do better for the ratepayers, while meeting all of the realistic

objectives of emerging from bankruptcy and rehabilitating PG&E's credit. PG&E will always want more. They will always bluster and blow. We could have shown TURN and the rest of California that we can get to the goal of rehabilitating PG&E and getting it out of bankruptcy on our feet, not on our knees. We failed.

/s/ CARL WOOD

Carl Wood

Commissioner

San Francisco, California

December 18, 2003