November 12, 2002

  PG&E Corporation 1-800-743-6397

EDITORS: Please do not use "Pacific Gas and Electric" or "PG&E" when referring to PG&E Corporation or its wholly owned subsidiary, PG&E National Energy Group, Inc. 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 PG&E National Energy Group in order to continue to receive quality regulated services from Pacific Gas and Electric Company.



SAN FRANCISCO, Ca. – PG&E Corporation (NYSE:PCG) today announced the retirement of Thomas G. Boren, President and CEO of the PG&E National Energy Group and Executive Vice President of PG&E Corporation.

“Tom Boren played a critical role in developing and growing our national merchant energy and energy trading businesses,” said PG&E Corporation Chairman, CEO, and President Robert D. Glynn, Jr. “We are grateful to Tom for his leadership and the many contributions he made as President and CEO of the PG&E National Energy Group.”

“The PG&E NEG team has made impressive achievements, first in building the business into one of the country’s leading competitive power producers, and now in working to successfully manage the many challenges presented by today’s market conditions. I am pleased to have led these efforts and wish the PG&E NEG team much future success,” said Tom Boren.

The Corporation also announced that Thomas B. King was appointed PG&E NEG President. In addition to assuming the duties of President of the PG&E NEG, King will also continue in his role as a Senior Vice President of PG&E Corporation.

King’s most recent assignment was as President and Chief Operating Officer of PG&E National Energy Group's West Region. Prior to joining PG&E Corporation in 1998, he was President and Chief Operating Officer of Kinder Morgan Energy Partners, L.P., America's largest pipeline master limited partnership.

“Tom King’s strong experience makes him well qualified to lead the PG&E NEG team as it addresses the issues that result from the downturn in the wholesale energy markets,” said Glynn.

These changes will become effective November 15.

PG&E Corporation is an energy-based holding company that distributes energy services and products throughout North America through the PG&E National Energy Group. PG&E Corporation's businesses also include Pacific Gas and Electric Company, the Northern and Central California utility that delivers natural gas and electricity service to one in every 20 Americans.