PG&E NATIONAL ENERGY GROUP, INC. MOVES TO CHANGE NAME TO NATIONAL ENERGY & GAS TRANSMISSION, INC.
Action Taken as Part of Planned Separation from PG&E Corporation
BETHESDA, Md. - PG&E National Energy Group, Inc. (PG&E NEG) today announced plans to change its name to National Energy & Gas Transmission, Inc., pending authorization of the U.S. Bankruptcy Court for the District of Maryland. The change reflects PG&E NEG's pending separation from its parent, PG&E Corporation (NYSE: PCG).
The new name request is expected to be heard by the court in early October with the change becoming effective immediately upon court approval. While the name change will probably take effect next month, the company will not become legally separated from PG&E Corporation until PG&E NEG's Plan of Reorganization is effective.
The company's subsidiaries also will change their names accordingly to delete references to PG&E. This includes PG&E Gas Transmission, Northwest Corporation, which did not file for Chapter 11 protection. It will become Gas Transmission Northwest Corporation.
The company's other major subsidiary, USGen New England, Inc. will not change its name. USGenNE filed Chapter 11 in July and its case is being separately administered.
Headquartered in Bethesda, Md., the company has more than 7,300 megawatts of generation including a mix of natural gas, coal/oil, hydroelectric, waste coal and wind power at numerous facilities across the country. With more than 1,350 miles of gas pipelines, the company's Pacific Northwest system has the ability to transport 2.9 billion cubic feet of natural gas per day from cost-competitive abundant supplies in Western Canada to markets in California, Nevada and the Pacific Northwest. The company also owns the 80-mile North Baja pipeline in Southern California, which has capacity to ship 500 million cubic feet of natural gas from U.S. producing regions to markets in Northern Mexico and Southern California.
This news release discusses certain matters that may be considered
"forward-looking" statements within the meaning of Section
27A of the Securities Act of 1933, as amended, including statements
regarding the intent, belief or current expectations of PG&E
National Energy Group and its management. Actual future results
could differ materially from those expressed or implied in any forward-looking
statements. PG&E National Energy Group describes in its filings
with the U.S. Securities and Exchange Commission some of the key
factors that could cause actual results to differ materially.