Bankruptcy Update: Summary of PG&E'S Court Actions for the Week of May 4-11.

News/Business Editors and Energy/Utility Writers

SAN FRANCISCO--(BUSINESS WIRE)--May 11, 2001

Following is a summary of actions that occurred this week in U.S. Bankruptcy Court:

-- The court approved a motion to allow the utility to continue to use its
natural gas revenues to secure future supplies.

-- The court continued the hearing for the Westside Cogens until May 24, 2001.

-- The court authorized the use of cash collateral in which mortgage
bondholders have a beneficial interest. (NOTE: Bank of New York has been listed
as one of Pacific Gas and Electric Company's 20 largest creditors, because
of its role as indenture trustee. (BONY is the indenture trustee for several
different debt issues of the company including the Mortgage Bonds, the Floating
Rate Notes due 2001, the Senior Notes Due 2005, and Medium Term Notes, Series
B, C, D.) Please note, for these instruments, the actual creditors of the
company are the public debtholders, not Bank of New York.)

-- Pacific Gas and Electric Company made its Statement of Financial Affairs and
Schedules of Assets and Liabilities filing today with the U.S. Bankruptcy
Court. The Clerk of the Court has asked to review the 27,000 page document
before authorizing it to be made publicly available.