EP EL Paso Corp. (Holding Co.)

HOUSTON, Dec. 21 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE:EP) announced today that it has executed a precedent agreement with Pacific Gas and Electric Company (PG&E) for long-term firm transportation service on El Paso's Ruby Pipeline -- a proposed 680-mile, 42-inch natural gas transmission pipeline that would begin at the Opal Hub in Wyoming and terminate at the Malin, Oregon, interconnect near California's northern border. The PG&E precedent agreement provides for the transportation of 375,000 dekatherms per day for a 15-year term. "We are very pleased by PG&E's decision to become an anchor shipper on the Ruby Pipeline," said Jim Cleary, president of El Paso's Western Pipeline Group. "Ruby will provide PG&E and its customers access to natural gas from the Rockies, the nation's most important supply growth region for natural gas." "This agreement for transportation service on the Ruby Pipeline will help ensure that PG&E customers will have a long-term, reliable source of natural gas supplies for their homes, businesses and new, efficient natural gas power plants that are currently under development," said Roy Kuga, vice president- Energy Supply, for PG&E. El Paso is in discussions with other prospective shippers and will announce a formal open season shortly. Subject to Federal Energy Regulatory Commission and other regulatory approvals, and after obtaining necessary customer commitments, the Ruby Pipeline is anticipated to be in service in the first quarter of 2011. El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner. The company owns North America's largest interstate natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit http://www.elpaso.com/. Pacific Gas and Electric Company, California's largest investor-owned utility, serves more than 15 million people throughout a 70,000 square-mile service area in northern and central California. The utility is a subsidiary of PG&E Corporation (NYSE:PCG), a Fortune 200 energy-based holding company headquartered in San Francisco. For more information, visit the Web site at http://www.pgecorp.com/. Cautionary Statement Regarding Forward-Looking Statements This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including, without limitation, our ability to obtain all necessary regulatory approvals and to successfully construct and operate the proposed facilities described in this release; general economic conditions in geographic regions or markets served by El Paso Corporation and its affiliates, or where operations of the company and its affiliates are located, and other factors described in the company's (and its affiliates') Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise. Editor's Note: El Paso Corporation announced the Ruby Pipeline project on December 3, 2007. The press release can be accessed at http://investor.elpaso.com/phoenix.zhtml?c=97166&p=irol- newsArticle&ID=1083561&highlight= DATASOURCE: El Paso Corporation; Pacific Gas and Electric Company CONTACT: Investor-Media Relations, Bruce L. Connery, Vice President, +1-713-420-5855, Fax, +1-713-420-4417, or Media Relations, Richard Wheatley, Manager, +1-713-420-6828, Fax, +1-713-420-6431, both of El Paso Corporation; or Media Relations, Jon Tremayne, Manager of Pacific Gas and Electric Company, News Department, +1-415-973-5930 Web site: http://www.elpaso.com/ http://www.pgecorp.com/

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