GENERAL MANAGER APPOINTED

ALAMEDA, Calif., May 1, 2004 — The City of Alameda has announced the appointment of Ms. Valerie O. Fong to the position of General Manager of its utility department, Alameda Power & Telecom. Ms. Fong assumes responsibility for one of the nation's oldest municipal electric utilities and leading telecommunications services.

In announcing his appointment of Ms. Fong, City Manager Jim Flint noted, "We are delighted to welcome Valerie to the City of Alameda's Senior Management Team. Her unique qualifications will be of great help in leading Alameda Power & Telecom and its telecommunications and electricservices."

Public Utilities Board President Karin Lucas praised the selection. "Alameda Power & Telecom is truly fortunate, as Valerie has proven herself to be a highly capable and enthusiastic leader. We very much are looking forward to working with her in this new capacity."

Before her appointment, Ms. Fong was Alameda Power & Telecom's Utility Services Manager and was responsible for the construction, operation, and maintenance for its cable television and Internet service plant, as well as the design and administration of the electric commodity portfolio.

Prior to joining Alameda Power & Telecom, Ms. Fong worked for the Pacific Gas and Electric Company having responsibility for civil design work of power plant components, management of the customer service team, gas and electric regulatory policy development, management of the gas and electric supply portfolio and team, and budget prioritization.

Ms. Fong has over 24 years of utility financial, regulatory, and operational management experience. She holds a baccalaureate degree in civil engineering form the University of California at Berkeley and is a licensed engineer in the State of California.