<SUBMISSION>
<ACCESSION-NUMBER>0001004980-01-500090
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20011228
<ITEMS>5
<ITEMS>7
<FILING-DATE>20011231
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PG&E CORP
<CIK>0001004980
<ASSIGNED-SIC>4931
<IRS-NUMBER>943234914
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12609
<FILM-NUMBER>1825952
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE MARKET SPEAR TOWER
<STREET2>SUITE 2400
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94105
<PHONE>4152677000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE MARKET SPEAR TOWER
<STREET2>SUITE 2400
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94105
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PG&E PARENT CO INC
<DATE-CHANGED>19951214
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k1228c.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
<title>SECURITIES AND EXCHANGE COMMISSION</title>
</head>
<body link="blue" vlink="purple">
<div>
<p>SECURITIES AND EXCHANGE COMMISSION</p>

<p align="center"></p>

<p align="center">Washington, D.C.&nbsp; 20549</p>

<p align="center"></p>

<p align="center"></p>

<p align="center">FORM 8-K</p>

<p align="center"></p>

<p align="center">CURRENT REPORT</p>

<p align="center"></p>

<p align="center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</p>

<p align="center"></p>

<p align="center">Date of Report:&nbsp; December 28, 2001</p>

<p></p>

<p></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td>
<p>&nbsp;</p>
</td>
<td valign="top">
<p><br />
 Commission<br />
 File<br />
 Number</p>
</td>
<td colspan="2" valign="top">
<p>Exact Name of<br />
 Registrant<br />
 as specified in<br />
 its charter</p>
</td>
<td valign="top">
<p><br />
 State or other<br />
 Jurisdiction of<br />
 Incorporation</p>
</td>
<td colspan="2" valign="top">
<p><br />
 IRS Employer<br />
 &nbsp; Identification<br />
 Number</p>
</td>
</tr>

<tr>
<td>
<p>&nbsp;</p>
</td>
<td valign="top">
<p>_____________</p>
</td>
<td colspan="2" valign="top">
<p>_____________</p>
</td>
<td valign="top">
<p>_____________</p>
</td>
<td colspan="2" valign="top">
<p>_____________</p>
</td>
</tr>

<tr>
<td>
<p>&nbsp;</p>
</td>
<td valign="top">
<p>1-12609</p>

<p>1-2348</p>
</td>
<td colspan="2" valign="top">
<p>PG&amp;E Corporation</p>

<p>Pacific Gas and<br />
 Electric Company</p>
</td>
<td valign="top">
<p>California</p>

<p>California</p>
</td>
<td colspan="2" valign="top">
<p>94-3234914</p>

<p>94-0742640</p>

<p><br />
 </p>
</td>
</tr>

<tr>
<td colspan="3" valign="top">
<p>Pacific Gas and Electric Company<br />
 77 Beale Street, P. O. Box 770000<br />
 San Francisco, California&nbsp;&nbsp;94177</p>
</td>
<td colspan="3" valign="top">
<p>PG&amp;E Corporation<br />
 One Market, Spear Tower, Suite 2400<br />
 San Francisco, California&nbsp;&nbsp;94105</p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>
</table>

<p align="center">(Address of principal executive offices) (Zip
Code)</p>

<p></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center">Pacific Gas and Electric Company<br />
 (415) 973-7000</p>
</td>
<td valign="top">
<p align="center">PG&amp;E Corporation<br />
 (415) 267-7000</p>
</td>
</tr>
</table>

<p></p>

<p align="center">(Registrant's telephone number, including area
code)</p>

<br clear="all" />


<p>Item 5. Other Events</p>

<p></p>

<p>Pacific Gas and Electric Company Bankruptcy</p>

<p></p>

<p>On December 28, 2001, Pacific Gas and Electric Company
(Utility), a subsidiary of PG&amp;E Corporation, filed its monthly
operating report for the month ended November 30, 2001, with the
U.S. Bankruptcy Court for the Northern District of California. The
Utility's monthly operating report includes an unaudited income
statement for the month and an unaudited balance sheet dated as of
the end of the month. These unaudited financial statements are
attached as Exhibit 99.1 to this report. Although not included in
Exhibit 99.1, the monthly operating report also includes a
statement of receipts and disbursements, as well as other
information. The preliminary financial statements were prepared
using certain assumptions and estimates that are subject to
revision. Any adjustments for these estimates (based upon changes
in facts and circumstances, further analysis, and other factors)
will be reflected in the financial statements in the period during
which such adjustments are made. These adjustments could have a
material impact on reported results in the future.</p>

<p></p>

<p>Item 7. Financial Statements, Pro Forma Financial Information,
and Exhibits</p>

<p></p>

<p>Exhibit 99.1 - Pacific Gas and Electric Company Income Statement
for the month ended November 30, 2001, and Balance Sheet dated
November 30, 2001.</p>

<p></p>

<br clear="all" />


<p align="center"><br />
SIGNATURE</p>

<p></p>

<p>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrants have duly caused this report to be signed on
their behalf by the undersigned thereunto duly authorized.</p>

<p></p>

<p></p>

<p></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top"></td>
<td valign="top">
<p>PG&amp;E CORPORATION<br />
 </p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p>By: LINDA Y.H. CHENG</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________________________</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LINDA Y.H. CHENG</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate Secretary</p>

<p></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p>PACIFIC GAS AND ELECTRIC COMPANY<br />
 </p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p>By:&nbsp;&nbsp;DINYAR B. MISTRY</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;________________________________________</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DINYAR B. MISTRY<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller</p>
</td>
</tr>
</table>

<p></p>

<p>Dated:&nbsp; December 28, 2001</p>

<p></p>

<p></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>x991228d.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
<head>
<title>SECURITIES AND EXCHANGE COMMISSION</title>
</head>
<body link="blue" vlink="purple">
<div>
<h2 align="right">EXHIBIT 99.1</h2>

<table border="0" cellspacing="0" cellpadding="0" width="529">
<tr>
<td nowrap colspan="2" valign="bottom">
<h2>PACIFIC GAS AND ELECTRIC COMPANY</h2>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p align="center"><b>U.S. TRUSTEE BALANCE SHEET</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p align="center"><b>AS OF NOVEMBER 30, 2001</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p align="center"><b>(in millions, except share amounts)</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><b>November, 2001</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>ASSETS</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Current Assets</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Cash and cash equivalents</p>
</td>
<td nowrap valign="bottom">
<p align="right">$(10)</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Short-term investments</p>
</td>
<td nowrap valign="bottom">
<p align="right">4,885</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Accounts receivable:</p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td valign="bottom">
<p>Customers (net of allowance for doubtful accounts of $48
million)</p>
</td>
<td nowrap valign="bottom">
<p align="right">1,447</p>
</td>
</tr>

<tr>
<td valign="bottom">
<p>Related parties</p>
</td>
<td nowrap valign="bottom">
<p align="right">35</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Regulatory balancing accounts</p>
</td>
<td nowrap valign="bottom">
<p align="right">198</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Inventories:</p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Gas stored underground and fuel oil</p>
</td>
<td nowrap valign="bottom">
<p align="right">263</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Materials and supplies</p>
</td>
<td nowrap valign="bottom">
<p align="right">123</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Prepaid expenses and other</p>
</td>
<td nowrap valign="bottom">
<p align="right">114</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Total current assets</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b>7,055</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Property, Plant, and Equipment</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Electric</p>
</td>
<td nowrap valign="bottom">
<p align="right">17,150</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Gas</p>
</td>
<td nowrap valign="bottom">
<p align="right">7,636</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Construction work in progress</p>
</td>
<td nowrap valign="bottom">
<p align="right">286</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Total property, plant, and equipment (at original
cost)</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b>25,072</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Accumulated depreciation and decommissioning</p>
</td>
<td nowrap valign="bottom">
<p align="right">&nbsp; (11,772)</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Net property, plant, and equipment</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b>13,300</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Other Noncurrent Assets</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Regulatory assets</p>
</td>
<td nowrap valign="bottom">
<p align="right">1,963</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Nuclear decommissioning trust funds</p>
</td>
<td nowrap valign="bottom">
<p align="right">1,305</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Other</p>
</td>
<td nowrap valign="bottom">
<p align="right">2,150</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Total noncurrent assets</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b>5,418</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>TOTAL ASSETS</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b>$25,773</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>LIABILITIES AND EQUITY</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Liabilities</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Accounts payable</p>
</td>
<td nowrap valign="bottom">
<p align="right">&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Trade creditors</p>
</td>
<td nowrap valign="bottom">
<p align="right">258</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Related parties</p>
</td>
<td nowrap valign="bottom">
<p align="right">37</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Regulatory Balancing Accounts</p>
</td>
<td nowrap valign="bottom">
<p align="right">221</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Other</p>
</td>
<td nowrap valign="bottom">
<p align="right">205</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>&nbsp;&nbsp; Accrued taxes</p>
</td>
<td nowrap valign="bottom">
<p align="right">495</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Rate reduction bonds</p>
</td>
<td nowrap valign="bottom">
<p align="right">1,752</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Deferred income taxes</p>
</td>
<td nowrap valign="bottom">
<p align="right">1,281</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Deferred tax credits</p>
</td>
<td nowrap valign="bottom">
<p align="right">157</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Pre-petition secured debt</p>
</td>
<td nowrap valign="bottom">
<p align="right">3,351</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Pre-petition liabilities</p>
</td>
<td nowrap valign="bottom">
<p align="right">5,716</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Pre-petition financing debt</p>
</td>
<td nowrap valign="bottom">
<p align="right">5,887</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Other liabilities</p>
</td>
<td nowrap valign="bottom">
<p align="right">3,566</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Total liabilities</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b>22,926</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Preferred Stock With Mandatory Redemption Provisions</b></p>
</td>
<td nowrap valign="bottom">
<p align="right">137</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Stockholders' Equity</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Preferred stock without mandatory redemption provisions</p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Nonredeemable--5% to 6%, outstanding 5,784,825 shares</p>
</td>
<td nowrap valign="bottom">
<p align="right">145</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Redeemable--4.36% to 7.04%, outstanding 5,973,456 shares</p>
</td>
<td nowrap valign="bottom">
<p align="right">149</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Common stock, $5 par value, authorized 800,000,000 shares;</p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>issued 321,314,760 shares</p>
</td>
<td nowrap valign="bottom">
<p align="right">1,606</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Additional paid in capital</p>
</td>
<td nowrap valign="bottom">
<p align="right">1,964</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Accumulated deficit</p>
</td>
<td nowrap valign="bottom">
<p align="right">&nbsp; (1,152)</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Accumulated other comprehensive loss</p>
</td>
<td nowrap valign="bottom">
<p align="right">&nbsp; (2)</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>Total stockholders' equity</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b>2,710</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b>TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b>$25,773</b></p>
</td>
</tr>
</table>

<p></p>

<table border="0" cellspacing="0" cellpadding="0" width="532">
<tr>
<td nowrap colspan="8" valign="bottom">
<p align="center"><b>PACIFIC GAS AND ELECTRIC COMPANY</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="8" valign="bottom">
<p align="center"><b>U.S. TRUSTEE BALANCE SHEET</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="8" valign="bottom">
<p align="center"><b>AS OF NOVEMBER 30, 2001</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p><b>Notes</b></p>
</td>
<td nowrap valign="bottom">
<p>&nbsp;</p>
</td>
<td nowrap valign="bottom">
<p>&nbsp;</p>
</td>
<td nowrap valign="bottom">
<p>&nbsp;</p>
</td>
<td nowrap valign="bottom">
<p>&nbsp;</p>
</td>
<td nowrap valign="bottom">
<p>&nbsp;</p>
</td>
<td nowrap valign="bottom">
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="center">1</p>
</td>
<td nowrap colspan="7" valign="bottom">
<p>These preliminary financial statements were prepared using
certain assumptions</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="7" valign="bottom">
<p>and estimates.&nbsp; These assumptions and estimates are subject
to revision and</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="7" valign="bottom">
<p>actual results could differ materially from the information
provided in this statement.</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="7" valign="bottom">
<p>Further, the amounts shown in this statement, when reported on a
quarterly</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="7" valign="bottom">
<p>basis, may differ materially due to adjustments in accruals,
changes in facts and</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="6" valign="bottom">
<p>circumstances, changes in estimates, further analysis, and other
factors.</p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="center">2</p>
</td>
<td nowrap colspan="7" valign="bottom">
<p>These unaudited statements are prepared for the U.S. Trustee and
differ from the</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="7" valign="bottom">
<p>requirements of generally accepted accounting principles in that
they exclude</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="7" valign="bottom">
<p>certain financial statements (statements of cash flows,
stockholders equity, and</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="7" valign="bottom">
<p>other comprehensive income), relevant footnotes and certain
reclassifications.</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="center">3</p>
</td>
<td nowrap colspan="7" valign="bottom">
<p>Cash and cash equivalents have been reduced for uncleared
checks.&nbsp; On the</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="7" valign="bottom">
<p>balance sheet included with the Utility's 10-Q, uncleared checks
are treated</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>as an accounts payable liability.</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>
</table>

<p></p>

<br clear="all" />


<table border="0" cellspacing="0" cellpadding="0" width="649">
<tr>
<td nowrap valign="bottom">
<p align="center"><b>PACIFIC GAS AND ELECTRIC COMPANY</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="center"><b>U.S. TRUSTEE INCOME STATEMENT</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="center"><b>FOR THE MONTH ENDED NOVEMBER 30, 2001</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="center"><b>AND THE EIGHT MONTHS ENDED NOVEMBER 30,
2001</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="center"><b>(in millions)</b></p>
</td>
</tr>
</table>

<p><b></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="559">
<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td valign="top"></td>
<td nowrap valign="bottom">
<h3 align="center">Case to date</h3>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b>Month</b></p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="center"><b>eight months</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b>ended</b></p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="center"><b>ended</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b>November 30, 2001</b></p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="center"><b>November 30, 2001</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>OPERATING REVENUES</p>
</td>
<td nowrap valign="bottom">
<p align="right">$648</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">$6,859</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td valign="top"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>OPERATING EXPENSES:</p>
</td>
<td nowrap valign="bottom"></td>
<td valign="top"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Cost of Electric Energy</p>
</td>
<td nowrap valign="bottom">
<p align="right">77</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">281</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Cost of Gas</p>
</td>
<td nowrap valign="bottom">
<p align="right">81</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">816</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Operating and Maintenance</p>
</td>
<td nowrap valign="bottom">
<p align="right">225</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">1,636</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Depreciation, Decommissioning, and Amortization</p>
</td>
<td nowrap valign="bottom">
<p align="right">76</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">596</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Total Operating Expenses</p>
</td>
<td nowrap valign="bottom">
<p align="right">459</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">3,329</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td valign="top"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>OPERATING INCOME (LOSS)</p>
</td>
<td nowrap valign="bottom">
<p align="right">189</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">3,530</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td valign="top"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Interest Income (Expense)</p>
</td>
<td nowrap valign="bottom">
<p align="right">(55)</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">&nbsp; (529)</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Professional Fees</p>
</td>
<td nowrap valign="bottom">
<p align="right">(1)</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">&nbsp; (10)</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Other Income and (Expense)</p>
</td>
<td nowrap valign="bottom">
<p align="right">(1)</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">&nbsp; (11)</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td valign="top"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>PRE-TAX INCOME (LOSS)</p>
</td>
<td nowrap valign="bottom">
<p align="right">132</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">2,980</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td valign="top"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Income Taxes</p>
</td>
<td nowrap valign="bottom">
<p align="right">36</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">1,121</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td valign="top"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>EARNINGS (LOSS)</p>
</td>
<td nowrap valign="bottom">
<p align="right">96</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">1,859</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td valign="top"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Preferred Dividend Requirement</p>
</td>
<td nowrap valign="bottom">
<p align="right">2</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">17</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td valign="top"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>EARNINGS (LOSS) AVAILABLE FOR (ALLOCATED TO) COMMON STOCK</p>
</td>
<td nowrap valign="bottom">
<p align="right">$94</p>
</td>
<td valign="top"></td>
<td nowrap valign="bottom">
<p align="right">$1,842</p>
</td>
</tr>
</table>

<p></p>

<table border="0" cellspacing="0" cellpadding="0" width="655">
<tr>
<td nowrap colspan="5" valign="bottom">
<p align="center"><b>PACIFIC GAS AND ELECTRIC COMPANY</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="5" valign="bottom">
<p align="center"><b>U.S. TRUSTEE INCOME STATEMENT</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="5" valign="bottom">
<p align="center"><b>FOR THE MONTH ENDED NOVEMBER 30, 2001</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="5" valign="bottom">
<p align="center"><b>AND THE EIGHT MONTHS ENDED NOVEMBER 30,
2001</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>Notes</b></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p align="center">1</p>
</td>
<td nowrap colspan="3" valign="bottom">
<p>These preliminary financial statements were prepared using
certain assumptions and estimates.</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>These assumptions and estimates are subject to revision and
actual results could differ</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>materially from the information provided in this
statement.&nbsp; Further, the amounts shown in this</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>statement, when reported on a quarterly basis, may differ
materially due to adjustments in accruals,</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>changes in facts and circumstances, changes in estimates,
further analysis, and other factors.</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p align="center">2</p>
</td>
<td nowrap colspan="3" valign="bottom">
<p>These financial statements were prepared using certain
assumptions and estimates, including the</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>estimated amount payable to the California Department of Water
Resources (DWR) for the estimated</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>amount of power purchased by the DWR on behalf of retail
customers based on approximately 10 cents</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>per kilowatt hour (kWh).&nbsp; The Utility acts solely as a
billing agent for the DWR.&nbsp; While the rate freeze</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>is in effect, to the extent revenue is allocable to the DWR,
there will be a corresponding reduction in the</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>Utility's revenues.&nbsp; Therefore, the amounts paid to the DWR
for deliveries are not recorded as expense</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>and the revenue billed by the Utility to its customers
associated with this energy is excluded from</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>revenues.&nbsp; These assumptions and estimates are subject to
revision and actual results could differ</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom">
<p>materially from the information provided in this statement.</p>
</td>
<td nowrap colspan="2" valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>The results for the month of November 2001 are not indicative of
future earnings.&nbsp; While the rate freeze</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>is in effect, earnings could differ materially as a result of
the implementation of the DWR's revenue</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>requirements when and if adopted by the California Public
Utilities Commission (CPUC).&nbsp; On</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>October 19, 2001, the DWR issued a draft revised revenue
requirement which reduces its overall revenue</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>requirement statewide from $12.6 billion to $10.2 billion for
the two year period 2001-2002.&nbsp; On&nbsp;</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>November 5, 2001, the DWR formally submitted its revised revenue
requirement to the CPUC.&nbsp; The revised</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>DWR revenue requirement does not resolve issues relating to: (1)
allocation of DWR's costs among the</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>three utilities, which are pending before the CPUC in a separate
proceeding, (2) how the DWR request</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>would be reconciled with PG&amp;E's existing rates, including
those for its retained generation facilities, and</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>(3) the dispute between DWR and the CPUC regarding the form and
substance of a rate agreement</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>which DWR has requested for the purpose of financing its
bonds.</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>Further, the income statement does not reflect the DWR revised
revenue requirement dated</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>November 5, 2001, nor does it reflect the CPUC's Proposed
Decision issued on September 4, 2001,</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>to increase the amount of the allocation of the DWR revenue
requirement to be collected</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p>from the Utility's customers compared to the amount contained in
its earlier request submitted to the</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom">
<p>CPUC on August 7, 2001.</p>
</td>
<td nowrap colspan="2" valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p align="center">3</p>
</td>
<td nowrap colspan="3" valign="bottom">
<p>Items impacting comparability for the month ended November 30,
2001, (net of taxes):</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center">(in millions of dollars)</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center">After-Tax</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Generation Regulatory Asset Valuation Reserve</p>
</td>
<td nowrap valign="bottom">
<p align="right">(23)</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Interest Expense</p>
</td>
<td nowrap valign="bottom">
<p align="right">11</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Other</p>
</td>
<td nowrap valign="bottom">
<p align="right">2</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>&nbsp;&nbsp;&nbsp;&nbsp; Total</p>
</td>
<td nowrap valign="bottom">
<p align="right">
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(10)</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom">
<p align="center">4</p>
</td>
<td nowrap colspan="3" valign="bottom">
<p>Case to date results reflect the entire seven month period ended
November 30, 2001.&nbsp; The bankruptcy</p>
</td>
</tr>

<tr>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom">
<p>petition date is April 6, 2001.</p>
</td>
<td nowrap colspan="2" valign="bottom"></td>
</tr>
</table>

<p></p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
</SUBMISSION>
