EXHIBIT 11

EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE

			Three months ended					Nine months ended
			September 30,					September 30,
			--------------------------					-------------------------
(in millions, except per share amounts)			2002			2001		2002		2001
			-----------			----------		----------		----------
Income from continuing operations			$		466	$	771	$	1,376	$	570
Cumulative effect of accounting change			-			-		(61)		-
			-----------			----------		----------		----------
Net Income			466			771		1,315		570
			-----------			----------		----------		----------
Interest expense on 7.50% Convertible Subordinated Notes
	(net of income taxes of $2 million, and $3 million, respectively)		3			-		4		-
			-----------			----------		----------		----------
Net Income for Diluted Calculations			$		469	$	771	$	1,319	$	570
			=======			======		======		======

Weighted average common shares outstanding, basic ⁽¹⁾			373			363		368		363
Add:		Employee stock options and PG&E Corporation
		shares held by grantor trusts		-		1		2		-
		PG&E Corporation warrants		3		-		1		-
		7.50% Convertible Subordinated Notes	19			-		7		-
			-----------			----------		----------		----------
Shares outstanding for diluted calculations			395			364		378		363
			=======			======		======		======
Earnings Per Common Share, Basic ⁽²⁾
Income from continuing operations			$		1.25	$	2.12	$	3.74	$	1.57
Cumulative effect of accounting change			-			-		(0.17)		-
			-----------			----------		----------		----------
Net earnings			$		1.25	$	2.12	$	3.57	$	1.57
			=======			======		======		======
Earnings Per Common Share, Diluted ⁽²⁾
Income from continuing operations			$		1.19	$	2.12	$	3.65	$	1.57
Cumulative effect of accounting change			-			-		(0.16)		-
			-----------			----------		----------		----------
Net earnings			$		1.19	$	2.12	$	3.49	$	1.57
			=======			======		======		======

^{(1) Weighted average common shares outstanding exclude shares held by a subsidiary of PG&E Corporation (23,815,500 shares at September 30, 2002 and 2001, respectively) and PG&E Corporation shares held by grantor trusts to secure deferred compensation obligations (281,985 shares at September 30, 2002 and 2001, respectively).

^{(2) This presentation is submitted in accordance with Item 601(b)(11) of Regulation S-K and Statement of Financial Accounting Standards No. 128.}}