<SUBMISSION>
<ACCESSION-NUMBER>0001004980-02-000053
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20020702
<ITEMS>5
<ITEMS>7
<FILING-DATE>20020702
<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>02695006
</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>final702.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
<title></title>
</head>
<body link="blue" vlink="purple">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="644">
<tr>
<td colspan="4" valign="top">
<p align="center">SECURITIES AND EXCHANGE COMMISSION</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">Washington, D.C.&nbsp; 20549</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">FORM 8-K</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">CURRENT REPORT</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">Date of Report: July 2, 2002</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
</tr>

<tr>
<td valign="top">
<p align="center"><br />
 Commission<br />
 File<br />
 Number</p>
</td>
<td valign="top">
<p align="center">Exact Name of<br />
 Registrant<br />
 as specified in<br />
 its charter</p>
</td>
<td valign="top">
<p align="center"><br />
 State or other<br />
 Jurisdiction of<br />
 Incorporation</p>
</td>
<td valign="top">
<p align="center"><br />
 IRS Employer<br />
 &nbsp; Identification<br />
 Number</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">1-12609</p>

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

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

<p align="center">California</p>
</td>
<td valign="top">
<p align="center">94-3234914</p>

<p align="center">94-0742640</p>
</td>
</tr>

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

<tr>
<td colspan="2" valign="top">
<p align="center">Pacific Gas and Electric Company<br />
 77 Beale Street, P. O. Box 770000<br />
 San Francisco, California&nbsp;&nbsp;94177</p>
</td>
<td colspan="2" valign="top">
<p align="center">PG&amp;E Corporation<br />
 One Market, Spear Tower, Suite 2400<br />
 San Francisco, California&nbsp;&nbsp;94105</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">(Address of principal executive offices) (Zip
Code)</p>
</td>
</tr>

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

<tr>
<td colspan="2" valign="top">
<p align="center">Pacific Gas and Electric Company<br />
 (415) 973-7000</p>
</td>
<td colspan="2" valign="top">
<p align="center">PG&amp;E Corporation<br />
 (415) 267-7000</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">(Registrant's telephone number, including area
code)</p>
</td>
</tr>

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

<div align="center">
<hr size="2" width="100%" align="center" />
</div>

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

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

<p>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monthly Operating
Report</p>

<p>On July 1, 2002, Pacific Gas and Electric Company (Utility)
filed its monthly operating report for the month ended May 31, 2002
with the U.S. Bankruptcy Court for the Northern District of
California (Bankruptcy Court). 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.&nbsp;
These unaudited financial statements are attached as Exhibit 99 to
this report. Although not included in Exhibit 99, the monthly
operating report also includes a statement of receipts and
disbursements, as well as other information.&nbsp; The preliminary
financial statements were prepared using certain assumptions and
estimates that are subject to revision.&nbsp; 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.&nbsp; These adjustments could have a material impact on
reported results in the future.</p>

<p>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dismissal of
Federal Securities Lawsuit</p>

<p>As previously disclosed, after their first amended complaint was
dismissed, the plaintiffs in the case entitled <i>Gillam, et al. v.
PG&amp;E Corporation, and Robert D. Glynn, Jr</i>. pending in the
U.S. District Court for the Northern District of California filed a
second amended complaint on February 4, 2002.&nbsp; In addition to
repeating many of the same allegations as were contained in the
first amended complaint, the second amended complaint contained
allegations similar to the allegations made in the complaint filed
by the California Attorney General against PG&amp;E Corporation
regarding alleged violations of the California Public Utilities
Commission&rsquo;s (CPUC) holding company conditions.</p>

<p>On June 25, 2002, the court granted defendants&rsquo; motion to
dismiss the second amended complaint.&nbsp; The dismissal is with
prejudice, prohibiting the plaintiffs from filing a further amended
complaint.&nbsp; The court found that the plaintiffs again failed
to state a claim for securities fraud.</p>

<p>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motion to Extend
Exclusivity Period</p>

<p>On June 7, 2002, PG&amp;E Corporation and the Utility filed a
motion with the Bankruptcy Court to extend, until December 31,
2003, the period during which no third parties, other than the
CPUC, may submit an alternate proposed plan of
reorganization.&nbsp; The exclusivity period was scheduled to end
on June 30, 2002, unless extended.&nbsp;</p>

<p>On June 24, 2002, the Official Committee of Unsecured Creditors
(OCC) filed a response in the Bankruptcy Court requesting that the
exclusivity period be modified to enable the OCC to formulate and
be in a position to file an alternative plan of reorganization if
the proponents of the Utility&rsquo;s proposed plan of
reorganization and the CPUC&rsquo;s alternate proposed plan of
reorganization fail to come to terms on a consensual plan and it
appears that neither plan as currently proposed is likely to be
confirmed by the court or implemented in an expeditious
fashion.&nbsp; As previously disclosed, in May 2002, the OCC
conducted a review of both plans and issued a report recommending
that creditors vote in favor of both plans but declining to state a
position on a preference vote for either plan.&nbsp; On June 27,
2002, the Bankruptcy Court indicated it would enter an order
granting the OCC&rsquo;s request and extending the exclusivity
period until December 31, 2002, except as to the CPUC (which the
court previously excepted) and the OCC.</p>

<p>Neither the Utility nor PG&amp;E Corporation can predict whether
the OCC will submit an alternative plan nor what the terms of such
plan would be.</p>

<p>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuclear Regulatory
Commission Ruling</p>

<p>As previously disclosed, the Utility&rsquo;s proposed plan of
reorganization contemplates that the Utility&rsquo;s nuclear
generation assets and associated lands would be transferred to
Electric Generation LLC, a California limited liability company
(Gen).&nbsp; On November 30, 2001, the Utility filed an application
with the Nuclear Regulatory Commission (NRC) for approval to
transfer the NRC operating licenses for the Diablo Canyon Nuclear
Power Plant (Diablo Canyon) to Gen and one of its wholly owned
subsidiaries.&nbsp; In response to the Utility&rsquo;s application,
the CPUC, the County of San Luis Obispo, and the OCC, among others,
filed petitions to intervene and requests for hearing.</p>

<p>On June 25, 2002, the NRC issued a Memorandum and Order denying
these petitions to intervene and hearing requests with respect to
the Diablo Canyon license transfer.&nbsp; In particular, with
respect to the CPUC, the NRC found that the CPUC did not have
standing to participate at the NRC with respect to public health
and safety matters, as opposed to economic regulatory
matters.&nbsp; In addition, the NRC found that the CPUC did not
raise any litigable issues within the NRC&rsquo;s jurisdiction and
that the CPUC&rsquo;s issues were being more properly addressed in
other forums, such as the Bankruptcy Court and the Federal Energy
Regulatory Commission (FERC).&nbsp;</p>

<p>Several other parties also had filed petitions to intervene
expressing concerns solely with regard to how the antitrust
conditions in the current licenses will be addressed in the
proposed license transfers. These parties supported the
Utility&rsquo;s proposal to make the reorganized Utility, Gen, and
Electric Transmission LLC (ETrans) (the new limited liability
company formed to operate the electric transmission business of the
Utility as contemplated in the Utility&rsquo;s proposed plan of
reorganization) jointly and severally responsible to comply with
the antitrust conditions.&nbsp; These parties seek intervention
only if the NRC decides not to adopt the Utility&rsquo;s
proposal.&nbsp; The NRC indicated that it will reserve its ruling
as to these petitions.&nbsp; If the NRC orders a hearing, the NRC
stated that it would allow the CPUC and San Luis Obispo County to
participate, but that their participation will be limited
specifically to the antitrust matters.&nbsp;</p>

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

<p>Exhibit 99 - Pacific Gas and Electric Company Income Statement
for the month ended May 31, 2002, and Balance Sheet dated May 31,
2002.</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SIGNATURE</p>
</td>
</tr>
</table>

<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>

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

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>By:&nbsp; /s/ CHRISTOPHER P. JOHNS</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHRISTOPHER P.
JOHNS<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President
and Controller</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>PACIFIC GAS AND ELECTRIC COMPANY</p>
</td>
</tr>

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

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

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</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>Dated:&nbsp; July 2, 2002</p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>exhibit99.htm
<DESCRIPTION>MONTHLY OPERATING REPORT MAY 2002
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<div>
<table border="0" cellspacing="0" cellpadding="0" width="583">
<tr>
<td nowrap colspan="4" valign="bottom">
<p align="right"><b>Exhibit 99</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="4" valign="bottom">
<p align="center"><b>PACIFIC GAS AND ELECTRIC COMPANY</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="4" valign="bottom">
<p align="center"><b>U.S. TRUSTEE BALANCE SHEET</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="4" valign="bottom">
<p align="center"><b>AS OF MAY 31, 2002</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="4" 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>
<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">
<h1 align="center">May, 2002</h1>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>ASSETS</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>Current Assets</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Cash and cash equivalents</p>
</td>
<td nowrap valign="bottom">
<p align="right">&nbsp; $
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,214</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Accounts receivable:</p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p>Customers (net of allowance for doubtful accounts of $51
million)</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;
1,649</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p>Related parties</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;
31</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p>Regulatory balancing accounts</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;
111</p>
</td>
</tr>

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

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p>Gas stored underground and fuel oil</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;
157</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p>Materials and supplies</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;
117</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Prepaid expenses and other</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
80</u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><b>Total current assets</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b>6,359</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>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>Property, Plant, and Equipment</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Electric</p>
</td>
<td nowrap valign="bottom">
<p align="right">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
18,528</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Gas</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;
7,926</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Construction work in progress</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
369</u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><b>Total property, plant, and equipment (at original
cost)</b></p>
</td>
<td nowrap valign="bottom">
<p align="right">
<b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26,823</u></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Accumulated depreciation and decommissioning</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(13,258</u>)</p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>Net property, plant, and equipment</b></p>
</td>
<td nowrap valign="bottom">
<p align="right">
<b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13,565</u></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>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>Other Noncurrent Assets</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Regulatory assets</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;
2,176</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Nuclear decommissioning trust funds</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;
1,339</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Other</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,830</u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><b>Total noncurrent assets</b></p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,345</u></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>TOTAL ASSETS</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b><u>&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
25,269</u></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>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>LIABILITIES AND EQUITY</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>Liabilities</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

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

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p>Trade creditors</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;
573</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p>Related parties</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;
89</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p>Regulatory Balancing Accounts</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;
287</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p>Other</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;
236</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>&nbsp;&nbsp; Accrued taxes</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;
1,017</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Rate reduction bonds</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;
1,614</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Deferred income taxes</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;
982</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Deferred tax credits</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;
149</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Pre-petition secured debt</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;
3,125</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Pre-petition liabilities</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;
4,265</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Pre-petition financing debt</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;
5,712</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Other liabilities</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,354</u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><b>Total liabilities</b></p>
</td>
<td nowrap valign="bottom">
<p align="right">
<b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
21,403</u></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>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>Preferred Stock With Mandatory Redemption Provisions</b></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;
137</p>
</td>
</tr>

<tr>
<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="3" valign="bottom">
<p><b>Stockholders' Equity</b></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Preferred stock without mandatory redemption provisions</p>
</td>
<td nowrap valign="bottom"></td>
</tr>

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

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<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">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
149</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" 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"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p>issued 321,314,760 shares</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;
1,606</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Additional paid in capital</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;
1,964</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Accumulated deficit</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;
(136)</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p>Accumulated other comprehensive loss</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;
1</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><b>Total stockholders' equity</b></p>
</td>
<td nowrap valign="bottom">
<p align="right">
<b><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,729</u></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>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b>TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><b><u>&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
25,269</u></b></p>
</td>
</tr>
</table>

<p>
_______________________________________________________________________</p>

<p><br clear="all">
</p>

<table border="0" cellspacing="0" cellpadding="0" width="567">
<tr>
<td nowrap colspan="3" valign="bottom">
<p align="center"><b>PACIFIC GAS AND ELECTRIC COMPANY</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p align="center"><b>U.S. TRUSTEE BALANCE SHEET</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p align="center"><b>AS OF MAY 31, 2002</b></p>
</td>
</tr>

<tr>
<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>
</tr>

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

<tr>
<td valign="top">
<p>1</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p>These unaudited financial statements are prepared for the U.S.
Trustee and differ from the requirements of generally accepted
accounting principles in that they exclude certain financial
statements (statements of cash flows, stockholders equity, and
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>
</tr>

<tr>
<td valign="top">
<p>2</p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p>These unaudited financial statements were prepared using certain
assumptions and estimates.&nbsp; These assumptions and estimates
are subject to revision.&nbsp; Further, the amounts shown in this
statement, when reported on a quarterly basis, may differ
materially due to adjustments in accruals, changes in facts and
circumstances, changes in estimates, further analysis, and other
factors.</p>
</td>
</tr>

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

<tr>
<td nowrap valign="top">
<p>3</p>
</td>
<td nowrap valign="bottom"></td>
<td valign="bottom">
<p>Cash and cash equivalents have been reduced for uncleared
checks.&nbsp; On the balance sheet included with the Utility's
Annual Report, Form 10-K and 10-Q, uncleared checks are treated as
an accounts payable liability.</p>
</td>
</tr>
</table>

<p>
_______________________________________________________________________</p>

<p><br clear="all">
</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<h2 align="center">Case to date</h2>
</td>
</tr>

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

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b>ended</b></p>
</td>
<td nowrap valign="bottom"></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>May 31, 2002</b></p>
</td>
<td valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><b>May 31, 2002</b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>OPERATING REVENUES</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;
936</p>
</td>
<td nowrap valign="bottom"></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; 12,084</p>
</td>
</tr>

<tr>
<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>OPERATING EXPENSES:</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></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">179</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right">615</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Cost of Gas</p>
</td>
<td nowrap valign="bottom">
<p align="right">68</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right">1,399</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Operating and Maintenance</p>
</td>
<td nowrap valign="bottom">
<p align="right">205</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right">3,145</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Depreciation, Decommissioning, and Amortization</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;103</u></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,123</u></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Total Operating Expenses</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
555</u></p>
</td>
<td nowrap valign="bottom">
<p>&nbsp;</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,282</u></p>
</td>
</tr>

<tr>
<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>OPERATING INCOME (LOSS)</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
381</u></p>
</td>
<td nowrap valign="bottom">
<p>&nbsp;</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,802</u></p>
</td>
</tr>

<tr>
<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>Interest Income (Expense)</p>
</td>
<td nowrap valign="bottom">
<p align="right">(66)</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right">(1,036)</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Professional Fees</p>
</td>
<td nowrap valign="bottom">
<p align="right">(1)</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right">(16)</p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p>Other Income and (Expense)</p>
</td>
<td nowrap valign="bottom">
<p align="right">0</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right">(13)</p>
</td>
</tr>

<tr>
<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>PRE-TAX INCOME (LOSS)</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
314</u></p>
</td>
<td nowrap valign="bottom">
<p>&nbsp;</p>
</td>
<td nowrap valign="bottom">
<p align="right">
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,737</u></p>
</td>
</tr>

<tr>
<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>Income Taxes</p>
</td>
<td nowrap valign="bottom">
<p align="right">129</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right">1,833</p>
</td>
</tr>

<tr>
<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>EARNINGS (LOSS)</p>
</td>
<td nowrap valign="bottom">
<p align="right">185</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right">2,904</p>
</td>
</tr>

<tr>
<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>Preferred Dividend Requirement</p>
</td>
<td nowrap valign="bottom">
<p align="right">2</p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right">29</p>
</td>
</tr>

<tr>
<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>EARNINGS (LOSS) AVAILABLE FOR (ALLOCATED TO) COMMON STOCK</p>
</td>
<td nowrap valign="bottom">
<p align="right"><u>&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; 183</u></p>
</td>
<td nowrap valign="bottom">
<p>&nbsp;</p>
</td>
<td nowrap valign="bottom">
<p align="right"><u>&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,875</u></p>
</td>
</tr>
</table>

<p>
_______________________________________________________________________</p>

<p><br clear="all">
</p>

<table border="0" cellspacing="0" cellpadding="0" width="681">
<tr>
<td nowrap colspan="3" valign="top">
<p align="center"><b>PACIFIC GAS AND ELECTRIC COMPANY</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p align="center"><b>U.S.&nbsp; TRUSTEE INCOME STATEMENT</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p align="center"><b>FOR THE MONTH ENDED MAY 31, 2002</b></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p align="center"><b>AND THE FOURTEEN MONTHS ENDED MAY 31,
2002</b></p>
</td>
</tr>

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

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

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

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

<tr>
<td nowrap valign="top">
<p align="right">1</p>
</td>
<td nowrap valign="top"></td>
<td valign="top">
<p>These unaudited financial statements are prepared for the U.S.
Trustee and differ from the requirements of generally accepted
accounting principles in that they exclude certain financial
statements (statements of cash flows, stockholders equity, and
other comprehensive income), relevant footnotes and certain
reclassifications.</p>
</td>
</tr>

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

<tr>
<td nowrap valign="top">
<p align="right">2</p>
</td>
<td nowrap valign="top"></td>
<td valign="bottom">
<p>These unaudited financial statements were prepared using certain
assumptions and estimates.&nbsp; These assumptions and estimates
are subject to revision.&nbsp; Further, the amounts shown in this
statement, when reported on a quarterly basis, may differ
materially due to adjustments in accruals, changes in facts and
circumstances, changes in estimates, further analysis, and other
factors.</p>
</td>
</tr>

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

<tr>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td valign="top">
<p>The results for the month of May 2002 are not indicative of
future earnings.&nbsp; Future earnings could differ materially.</p>
</td>
</tr>

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

<tr>
<td nowrap valign="top">
<p align="right">3</p>
</td>
<td nowrap valign="top"></td>
<td valign="top">
<p>These unaudited financial statements were prepared using certain
assumptions and estimates, including the estimated amount payable
to the California Department of Water Resources (DWR).&nbsp; The
estimated amount recorded was the product of the estimated amount
of power purchased by the DWR on behalf of retail customers during
the current month and the rate of approximately 9 cents per
kilowatt hour.&nbsp; The estimated amount recorded is subject to
revision and actual results could differ materially from the
information provided in this statement.</p>
</td>
</tr>

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

<tr>
<td nowrap valign="top">
<p align="right">4</p>
</td>
<td nowrap valign="top"></td>
<td valign="top">
<p>Case to date results reflect the entire fourteen month period
ended May 31, 2002.&nbsp; The bankruptcy petition date is April 6,
2001.</p>
</td>
</tr>
</table>
</div>
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</TEXT>
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</SUBMISSION>
