<SUBMISSION>
<ACCESSION-NUMBER>0001004980-03-000091
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20030513
<ITEMS>9
<FILING-DATE>20030513
<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>03696414
</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>final51303item9.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
<title>5-13-03 Item 9 8-K</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">
<p align="center"><br />
 </p>
</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">
<p align="center"><br />
<br />
 </p>
</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">
<p align="center"><br />
 </p>
</td>
</tr>

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

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

<tr>
<td colspan="4" valign="top">
<p align="center">Date of Report: May 13, 2003</p>
</td>
</tr>

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

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

<p><br />
</p>

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

<p>Item 9. Regulation FD Disclosure&nbsp;&nbsp;</p>

<p>The information included in this Current Report on Form 8-K,
including the financial and statistical information attached hereto
as an exhibit, is being furnished, not filed, pursuant to Item 9 of
Form 8-K.</p>

<br clear="all" />


<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;</p>
</td>
<td valign="top">
<p>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;&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<br />
 </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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>By:&nbsp; 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;&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;&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>

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

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

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
Secretary</p>
</td>
</tr>
</table>

<p>Dated:&nbsp; May 13, 2003</p>

<br clear="all" />


<table border="0" cellspacing="0" cellpadding="0" width="614">
<tr>
<td colspan="4" valign="bottom"><br clear="all" />


<p><b>Pacific Gas and Electric Company [logo]</b></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="6" valign="bottom">
<p align="center"><b>Three months ended</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="6" valign="bottom">
<p align="center"><b>March 31,</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="6" valign="top">
<p align="center"><b>---------------------------------</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p align="center"><b>2003</b></p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="center"><b>2002</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="center"><b>------------</b></p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="center"><b>------------</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p><b><u>Electric Sales (in millions kWh)</u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Residential</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>7,194&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p>7,022&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Commercial</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>7,239&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">7,457&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Industrial</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>3,543&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">3,611&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Agricultural</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>475&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">462&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Public street and highway lighting</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>141&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">145&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Other electric utilities</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>51&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">-&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Sales from Energy Deliveries</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>18,643&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">18,697&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Total Electric Customers <sup>(1)</sup></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>4,883,841&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">4,729,364&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p><b><u>Bundled Gas Sales (in MMDTh) <sup>(2)</sup></u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Residential</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>80&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">88&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Commercial</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>27&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">27&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Industrial</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>-&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">-&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Total Bundled Gas Sales</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>107&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">115&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Total Transportation Only</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>124&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">115&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Total Gas Sales</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>231&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">230&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Total Gas Customers <sup>(1)</sup></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>4,045,690</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">3,923,027</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom">
<pre>
</pre>
</td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p><b><u>Sources of Electric Energy (in millions kWh)</u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Utility Generation</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Nuclear</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>3,266&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">4,613&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<pre>
Hydro (net)
</pre>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>2,933&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">2,469&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Fossil</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>159&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">207&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Total Utility Generation</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>6,358&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">7,289&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Purchased Power</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Qualifying Facilities</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>4,543&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">5,266&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Irrigation Districts</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>1,038&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">794&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Other Purchased Power <sup>(3)</sup></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>1,771&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">1,042&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Total Purchased Power</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>7,352&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">7,102&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Delivery from DWR</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>6,598&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">4,125&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Delivery to Direct Access Customers</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>2,318&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">1,996&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Other (includes energy loss)</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>(3,983)</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">(1,816)</p>
</td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p><b>Total Electric Energy Delivered</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>18,643&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">18,696</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p><b><u>Diablo Canyon Performance</u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Overall capacity factors (including refuelings)</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>70%</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">98%</p>
</td>
</tr>

<tr>
<td colspan="3" valign="bottom">
<p>Refueling outage period</p>
</td>
<td colspan="5" valign="bottom">
<p align="right">2/3/03-3/26/03</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">-&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Refueling outage duration (days)</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>51 days</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">-&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="12" valign="bottom">
<p><sup>(1)&nbsp;</sup> Customers reported as number of active
service agreements.&nbsp; The Utility implemented a new customer
information system</p>
</td>
</tr>

<tr>
<td colspan="12" valign="bottom">
<p>in Q4 of 2002, whereby the number of "customers" for Q1 03 is
not comparable to the number of "customers" for Q1 02.</p>
</td>
</tr>

<tr>
<td colspan="12" valign="bottom"></td>
</tr>

<tr>
<td colspan="12" valign="bottom">
<p><sup>(2)&nbsp;</sup> The Q1 02 bundled gas sales were reported
in millions of MCF, they were converted form MCF to MMDth in this
report.</p>
</td>
</tr>

<tr>
<td colspan="12" valign="bottom">
<p>For the reporting period:&nbsp; MMDTH = MCF
*1.108/(1,000,000)</p>
</td>
</tr>

<tr>
<td colspan="12" valign="bottom"></td>
</tr>

<tr>
<td colspan="12" valign="bottom">
<p><sup>(3)&nbsp;</sup> Energy via California Power Exchange, ISO,
bilateral contracts, DWR Renewable power, and other Interchange
Power.</p>
</td>
</tr>

<tr>
<td colspan="12" valign="bottom"></td>
</tr>
</table>

<br clear="all" />


<table border="0" cellspacing="0" cellpadding="0" width="681">
<tr>
<td nowrap colspan="7" valign="top">
<p><b><br />
 </b></p>

<p><b>PG&amp;E NATIONAL ENERGY GROUP (logo)</b></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap colspan="3" valign="top">
<p align="center"><b><u>Three Months Ended</u></b></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><b><u>3/31/2003</u></b></p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap valign="top">
<p align="right"><b><u>3/31/2002</u></b></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>NEG Earnings Per Share Metrics</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Integrated Energy and Marketing</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(0.39)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.05</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Interstate Pipeline Operations</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.04</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.05</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Discontinued Operations</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(0.18)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.02</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Eliminations and Other</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(0.16)</u></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(0.02)</u></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>Total Reported - National Energy Group</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(0.69)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.10</p>
</td>
</tr>

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

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Generating Operations</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Owned and Controlled Capacity in Operation (MW)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">1,476</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">7,099</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Owned and Controlled Capacity in Construction (MW)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>0</u></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>7,743</u></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Total Owned and Controlled Capacity (MW)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>1,476</u></p>
</td>
<td nowrap valign="top">
<p><u><sup>1</sup></u></p>
</td>
<td nowrap valign="top">
<p align="right"><u>14,842</u></p>
</td>
</tr>

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

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Capital Expenditures ($MM)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$98</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">$316</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>MM MWh generated (owned and controlled)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">6.1</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">9.2</p>
</td>
</tr>

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

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Pipeline Operations</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

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

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>% of capacity under long-term contracts</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">94.9%</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">99.6%</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Average Receipts (MDth/d)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>From Canadian Supply (at Kingsgate)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">1,468</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">2,326</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>From Rockies/BC Supply (at Stanfield)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">58</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">5</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Average Deliveries (MDth/d)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>To Pacific Northwest</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">435</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">579</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>To California</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">1,062</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">1,631</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>To Nevada</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">65</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">86</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Capital Expenditures ($MM)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$3</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$42</p>
</td>
</tr>

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

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Trading and Non-Trading Activity Gross Margin
($MM)</u></b></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top"></td>
<td nowrap colspan="2" valign="top">
<p>Trading unrealized gain/(loss)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">$8</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">($3)</p>
</td>
</tr>

<tr>
<td nowrap valign="top"></td>
<td nowrap colspan="2" valign="top">
<p>Trading realized gain/(loss)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>($33)</u></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>$45</u></p>
</td>
</tr>

<tr>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p>Total Mark-to-market Gross Margin</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>($25)</u></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>$42</u></p>
</td>
</tr>

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

<tr>
<td nowrap valign="top"></td>
<td nowrap colspan="2" valign="top">
<p>Non-Trading MtM gain/(loss) <sup>2</sup></p>
</td>
<td nowrap valign="top"></td>
<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>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="center"><b><u>As of</u></b></p>
</td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Value-at-Risk ($MM) <sup>3</sup></u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><b><u>3/31/2003</u></b></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><b><u>12/31/2002</u></b></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Daily Trading VaR at 95% confidence level</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$16</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$8</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Daily Non-trading VaR at 95% confidence level for contracts that
receive MtM accounting</p>

<p>treatment</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$10</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$3</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Daily Non-trading VaR at 95% confidence level for contracts
accounted for as hedges</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$12</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$9</p>
</td>
</tr>

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

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Fair value of price risk management assets and liabilities
($MM)</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>(of trading and non trading activities)
<sup>4</sup></u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Price risk management assets</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$981</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$896</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Price risk management liabilities</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>$901</u></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$811</u></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Net Portfolio Value</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$80</u></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$85</u></p>
</td>
</tr>

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

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Maturity of Fair Value of Trading Contracts at March 31,
2003 ($MM)</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">&nbsp;</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Less than one year</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$57</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($43)</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>One to three years</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($79)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($13)</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Four to five years</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($17)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($28)</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Beyond five years</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$50</u></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$62</u></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>Total</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$11</u></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>($22)</u></p>
</td>
</tr>

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

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="center"><b><u>As of</u></b></p>
</td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>NEG Capitalization (consolidated)</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><b><u>3/31/2003</u></b></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><b><u>12/31/2002</u></b></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Debt to Capitalization Ratio</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">138.2%</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">127.1%</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Debt to Capitalization Ratio (debt net of cash)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">144.2%</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">129.9%</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Capitalization ($MM)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>Debt</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$5,238</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">$4,877</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>Equity</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($1,449)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">($1,040)</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>Cash</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$513</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">$363</p>
</td>
</tr>

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

<tr>
<td nowrap valign="top">
<p align="right"><sup>1</sup></p>
</td>
<td nowrap valign="top">
<p><sup>&nbsp;</sup></p>
</td>
<td colspan="5" valign="top">
<p>Owned and contolled capacity excludes assets to be abandoned and
assets held for sale.</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p align="right"><sup>2</sup></p>
</td>
<td nowrap valign="top">
<p><sup>&nbsp;</sup></p>
</td>
<td colspan="5" valign="top">
<p>Non-trading MtM gains/(losses) include ineffective hedges
associated with assets and contracts that no longer qualify for
normal purchases and sales treatment under FAS 133.</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p align="right"><sup>3</sup></p>
</td>
<td nowrap valign="top">
<p><sup>&nbsp;</sup></p>
</td>
<td colspan="5" valign="top">
<p>The NEG expresses value-at-risk as a dollar amount of the
potential loss in the fair value of the portfolios based on a 95%
confidence level using a one-day liquidation period.</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p align="right"><sup>4</sup></p>
</td>
<td nowrap valign="top">
<p><sup>&nbsp;</sup></p>
</td>
<td colspan="5" valign="top">
<p>Balance excludes price risk management assets (liabilities) held
for sale.</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
</tr>
</table>
</div>
</body>
</html>


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