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

			Three Months Ended
(in millions, except per share amounts)			March 31,
			2004			2003 (1)
Income (loss) from continuing operations			$	3,033		$	(83)
Discontinued operations				-			(265)
Net income (loss) before cumulative effect of changes in accounting principles			3,033			(348)
Cumulative effect of changes in accounting principles			-			(6)
Net income (loss) for basic calculations			3,033			(354)
Earnings (loss) allocated to common shareholders, basic			2,893			(354)
Earnings (loss) allocated to 9.50% Convertible Subordinated Notes, basic			140			-
Net income (loss)			3,033			(354)
9.50% Convertible Subordinated Notes:
Change in market value of dividend participation rights				19			-
Interest expense				4			-
Net Income (Loss) for diluted calculations			$	3,056		$	(354)
Weighted average common shares outstanding, basic (2)			393			382
Add:    9.50 % Convertible Subordinated Notes			19			-
Employee stock options and PG&E Corporation shares held by grantor trusts			7			-
PG&E Corporation Warrants			4			-
Rounding			1			-
Shares outstanding for diluted calculations			424			382
Earnings (Loss) Per Common Share, Basic
Income (loss) from continuing operations			$	7.36		$	(0.22)
Discontinued operations			-			(0.69)
Cumulative effect of changes in accounting principles			-			(0.02)
Net earnings (loss)			$	7.36		$	(0.93)
Earnings Per Common Share, Diluted
Income (loss) from continuing operations			$	7.21		$	(0.22)
Discontinued operations			-			(0.69)
Cumulative effect of changes in accounting principles			-			(0.02)
Net earnings (loss)			$	7.21		$	(0.93)
(1)	Prior period amounts of NEGT, Inc. have been reclassified to discontinued operations.
(2)	Weighted average common shares outstanding exclude shares held by a subsidiary of PG&E Corporation (23,815,500 shares at March 31, 2004 and 2003) and PG&E Corporation shares held by grantor trusts to secure deferred compensation obligations (281,985 shares at March 31, 2004 and 2003).