EXHIBIT 25.1

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549


FORM T-1

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE


CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
A TRUSTEE PURSUANT TO SECTION 305(b)(2)           


J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)

     
            95-4655078
(State of incorporation     (I.R.S. employer
if not a national bank)   identification No.)
     
1999 Avenue of the Stars – Floor 26      
Los Angeles, CA                                              90067
(Address of principal executive offices)   (Zip Code)

William H. McDavid
General Counsel
270 Park Avenue
New York, New York 10017
Tel: (212) 270-2611
(Name, address and telephone number of agent for service)


PG&E Corporation
(Exact name of obligor as specified in its charter)

     
CALIFORNIA   94-3234914
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification No.)
     
     
One Market, Spear Tower                       
Suite 2400                                                  
San Francisco, California                       94105
(Address of principal executive offices)   (Zip Code)

6 7/8% Senior Secured Notes due 2008


 


 

         
Item 1.
      General Information.
 
       
      Furnish the following information as to the trustee:
 
       
  (a)   Name and address of each examining or supervising authority to which it is subject.
 
       
      Comptroller of the Currency, Washington, D.C.
Board of Governors of the Federal Reserve System, Washington, D.C.
 
       
  (b)   Whether it is authorized to exercise corporate trust powers.
 
       
      Yes.
     
Item 2.
  Affiliations with Obligor.
 
   
 
  If the Obligor is an affiliate of the trustee, describe each such affiliation.
 
   
 
  None.

No responses are included for Items 3-15 of this Form T-1 because the Obligor is not in default as provided under Item 13.

     
Item 16.
  List of Exhibits.

     List below all exhibits filed as part of this statement of eligibility.

     
Exhibit 1.
  Articles of Association of the Trustee as Now in Effect (see Exhibit 1 to Form T-1 filed in connection with Form 8K of the Southern California Water Company filing, dated December 7, 2001, which is incorporated by reference).
 
   
Exhibit 2.
  Certificate of Authority of the Trustee to Commence Business (see Exhibit 2 to Form T-1 filed in connection with Registration Statement No. 333-41329, which is incorporated by reference).
 
   
Exhibit 3.
  Authorization of the Trustee to Exercise Corporate Trust Powers (contained in Exhibit 2).
 
   
Exhibit 4.
  Existing By-Laws of the Trustee (see Exhibit 4 to Form T-1 filed in connection with Form 8K of the Southern California Water Company filing, dated December 7, 2001, which is incorporated by reference).
 
   
Exhibit 5.
  Not Applicable
 
   
Exhibit 6.
  The consent of the Trustee required by Section 321 (b) of the Act (see Exhibit 6 to Form T-1 filed in connection with Registration Statement No. 333-41329, which is incorporated by reference).
 
   
Exhibit 7.
  A copy of the latest report of condition of the Trustee, published pursuant to law or the requirements of its supervising or examining authority.
 
   
Exhibit 8.
  Not Applicable

2


 

     
 
   
Exhibit 9.
  Not Applicable

3


 

SIGNATURE

     Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, J. P. Morgan Trust Company, National Association, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Los Angeles, and State of California, on the 13th day of April, 2004.

             
    J. P. Morgan Trust Company, National Association
 
           
 
           
  By   /s/ Janice Ott Rotunno
        Janice Ott Rotunno
Authorized Officer

4


 

Exhibit 7

J. P. Morgan Trust Company, National Association
Statement of Condition

December 31, 2003

         
    ($000)
 
   
 
 
Assets
       
Cash and Due From Banks
  $ 22,115  
Securities
    141,598  
Loans and Leases
    106,261  
Premises and Fixed Assets
    13,111  
Intangible Assets
    403,878  
Goodwill
    250,539  
Other Assets
    50,801  
 
   
 
 
Total Assets
  $ 988,303  
 
   
 
 
Liabilities
       
Deposits
  $ 119,625  
Other Liabilities
    112,490  
 
   
 
 
Total Liabilities
    232,115  
         
Equity Capital
       
Common Stock
    600  
Surplus
    701,587  
Retained Earnings
    54,001  
 
   
 
 
Total Equity Capital
    756,188  
 
   
 
 
Total Liabilities and Equity Capital
  $ 988,303