<SUBMISSION>
<ACCESSION-NUMBER>0001004980-04-000198
<TYPE>S-8 POS
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20040805
<EFFECTIVENESS-DATE>20040805
<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>S-8 POS
<ACT>33
<FILE-NUMBER>333-27015
<FILM-NUMBER>04955109
</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>S-8 POS
<SEQUENCE>1
<FILENAME>valerooptions2004posamend.htm
<DESCRIPTION>AMENDMENT NO. 2 (333-27015-99)
<TEXT>
<html>
<head>
<title>S-8 Valero Options POS Amend 2004</title>
</head>
<body>
<div>
<p align="right">&nbsp;As filed with the Securities and Exchange
Commission on August 5, 2004</p>

<p align="right">Registration No. 333-27015-99</p>

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

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="2" valign="top">
<p align="center">SECURITIES AND EXCHANGE COMMISSION</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">Washington, D.C.&nbsp; 20549</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">POST-EFFECTIVE AMENDMENT NO. 2 ON FORM S-8 TO</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">FORM S-4</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">REGISTRATION STATEMENT</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">Under</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">THE SECURITIES ACT OF 1933</p>
</td>
</tr>

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

<tr>
<td colspan="2" valign="top">
<p align="center">PG&amp;E CORPORATION</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">(Exact name of registrant as specified in its
charter)</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California</p>
</td>
<td valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94-3234914</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State or other jurisdiction<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of incorporation or organization)</p>
</td>
<td valign="top">
<p align="center"><br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I.R.S. Employer Identification No.)</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">One Market, Spear Street Tower, Suite 2400</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">San Francisco, California 94105</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">(Address of principal executive offices) (zip
code)</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">VALERO ENERGY CORPORATION STOCK OPTION PLAN NO.
4<br />
 VALERO ENERGY CORPORATION STOCK OPTION PLAN NO. 5<br />
 VALERO ENERGY CORPORATION EXECUTIVE STOCK INCENTIVE PLAN</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">(Full title of the plan)</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">Bruce R. Worthington, Esq.<br />
 Senior Vice President and General Counsel<br />
 PG&amp;E Corporation<br />
 One Market Spear Tower, Suite 2400, San Francisco, California
94105</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">(Name and address of agent for service)</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">Telephone number, including area code, of agent
for service: (415) 267-7000</p>
</td>
</tr>
</table>
</div>

<p></p>

<hr>

<br clear="all" />


<p><b>DEREGISTRATION OF SHARES</b></p>

<p>This Post-Effective Amendment No. 2 on form S-8 to PG&amp;E
Corporation&rsquo;s Registration Statement on Form S-4 (No.
333-27015), effective August 1, 1997, as previously amended by
Post-Effective Amendment No. 1 on Form S-8 (the
&ldquo;Post-Effective Amendment&rdquo;) relating to shares of
common stock, no par value, of PG&amp;E Corporation issuable upon
exercise of options assumed by PG&amp;E Corporation under the
Valero Energy Corporation Stock Option Plan No. 4, Valero Energy
Corporation Stock Option Plan No. 5, and Valero Energy Corporation
Executive Stock Incentive Plan, as amended, (collectively, the
&ldquo;Valero Plans&rdquo;), is being filed to deregister all
securities previously registered on such Post-Effective Amendment
on Form S-8 that remain unsold.&nbsp; All remaining options to
purchase PG&amp;E Corporation common stock under the Valero Plans
have expired.</p>

<p></p>

<hr>

<p></p>

<br clear="all" />


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

<p align="center">THE REGISTRANT</p>

<p></p>

<p>Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing this Post-Effective
Amendment No. 2 on Form S-8 and has duly caused this Post-Effective
Amendment to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of San Francisco, State of California
on the 5th of August, 2004.<br />
<br />
</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;</p>
</td>
<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;</p>
</td>
<td valign="top">
<p>PG&amp;E CORPORATION</p>
</td>
</tr>

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

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

<tr>
<td valign="top"></td>
<td valign="top">
<p align="right">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p><u>BRUCE R. WORTHINGTON
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruce R. Worthington</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p>Senior Vice President and General Counsel</p>
</td>
</tr>
</table>

<p></p>

<br clear="all" />


</div>
</body>
</html>


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