<SUBMISSION>
<ACCESSION-NUMBER>0001004980-04-000260
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20041102
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20041102
<DATE-OF-FILING-DATE-CHANGE>20041102
<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>041111616
</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>final1102048k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
<title>Form 8-K dated 11/02/04</title>
</head>
<body link="blue" vlink="purple">
<div>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="5" valign="top">
<p align="center"><b>UNITED STATES</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>Washington, D.C.&nbsp; 20549</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>FORM 8-K</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>CURRENT REPORT</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>Date of Report: November 2, 2004</b></p>

<p align="center">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>PG&amp;E CORPORATION</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Exact Name of Registrant as specified in
Charter)</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><u>California</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>1-2609</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>94-323914</u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(State or other jurisdiction of
incorporation)</p>
</td>
<td colspan="2" valign="top">
<p align="center"><br />
 (Commission File Number)</p>
</td>
<td colspan="2" valign="top">
<p align="center">(IRS Employer<br />
 Identification No.)</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center"><b><u>One Market, Spear Tower, Suite 2400, San
Francisco, CA</u></b></p>
</td>
<td colspan="3" valign="top">
<p align="center"><b><u>94105</u></b></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">(Address of principal executive offices)</p>
</td>
<td colspan="3" valign="top">
<p align="center">(Zip code)</p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b><u>415-267-7000</u></b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Registrant&rsquo;s Telephone Number,
Including Area Code)</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b><u>N/A</u></b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Former Name or Former Address, if Changed
Since Last Report)</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>PACIFIC GAS AND ELECTRIC COMPANY</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Exact Name of Registrant as specified in
Charter)</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><u>California</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>1-2348</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>94-0742640</u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(State or other jurisdiction of
incorporation)</p>
</td>
<td colspan="2" valign="top">
<p align="center"><br />
 (Commission File Number)</p>
</td>
<td colspan="2" valign="top">
<p align="center">(IRS Employer<br />
 Identification No.)</p>
</td>
</tr>

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

<tr>
<td colspan="4" valign="top">
<p align="center"><b><u>77 Beale Street, P. O. Box 770000, San
Francisco, California</u></b></p>
</td>
<td valign="top">
<p align="center"><b><u>94177</u></b></p>
</td>
</tr>

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

<tr>
<td colspan="5" valign="top">
<p align="center"><b><u>(415) 973-7000</u></b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Registrant&rsquo;s Telephone Number,
Including Area Code)</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b><u>N/A</u></b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Former Name or Former Address, if Changed
Since Last Report)</b></p>
</td>
</tr>

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

<tr>
<td colspan="5" valign="top">
<p><br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):</p>
</td>
</tr>
</table>

<table border="0" cellspacing="0" cellpadding="0" width="624">
<tr>
<td valign="top">
<p>[&nbsp;]</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</p>
</td>
</tr>

<tr>
<td valign="top">
<p>[&nbsp;]</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Soliciting Material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</p>
</td>
</tr>

<tr>
<td valign="top">
<p>[&nbsp;]</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act<br />
 (17 CFR 240.14d-2(b)</p>
</td>
</tr>

<tr>
<td valign="top">
<p>[&nbsp;]</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act<br />
 (17 CFR 240.13e-4(c))</p>
</td>
</tr>
</table>

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

<p>Item 2.02 Results of Operations and Financial Condition</p>

<p>The information included in this Current Report on Form 8-K,
including the press release attached hereto, is being furnished,
not filed, pursuant to Item 2.02 of Form 8-K.<br />
</p>

<p>On November 2, 2004, PG&amp;E Corporation issued the press
release attached hereto announcing its financial results and the
financial results of its subsidiary, Pacific Gas and Electric
Company, for the quarter ended September 30, 2004.<br />
</p>

<p>PG&amp;E Corporation presents results and guidance on an
&ldquo;earnings from operations&rdquo; basis in order to provide
investors with a measure that reflects the underlying financial
performance of the business and offers investors a basis on which
to compare performance from one period to another, exclusive of
items that, in management&rsquo;s judgment, are not reflective of
the normal course of operations.</p>

<p>Item 9.01 Financial Statements and Exhibits</p>

<p>Exhibits</p>

<p>The following exhibit is being furnished, and is not deemed to
be filed:</p>

<p>Exhibit 99.&nbsp; PG&amp;E Corporation Press Release Dated
November 2, 2004</p>


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

<table border="0" cellspacing="0" cellpadding="0" width="624">
<tr>
<td valign="top">
<p align="center">&nbsp; SIGNATURE</p>
</td>
</tr>

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

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

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

<p></p>

<p></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td colspan="3" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E CORPORATION</p>
</td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;</p>
</td>
<td colspan="3" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" 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;</p>
</td>
<td valign="top">
<div>
<p>CHRISTOPHER P. JOHNS<br />
<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>
</div>
</td>
</tr>

<tr>
<td colspan="2" 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"></td>
<td valign="top">
<p>Christopher P. Johns<br />
 Senior Vice President and Controller
 </p>
<p><br />
 </p>
</td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p>PACIFIC GAS AND ELECTRIC COMPANY</p>
</td>
</tr>

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

<tr>
<td colspan="2" 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;</p>
</td>
<td valign="top">
<div>
<p>DINYAR B. MISTRY<br />
<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;</u>
 </p>
</div>
</td>
</tr>

<tr>
<td colspan="2" 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"></td>
<td valign="top">
<p>Dinyar B. Mistry<br />
 Vice President and Controller</p>
</td>
</tr>
</table>

<p>Dated:&nbsp; November 2, 2004</p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>q3earnings.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
<html>
<head>
<title>PG&amp;E Corporation Q3 Earnings</title>
</head>
<body link="blue" vlink="purple">
<table border="0" cellspacing="0" cellpadding="0" width="576">
<tr>
<td valign="top">
<p align="right"><b><font face="Arial">Exhibit 99</font></b>
</td>
</tr>

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

<tr>
<td valign="top">
<p><b><i><font face="Arial">PG&amp;E Corporation</font></i></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p>Corporate Communications</p>
</td>
</tr>

<tr>
<td valign="top">
<p>One Market, Spear Tower</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Suite 2400</p>
</td>
</tr>

<tr>
<td valign="top">
<p>San Francisco, CA&nbsp; 94105</p>
</td>
</tr>

<tr>
<td valign="top">
<p>1-800-743-6397</p>
</td>
</tr>

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

<tr>
<td valign="top">
<h2><font face="Arial">NEWS</font></h2>
</td>
</tr>

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

<tr>
<td valign="top">
<p><b>FOR IMMEDIATE
RELEASE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
November 2, 2004</p>
</td>
</tr>

<tr>
<td valign="top">
<p>CONTACT: PG&amp;E Corporation</p>
</td>
</tr>

<tr>
<td valign="top">
<h1>&nbsp;</h1>
</td>
</tr>

<tr>
<td valign="top">
<h3><b><u><font face="Times New Roman">PG&amp;E CORP. REPORTS SOLID THIRD QUARTER RESULTS</font></u></b></h3>
</td>
</tr>

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

<tr>
<td valign="top">
<ul>
  <li>
    <p><font face="Times New Roman">Consolidated net income was $0.53 per share, compared with $1.23
per share in the same quarter of 2003. (All &ldquo;per share&rdquo;
amounts in this release are on a diluted basis.)&nbsp;</font></p>
  </li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul>
  <li>
    <p><font face="Times New Roman">Earnings from operations for PG&amp;E Corporation and Pacific
Gas and Electric Company grew to $0.57 per share, from $0.42 per
share in the same quarter of 2003.</font></p>
  </li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul>
  <li>
    <p><font face="Times New Roman">Pacific Gas and Electric Company&rsquo;s earnings from
operations rose to $0.59 per share, from $0.42 per share for the
same quarter of 2003.</font></p>
  </li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul>
  <li>
    <p><font face="Times New Roman">Guidance for 2004 earnings from operations is reaffirmed at the
upper end of the range between $2.00 and $2.10 per share.</font></p>
  </li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul>
  <li>
    <p><font face="Times New Roman">Guidance for 2005 earnings from operations is maintained at a
range of $2.15 to $2.25 per share.&nbsp;</font></p>
  </li>
</ul>
</td>
</tr>

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

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">(San Francisco) -- PG&amp;E Corporation (NYSE: PCG) reported
$228 million, or $0.53 per share, in consolidated net income in the
third quarter of 2004.&nbsp; Last year in the third quarter,
consolidated net income was $510 million, or $1.23 per share,
reflecting the effects of generation-related revenues in excess of
generation-related costs (&ldquo;headroom&rdquo;).&nbsp; Beginning
in 2004, Pacific Gas and Electric Company no longer collects
headroom.&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">On an earnings-from-operations basis, PG&amp;E Corporation and
its utility business, Pacific Gas and Electric Company, earned $242
million, or $0.57 per share in the third quarter, compared with
$174 million, or $0.42 per share in the third quarter last
year.&nbsp; The difference in quarter-over-quarter earnings from
operations primarily reflects the lack of a final 2003 General Rate
Case (GRC) decision in the third quarter of last year.&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">&ldquo;Solid utility operations, a healthy business environment,
a stronger balance sheet, and substantial cash flows form the basis
for these third quarter results,&rdquo; said Robert D. Glynn, Jr.,
PG&amp;E Corporation Chairman, CEO and President.&nbsp; &ldquo;They
also are the foundation for the targets we have set for delivering
shareholder value through common stock dividends, share repurchases
and investments in our core utility business.&rdquo;</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">The Corporation&rsquo;s targets include paying an annual common
stock dividend of $1.20 per share starting in April 2005, assuming
Pacific Gas and Electric Company refinances a part of its balance
sheet in early 2005. Assuming Pacific Gas and Electric Company also
refinances another part of its balance sheet in early 2006, the
Corporation expects that $2.7 billion will be available in 2005 and
2006 to pay dividends, buy back shares and make incremental
investments in its core utility business beyond the $1.9 billion of
annual capital expenditures already planned.</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">PG&amp;E Corporation&rsquo;s third quarter earnings from
operations exclude certain non-operating income and expenses.&nbsp;
These items are included in the line &ldquo;Items Impacting
Comparability&rdquo; on the attached financial tables, which
reconcile earnings from operations with consolidated net income as
reported in accordance with generally accepted accounting
principles (GAAP). Also excluded from earnings from operations are
the prior-year results from National Energy &amp; Gas Transmission,
Inc. (NEGT).</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">For the third quarter, items impacting comparability at the
Corporation and Pacific Gas and Electric Company included
incremental interest costs of $7 million, or $0.02 per share,
associated with the California energy crisis and the
utility&rsquo;s Chapter 11 filing; costs of $4 million, or $0.01
per share, related to NEGT&rsquo;s Chapter 11 filing; and costs of
$3 million, or $0.01 per share, related to the change in market
value of dividend participation rights associated with the
Corporation&rsquo;s convertible notes.</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">As disclosed in the Corporation&rsquo;s quarterly report on Form
10-Q for the quarter, accounting for stock options as an expense in
the quarter would have reduced earnings by less than $0.01 per
share.&nbsp;</p>
</td>
</tr>

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

<tr>
<td valign="top">
<h3><b><u><font face="Times New Roman">PACIFIC GAS AND ELECTRIC COMPANY</font></u></b></h3>
</td>
</tr>

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

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">Pacific Gas and Electric Company contributed $252 million, or
$0.59 per share, to earnings from operations in the third quarter,
compared with $174 million, or $0.42 per share, in the third
quarter of last year.&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">The quarter-over-quarter difference primarily reflects the
effects of revenue increases authorized in the 2003 GRC and 2004
attrition adjustment, totaling approximately $0.15 per share.
Results for the third quarter of 2003 did not include the effects
of the final 2003 GRC decision, which was reached in 2004.&nbsp;
Additionally, third quarter 2004 earnings from operations include
approximately $0.07 per share of earnings on the equity portion of
the utility&rsquo;s settlement agreement regulatory asset, as well
as approximately $0.03 per share of higher electric transmission
revenues.&nbsp; These items were partially offset by increased
costs related to customer growth and inflation, and amortization of
the generation-related regulatory asset.</p>
</td>
</tr>

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

<tr>
<td valign="top">
<h3><b><u><font face="Times New Roman">EARNINGS GUIDANCE</font></u></b></h3>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">PG&amp;E Corporation is reaffirming its 2004 guidance for
earnings from operations at the upper end of the $2.00-$2.10 per
share range.&nbsp; The Corporation is maintaining its 2005 guidance
for earnings from operations in the range of $2.15 to $2.25 per
share.&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">The assumptions underlying the 2005 estimates include the
achievement of the utility&rsquo;s authorized return on equity of
11.22 percent; the issuance of the first series of Energy Recovery
Bonds by January 2005, in the approximate amount of $1.8 billion,
to refinance part of the utility&rsquo;s balance sheet; the
utility&rsquo;s achievement of its authorized capital structure;
and implementation of accelerated repurchase programs and the
availability of $1.75 billion of cash at the Corporation for
dividends and share repurchases through year-end 2005.</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12">PG&amp;E Corporation bases guidance on &ldquo;earnings from
operations&rdquo; in order to provide a measure that allows
investors to compare the underlying financial performance of the
business from one period to another, exclusive of items that
management believes do not reflect the normal course of operations.
Earnings from operations are not a substitute or alternative for
consolidated net income presented in accordance with
GAAP.&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="text-indent: 40; line-height: 150%; margin-bottom: 12"><font size="3">The attachment to this news release reconciles 2004 and 2005
estimated earnings per share from operations with estimated
consolidated net income per share in accordance with
GAAP.</font>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center" style="margin-bottom: 10">###</p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-bottom: 10"><font size="2"><b>A conference call with the financial community will be held
today at 9:00 a.m. Eastern Standard Time to discuss PG&amp;E
Corporation&rsquo;s results for the third quarter of 2004.&nbsp;
The call will be open to the public on a listen-only basis via
webcast.&nbsp; Please visit our website at www.pgecorp.com for more
information and instructions for accessing the conference call
webcast.&nbsp;</b> <b>The call will be archived at
www.pgecorp.com.&nbsp;</b> <b>Alternatively, a toll-free replay of
the conference call may be accessed shortly after the live call
through 9:00 p.m. EST, November 9, 2004, by dialing
877-690-2095.&nbsp; International callers may dial
402-220-0650.</b></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-bottom: 10"><font size="2">This press release and the attachment contain forward-looking
statements regarding estimated earnings for 2004 and 2005, and the
targeted payment of dividends and stock repurchases in 2005 and
2006 based on anticipated cash flows.&nbsp; These statements are
based on current expectations and assumptions which management
believes are reasonable and on information currently available to
management but are necessarily subject to various risks and
uncertainties. <b>&nbsp;</b></font></p>
</td>
</tr>

<tr>
<td valign="top">
<p style="margin-bottom: 10"><font size="2">In addition to the risk that the assumptions described above
(including that the Utility earns an authorized return on equity of
11.22 percent and a target capital structure of 52 percent equity;
that the first series of Energy Recovery Bonds, or ERBs, in the
approximate amount of $1.8 billion is issued by January 2005, and
that $1.75 billion is used in 2005 to pay dividends and repurchase
stock on an accelerated basis) prove to be inaccurate, factors that
could cause actual results to differ materially from those
contemplated by the forward-looking statements include:</font></p>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">The timing and resolution of the petitions for review that were
filed in the California Court of Appeal seeking review of (i) the
CPUC&rsquo;s December 18, 2003 decision approving the settlement
agreement entered into among PG&amp;E Corporation, the Utility and
the CPUC to resolve the Utility&rsquo;s Chapter 11 case, and (ii)
the CPUC&rsquo;s March 16, 2004 denial of applications for
rehearing of the December 18, 2003 decision;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">The timing and resolution of the pending appeals of the
bankruptcy court&rsquo;s order confirming the Utility&rsquo;s plan
of reorganization under Chapter 11;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">Whether the conditions to issuing the ERBs are met, and if so,
the timing and amount of the issuance of the ERBs;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">Whether the CPUC approves the Utility&rsquo;s long-term
electricity resource plan and adopts the Utility&rsquo;s related
ratemaking proposals, whether the assumptions and forecasts
underlying the long-term resource plan prove to be accurate, and
the terms and conditions of the long-term resource commitments the
Utility enters into in connection with its long-term resource
plan;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">Unanticipated changes in operating expenses or capital
expenditures affecting the Utility&rsquo;s ability to earn its
authorized rate of return;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">The level and volatility of wholesale electricity and natural
gas prices and supplies, the Utility&rsquo;s ability to manage and
respond to the levels and volatility successfully, and the extent
to which the Utility is able to timely recover increased costs
related to such volatility;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">The extent to which the Utility is able to recover its costs
incurred in meeting its obligation to supply electricity to
customers, whether costs are incurred to meet or manage the
Utility&rsquo;s residual net open position (<em>i.e</em>., that
portion of the Utility&rsquo;s electricity customers&rsquo; demand
not satisfied by electricity that the Utility generates or has
under contract, or by electricity provided under the California
Department of Water Resources&rsquo; electricity contracts
allocated to the Utility&rsquo;s customers) or to ensure adequate
resources as required by the CPUC;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">The operation of the Utility&rsquo;s Diablo Canyon nuclear
power plant which exposes the Utility to potentially significant
environmental costs and capital expenditure outlays;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">The impact of current and future ratemaking actions of the
CPUC, including the risk of material differences between forecasted
costs used to determine rates and actual costs incurred;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">The extent to which the CPUC or the FERC delays or denies
recovery of the Utility&rsquo;s costs from customers due to a
regulatory determination that such costs were not reasonable or
prudent or for other reasons resulting in write-offs of regulatory
balancing accounts;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">How the CPUC administers the capital structure, stand-alone
dividend and first priority conditions of the CPUC&rsquo;s
decisions permitting the establishment of holding companies for
California investor-owned electric utilities, and the extent to
which the conditions recently adopted by the CPUC limit the
Utility&rsquo;s ability to issue debt or preferred stock in the
future;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">The impact of future legislative or regulatory actions or
policies;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">Increased competition;</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">The outcome of pending litigation; and</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<ul type="square">
<li><font size="2">Other factors discussed in PG&amp;E Corporation&rsquo;s and the
Utility&rsquo;s SEC reports.</font></li>
</ul>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">###</p>
</td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr>
<div>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="19" valign="top" align="center">
<h2><font size="3">PG&amp;E CORPORATION</font></h2>
</td>
</tr>

<tr>
<td colspan="19" valign="top" align="center">
<p align="center"><b><font size="3">CONDENSED CONSOLIDATED STATEMENTS OF
INCOME</font></b></p>
</td>
</tr>

<tr>
<td colspan="19" valign="top" align="center">
<p align="center"><b><font size="3">(Unaudited)</font></b></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="top">
<p align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;Three months ended<br />
 <u>September 30,</u></b></p>
</td>
<td valign="top"></td>
<td colspan="5" valign="top">
<p align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;Nine months ended<br />
 <u>September 30,</u></b></p>
</td>
</tr>

<tr>
<td colspan="7" valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="top"></td>
</tr>

<tr>
<td colspan="7" valign="top">
<p><b>(in millions, except per share amounts)</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="center"><b><u>2004</u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="center"><b><u>2003</u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="center"><b><u>2004</u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="center"><b><u>2003</u></b></p>
</td>
</tr>

<tr>
<td colspan="7" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="7" valign="top">
<p><b>Operating Revenues</b></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="6" valign="top">
<p>Electric</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">2,042&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">2,509&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">5,902&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">5,921&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="6" valign="top">
<p>Natural gas</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;581&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;53 &nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>2,198&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>2,037&nbsp;</u></p>
</td>
</tr>

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

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="4" valign="top">
<p>Total Operating Revenues</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>2,623&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>3,062&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>8,100&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>7,958&nbsp;</u></p>
</td>
</tr>

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

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

<tr>
<td colspan="8" valign="top">
<p><b>Operating Expenses</b></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="7" valign="top">
<p>Cost of electricity</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">792&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">661&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">2,003&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">1,813&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="6" valign="top">
<p>Cost of natural gas</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">239&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">234&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">1,096&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">1,011&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="6" valign="top">
<p>Operating expenses including depreciation</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">1,083&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">990&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">(1,547)</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">3,023&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="6" valign="top">
<p>Reorganization items</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;16&nbsp;</u></p>
</td>
</tr>

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

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="4" valign="top">
<p>Total Operating Expenses</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>2,114&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>1,901&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>1,558&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>5,963&nbsp;</u></p>
</td>
</tr>

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

<tr>
<td colspan="8" valign="top">
<p><b>Operating Income</b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">509&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">1,161&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">6,542&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">1,995&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="7" valign="top">
<p>Interest and other expense, net</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>(140)</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;(320)</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;(557)</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;(787)</u></p>
</td>
</tr>

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

<tr>
<td colspan="8" valign="top">
<p><b>Income Before Income Taxes</b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">369&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">841&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">5,985&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">1,208&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="7" valign="top">
<p>Income tax provision</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>141&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>333&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>2,352&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;454&nbsp;</u></p>
</td>
</tr>

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

<tr>
<td colspan="8" valign="top">
<h3></h3>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="8" valign="top">
<p><b>Income from Continuing Operations</b></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">228&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">508&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">3,633&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">754&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="8" valign="top">
<p><b>Discontinued Operations of NEGT</b> <sup>(a)</sup></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top">&nbsp;&nbsp;</td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>(365)</u></p>
</td>
</tr>

<tr>
<td colspan="8" valign="top">
<h3></h3>
</td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="8" valign="top">
<p><b>Net Income Before Cumulative Effect of Changes in<br />
 &nbsp;&nbsp;&nbsp;Accounting Principles</b></p>
</td>
<td valign="top"></td>
<td valign="bottom">
<p align="right"><u>228&nbsp;</u></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><u>510&nbsp;</u></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><u>3,633&nbsp;</u></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><u>389&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="7" valign="top">
<p>Cumulative effect of changes in accounting principles</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">-&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">-&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">-&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">(6)</p>
</td>
</tr>

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

<tr>
<td colspan="8" valign="top">
<p><b>Net Income</b></p>
</td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">228&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">510&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">3,633&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">383&nbsp;</p>
</td>
</tr>

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

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

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

<tr>
<td colspan="8" valign="top">
<p><b>Weighted Average Common Shares<br />
 &nbsp;&nbsp;&nbsp;Outstanding and Participating Securities,
Diluted</b></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right">427&nbsp;</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right">416&nbsp;</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right">425&nbsp;</p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right">410&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="8" valign="top">
<p><b>Earnings Per Common Share, Basic (b)</b></p>
</td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">0.55&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">1.26&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">8.73&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">0.95&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="8" valign="top">
<p><b>Earnings Per Common Share, Diluted (b)</b></p>
</td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">0.53&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">1.23&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">8.55&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">&nbsp;0.93&nbsp;<br>
<br>
</p>
</td>
</tr>
</table>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="4" valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="bottom">
</td>
<td valign="bottom"></td>
<td colspan="5" valign="bottom">
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="bottom">
</td>
<td valign="bottom"></td>
<td colspan="5" valign="bottom">
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="bottom">
<p align="center">&nbsp;</p>

<p align="center"><b>Earnings (Loss)</b></p>
</td>
<td valign="bottom"></td>
<td colspan="5" valign="bottom">
<p align="center"><b>Earnings (Loss) per Common Share, Diluted</b></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="bottom">
<p align="center"><b>Three months ended <u>September 30,</u></b></p>
</td>
<td valign="bottom"></td>
<td colspan="5" valign="bottom">
<p align="center"><b>Three months ended<br />
 <u>September 30,</u></b></p>
</td>
</tr>

<tr>
<td colspan="8" valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="5" valign="bottom"></td>
</tr>

<tr>
<td colspan="8" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p align="center"><b><u>2004</u></b></p>
</td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="center"><b><u>2003</u></b></p>
</td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="center"><b><u>2004</u></b></p>
</td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="center"><b><u>2003</u></b></p>
</td>
</tr>

<tr>
<td colspan="8" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="8" valign="top">
<p>Pacific Gas and Electric Company and Holding Company</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="7" valign="top">
<p>Pacific Gas and Electric Company</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">252&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">174&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">0.59&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right">0.42&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="7" valign="top">
<p>
Holding Company<br>
</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>(10)</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>(0.02)</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="7" valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="6" valign="top">
<p>Earnings from Operations</p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">242&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">174&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">0.57&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">0.42&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="8" valign="top">
<p>Headroom <sup>(c)</sup></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">-&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">&nbsp;495&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">-&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">1.19&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="8" valign="top">
<p>Items Impacting Comparability <sup>(d)</sup></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">(14)</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">(154)</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">(0.04)</p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right">(0.37)</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="8" valign="top">
<p><a name="OLE_LINK1">NEGT</a> <sup>(a)</sup></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p align="right"><u>(0.01)</u></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top"></td>
<td colspan="6" valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
</tr>

<tr>
<td colspan="9" valign="top">
<p>PG&amp;E Corporation Reported Earnings</p>
</td>
<td valign="top">
<p>$</p>
</td>
<td valign="top">
<p align="right"><u>228&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right"><u>510&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right"><u>0.53&nbsp;</u></p>
</td>
<td valign="top"></td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="top">
<p align="right"><u>1.23&nbsp;</u></p>
</td>
</tr>

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

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

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

<hr>

<table border="0" cellspacing="0" cellpadding="0">

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

<table border="0" cellspacing="0" cellpadding="0" height="475">
<tr>
<td colspan="4" valign="top" height="59"></td>
<td valign="top" height="59"></td>
<td valign="top" height="59"></td>
<td colspan="2" valign="top" height="59"></td>
<td valign="top" height="59"></td>
<td colspan="5" valign="bottom" height="59">
<p align="center">&nbsp;</p>

<p align="center"><b>Earnings (Loss)</b></p>
</td>
<td valign="bottom" height="59">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td colspan="5" valign="bottom" height="59">
<p align="center"><b>Earnings (Loss) per&nbsp;<br>
 Common Share,
Diluted</b></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top" height="59"></td>
<td valign="top" height="59"></td>
<td valign="top" height="59"></td>
<td colspan="2" valign="top" height="59"></td>
<td valign="top" height="59"></td>
<td colspan="5" valign="bottom" height="59">
<p align="center"><b><font face="Times New Roman" size="3">Nine months ended<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>September 30,</u></font></b>
</td>
<td valign="top" height="59"></td>
<td colspan="5" valign="bottom" height="59">
<p align="center"><b>Nine months ended<br>
<u>September 30,</u></b></p>

</td>
</tr>

<tr>
<td colspan="8" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="2" valign="bottom" height="21">
<p align="center"><b><u>2004</u></b></p>
</td>
<td valign="bottom" height="21"></td>
<td colspan="2" valign="bottom" height="21">
<p align="center"><b><u>2003</u></b></p>
</td>
<td valign="bottom" height="21"></td>
<td colspan="2" valign="bottom" height="21">
<p align="center"><b><u>2004</u></b></p>
</td>
<td valign="bottom" height="21"></td>
<td colspan="2" valign="bottom" height="21">
<p align="center"><b><u>2003</u></b></p>
</td>
</tr>

<tr>
<td colspan="8" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
</tr>

<tr>
<td colspan="8" valign="top" height="40">
<p>Pacific Gas and Electric Company and Holding Company</p>
</td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
<td valign="top" height="40"></td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td colspan="7" valign="top" height="21">
<p>Pacific Gas and Electric Company</p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">$</p>
</td>
<td valign="top" height="21">
<p align="right">740&nbsp;</p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">$</p>
</td>
<td valign="top" height="21">
<p align="right">475&nbsp;</p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">$</p>
</td>
<td valign="top" height="21">
<p align="right">1.74&nbsp;</p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">$</p>
</td>
<td valign="top" height="21">
<p align="right">1.16&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td colspan="7" valign="top" height="21">
<p>Holding Company</p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right"><u>(25)</u></p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right"><u>(2)</u></p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right"><u>(0.06)</u></p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right"><u>(0.01)</u></p>
</td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td colspan="7" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
<td colspan="6" valign="top" height="21">
<p>Earnings from Operations</p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">715&nbsp;</p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">473&nbsp;</p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">1.68&nbsp;</p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">1.15&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" height="22"></td>
<td colspan="8" valign="top" height="22">
<p>Headroom <sup>(c)</sup></p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right">-&nbsp;</p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right">635&nbsp;</p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right">-&nbsp;</p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right">1.55&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" height="22"></td>
<td colspan="8" valign="top" height="22">
<p>Items Impacting Comparability <sup>(d)</sup></p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right">2,918&nbsp;</p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right">(356)</p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right">6.87&nbsp;</p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right">(0.87)</p>
</td>
</tr>

<tr>
<td valign="top" height="22"></td>
<td colspan="8" valign="top" height="22">
<p>NEGT <sup>(a)</sup></p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right"><u>(369)</u></p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</u></p>
</td>
<td valign="top" height="22"></td>
<td valign="top" height="22"></td>
<td valign="top" height="22">
<p align="right"><u>(0.90)</u></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top" height="21"></td>
<td colspan="5" valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
</tr>

<tr>
<td colspan="9" valign="top" height="21">
<p>PG&amp;E Corporation Reported Earnings</p>
</td>
<td valign="top" height="21">
<p align="right">$</p>
</td>
<td valign="top" height="21">
<p align="right"><u>3,633&nbsp;</u></p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">$</p>
</td>
<td valign="top" height="21">
<p align="right"><u>383&nbsp;</u></p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">$</p>
</td>
<td valign="top" height="21">
<p align="right"><u>8.55&nbsp;</u></p>
</td>
<td valign="top" height="21"></td>
<td valign="top" height="21">
<p align="right">$</p>
</td>
<td valign="top" height="21">
<p align="right"><u>0.93&nbsp;</u></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top" height="20"></td>
<td colspan="5" valign="top" height="20"></td>
<td colspan="2" valign="top" height="20"></td>
<td valign="top" height="20"></td>
<td valign="top" height="20"></td>
<td valign="top" height="20"></td>
<td valign="top" height="20"></td>
<td valign="top" height="20"></td>
<td valign="top" height="20"></td>
<td valign="top" height="20"></td>
<td valign="top" height="20"></td>
<td valign="top" height="20"></td>
<td valign="top" height="20"></td>
<td valign="top" height="20"></td>
</tr>

<tr>
<td colspan="2" valign="top" height="21"></td>
<td colspan="5" valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
</tr>

<tr>
<td colspan="2" valign="top" height="21"></td>
<td colspan="5" valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
</tr>
</table>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>(a)&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>In anticipation of NEGT's Chapter 11 filing, PG&amp;E
Corporation's representatives, who previously served on the NEGT
Board of Directors, resigned on July 7, 2003 and were replaced with
Board members who are not affiliated with PG&amp;E
Corporation.&nbsp; As a result, PG&amp;E Corporation no longer
retains significant influence over the ongoing operations of
NEGT.&nbsp; Effective July 8, 2003 (the date NEGT filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code),
PG&amp;E Corporation no longer consolidates the earnings and losses
of NEGT and has reflected its ownership interest in NEGT utilizing
the cost method of accounting, under which PG&amp;E Corporation's
investment in NEGT is reflected as a single amount on the
Consolidated Balance Sheets of PG&amp;E Corporation at September
30, 2004 and December 31, 2003.&nbsp; In addition, the operations
of NEGT prior to July 8, 2003, are reflected as discontinued
operations in the Consolidated Financial Statements.&nbsp;</p>

<p>On October 29, 2004, NEGT&rsquo;s plan of reorganization, under
the provisions of Chapter 11, became effective, at which time NEGT
emerged from Chapter 11 and PG&amp;E Corporation&rsquo;s equity
interest in NEGT was cancelled.</p>

<p>&nbsp;</p>

</td>
</tr>

<tr>
<td valign="top">
<p>(b)</p>
</td>
<td valign="top">
<p>Reflects PG&amp;E Corporation&rsquo;s adoption of the
&ldquo;Two-Class&rdquo; method of calculating earnings per share
for all periods presented.</p>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>(c)</p>
</td>
<td valign="top">
<p>As a result of CPUC decisions approving the Settlement Agreement
and implementing various ratemaking mechanisms, the Utility no
longer records frozen electric rates and surcharges, or headroom,
directly to earnings as it had in 2003.&nbsp; Instead, the Utility
collects cost-of-service based electric rates that are the sum of
specific revenue requirements.&nbsp;</p>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>(d)</p>
</td>
<td valign="top">
<p>Items impacting comparability for the quarter ending September
30, 2004 include the effect of the incremental interest costs of $7
million ($0.02 per share) from the increased amount and cost of
debt resulting from the California energy crisis and the Utility's
Chapter 11 filing; increased costs of $4 million ($0.01 per share)
related to the NEGT's Chapter 11 filing and generally consisting of
external legal consulting fees, financial advisory fees and other
related costs; and $3 million ($0.01 per share) related to the
change in the estimated market value of non-cumulative dividend
participation rights included within the Holding Company&rsquo;s
$280 million principal amount of 9.5% Convertible Subordinated
Notes.</p>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p>Items impacting comparability for the quarter ended September
30, 2003 include the net effect of incremental interest costs of
$130 million ($0.31 per share) from the increased amount and cost
of debt resulting from the California energy crisis and the
Utility's Chapter 11 filing; increased costs of $24 million ($0.06
per share) related to the Utility's and NEGT's Chapter 11 filings
and generally consisting of external legal consulting and financial
advisory fees, and other related costs.</p>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p>Items impacting comparability for the year-to-date period ending
September 30, 2004 include the Utility&rsquo;s recognition of a
gain of approximately $120 million ($0.28 per share), after-tax,
related to the prior year impact and regulatory asset recognition
resulting from the CPUC decision approving the 2003 GRC, and a gain
of approximately $2,950 million ($6.94 per share) related to the
establishment of regulatory assets contemplated in the December 19,
2003 settlement agreement, or Settlement Agreement, entered into
between the Utility, PG&amp;E Corporation and the CPUC to resolve
the Utility's Chapter 11 proceeding.&nbsp; In addition, the Utility
recognized $17 million ($0.04 per share) in charges related to
obligations to invest in clean energy technology and donate land,
included in the Settlement Agreement.</p>

<p>The effect of recognizing the impacts of the Settlement
Agreement and GRC was partially offset by the net effect of
incremental interest costs of $80 million ($0.18 per share) from
the increased amount and cost of debt resulting from the California
energy crisis and the Utility's Chapter 11 filing; increased costs
of $14 million ($0.03 per share) related to the Utility's and
NEGT's Chapter 11 filings and generally consisting of external
legal consulting fees, financial advisory fees and other related
costs; and $41 million ($0.10 per share) related to the change in
the estimated market value of non-cumulative dividend participation
rights included within the Holding Company&rsquo;s $280 million
principal amount of 9.5% Convertible Subordinated Notes.</p>

<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p>Items impacting comparability for the year-to-date period ended
September 30, 2003 include the net effect of incremental interest
costs of $275 million ($0.67 per share) from the increased amount
and cost of debt resulting from the California energy crisis and
the Utility's Chapter 11 proceeding; increased costs of $75 million
($0.18 per share) related to the Utility's and NEGT's Chapter 11
filings and generally consisting of external legal consulting and
financial advisory fees, and $6 million ($0.02 per share) of other
costs associated with current year regulatory rulings.</p>
</td>
</tr>
</table>

<hr>

<p></p>

<table border="0" cellspacing="0" cellpadding="0" height="432">
<tr>
<td colspan="7" valign="top" height="17">
<p align="left"><font size="2"><b>Reconciliation of EPS Guidance on an Earnings from
Operations Basis to EPS Guidance on a GAAP Basis</b></font></p>
</td>
</tr>

<tr>
<td colspan="7" valign="top" height="15">
<h6></h6>
</td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="5" valign="top" height="21">
<p><u><b><font size="2">Year Ended December 31, 2004</font></b></u></p>
</td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="5" valign="top" height="21"></td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
</tr>

<tr>
<td valign="top" height="22">
<p>EPS Guidance on an Earnings from Operations Basis
<sup>(1)</sup></p>
</td>
<td valign="top" height="22">
<p align="right">$</p>
</td>
<td valign="bottom" height="22"></td>
<td valign="bottom" height="22">
<p align="right">2.00&nbsp;</p>
</td>
<td valign="bottom" height="22"></td>
<td valign="bottom" height="22">
<p align="right">$</p>
</td>
<td valign="bottom" height="22">
<p align="right">2.10&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" height="22">
<p>Estimated Items Impacting Comparability <sup>(2)</sup></p>
</td>
<td valign="top" height="22"></td>
<td colspan="2" valign="bottom" height="22"></td>
<td valign="bottom" height="22"></td>
<td valign="bottom" height="22"></td>
<td valign="bottom" height="22"></td>
</tr>

<tr>
<td valign="top" height="21">
<p>&nbsp;&nbsp; Incremental interest expense</p>
</td>
<td valign="top" height="21"></td>
<td colspan="2" valign="bottom" height="21">
<p align="right">(0.22)</p>
</td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21">
<p align="right">(0.16)</p>
</td>
</tr>

<tr>
<td valign="top" height="60">
<p>&nbsp;&nbsp; Utility Chapter 11 Settlement Agreement assets
and</p>

<p>&nbsp;&nbsp; obligations <sup>(3)</sup></p>
</td>
<td valign="top" height="60"></td>
<td colspan="2" valign="bottom" height="60">
<p align="right">6.89&nbsp;</p>
</td>
<td valign="bottom" height="60"></td>
<td valign="bottom" height="60"></td>
<td valign="bottom" height="60">
<p align="right">6.90&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" height="22">
<p>&nbsp;&nbsp; 2003 GRC settlement <sup>(4)</sup></p>
</td>
<td valign="top" height="22"></td>
<td colspan="2" valign="bottom" height="22">
<p align="right">0.28&nbsp;</p>
</td>
<td valign="bottom" height="22"></td>
<td valign="bottom" height="22"></td>
<td valign="bottom" height="22">
<p align="right">0.28&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" height="22">
<p>&nbsp;&nbsp; Dividend participation rights <sup>(5)</sup></p>
</td>
<td valign="top" height="22"></td>
<td colspan="2" valign="bottom" height="22">
<p align="right">(0.10)</p>
</td>
<td valign="bottom" height="22"></td>
<td valign="bottom" height="22"></td>
<td valign="bottom" height="22">
<p align="right">(0.10)</p>
</td>
</tr>

<tr>
<td valign="top" height="21">
<p>&nbsp;&nbsp;&nbsp;Utility and NEGT Chapter 11 related
expenses</p>
</td>
<td valign="top" height="21"></td>
<td colspan="2" valign="bottom" height="21">
<p align="right">(0.05)</p>
</td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21">
<p align="right">(0.03)</p>
</td>
</tr>

<tr>
<td valign="top" height="21">
<p>&nbsp;&nbsp; Disposition of NEGT <sup>(6)</sup></p>
</td>
<td valign="top" height="21"></td>
<td colspan="2" valign="bottom" height="21">
<p align="right">1.60&nbsp;</p>
</td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21">
<p align="right">1.60&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top" height="21">
<p>&nbsp;&nbsp;&nbsp;Premium to retire Holding Company Senior
Secured &nbsp;&nbsp;&nbsp;Notes</p>
</td>
<td valign="top" height="21"></td>
<td colspan="2" valign="bottom" height="21">
<p align="right"><u>(0.07)</u></p>
</td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21">
<p align="right"><u>(0.07)</u></p>
</td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="2" valign="bottom" height="21"></td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21"></td>
</tr>

<tr>
<td valign="top" height="21">
<p>EPS Guidance on a GAAP
Basis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top" height="21">
<p align="right">$</p>
</td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21">
<p align="right"><u>10.33&nbsp;</u></p>
</td>
<td valign="bottom" height="21"></td>
<td valign="bottom" height="21">
<p align="right">$</p>
</td>
<td valign="bottom" height="21">
<p align="right"><u>10.52&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
</tr>

<tr>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td colspan="2" valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
<td valign="top" height="21"></td>
</tr>
</table>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center">(1)</p>
</td>
<td valign="top">
<p>Excludes the results of NEGT.</p>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(2)</p>
</td>
<td valign="top">
<p><a name="OLE_LINK2">The range of potential outcomes is developed
using a range of dollar estimates and a range of estimated shares
outstanding for the items presented.</a></p>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(3)</p>
</td>
<td valign="top">
<p>Impact of recognizing $2.2 billion after-tax regulatory asset
authorized in the Settlement Agreement and a $700 million after-tax
regulatory asset for the Utility&rsquo;s retained generation as
authorized by the Settlement Agreement.&nbsp; These regulatory
assets are offset by $17 million related to obligations to invest
in clean energy technology and donate land, included in the
Settlement Agreement.</p>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(4)</p>
</td>
<td valign="top">
<p>Impact of recording, as a result of the CPUC&rsquo;s approval of
the 2003 GRC, additional 2003 natural gas revenues and various
regulatory assets and liabilities associated with the recovery of
retained generation assets, unfunded taxes, depreciation and
decommissioning.</p>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(5)</p>
</td>
<td valign="top">
<p>Reflects the change in estimated market value of dividend
participation rights, which entitle the holders of PG&amp;E
Corporation&rsquo;s 9.50% Convertible Subordinated Notes to
participate in any dividends declared and paid on PG&amp;E
Corporation&rsquo;s common shares based upon their equity
conversion ratio.</p>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(6)</p>
</td>
<td valign="top">
<p>Impact of recognizing the reversal of PG&amp;E
Corporation&rsquo;s investment in NEGT and related amounts in
deferred income taxes and accumulated other comprehensive income as
a result of the implementation of NEGT&rsquo;s plan of
reorganization eliminating PG&amp;E Corporation&rsquo;s equity
interest, offset by the $30 million payment made by PG&amp;E
Corporation to NEGT pursuant to the parties&rsquo; settlement of
certain tax-related litigation.</p>
<p>&nbsp;</p>
</td>
</tr>
</table>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="top">
<h6></h6>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td colspan="5" valign="top">
<p><u><b><font size="2">Year Ended December 31, 2005</font></b></u></p>
</td>
</tr>

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

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

<tr>
<td valign="top">
<p>EPS Guidance on an Earnings from Operations Basis
<sup>(1)</sup></p>
</td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right">2.15&nbsp;</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right">$</p>
</td>
<td valign="bottom">
<p align="right">2.25&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p>Estimated Items Impacting Comparability <sup>(2)</sup></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p>&nbsp;&nbsp; Incremental interest expense</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p align="right"><u>(0.06)</u></p>
</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><u>(0.03)</u></p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>EPS Guidance on a GAAP
Basis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p align="right">$</p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right"><u>2.09&nbsp;</u></p>
</td>
<td valign="bottom"></td>
<td valign="bottom">
<p align="right">$</p>
</td>
<td valign="bottom">
<p align="right"><u>2.22&nbsp;</u></p>
</td>
</tr>

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

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

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

<p>&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center">(1)</p>
</td>
<td valign="top">
<p>Excludes the results of NEGT.</p>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(2)</p>
</td>
<td valign="top">
<p>The range of potential outcomes is developed using a range of
dollar estimates and a range of estimated shares outstanding for
the items presented.</p>
</td>
</tr>
</table>
</div>
<p>&nbsp;</p>
<hr>
<div>
<table border="0" cellspacing="0" cellpadding="0" width="701">
<tr height="15">
<td nowrap height="15" valign="top" bgcolor="white">
<p><b><i><font size="4" face="Arial">&nbsp;PACIFIC GAS AND ELECTRIC
COMPANY</font></i></b></p>
</td>
<td nowrap colspan="3" height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>

<p align="center"><b><font size="1" face="Arial"><u>3 months
ended</u></font></b></p>

<p align="right"><b><u><font size="1" face=
"Arial">&nbsp;</font></u></b></p>
</td>
<td nowrap colspan="3" height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>

<p align="center"><b><font size="1" face="Arial"><u>Year to
date</u></font></b></p>

<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><u><font size="1" face="Arial">Electric Sales (in millions
kWh)</font></u></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><u><font size="1" face=
"Arial">9/30/2004</font></u></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial"><u>&nbsp;</u></font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><u><font size="1" face=
"Arial">9/30/2003</font></u></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><u><font size="1" face=
"Arial">9/30/2004</font></u></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial"><u>&nbsp;</u></font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><u><font size="1" face=
"Arial">9/30/2003</font></u></b></p>
</td>
</tr>

<tr height="8">
<td nowrap height="8" valign="bottom" bgcolor="white">
<p><u><font size="1" face="Arial">&nbsp;</font></u></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Residential</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,208</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,331</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22,174</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; 21,947</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Commercial</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,866</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,886</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
24,192</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
23,703</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Industrial</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,976</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,964</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11,140</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10,908</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Agricultural</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,737</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,598</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,416</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,055</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Public street and
highway lighting</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
141</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
180</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
381</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
477</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Other electric
utilities</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; 4</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><u>&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><u>&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
72</u></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Sales from Energy
Deliveries</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22,932</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22,970</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
61,313</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
60,162</font></p>
</td>
</tr>

<tr height="8">
<td nowrap height="8" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Electric
Customers</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; 4,920,993</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,845,975</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><u><font size="1" face="Arial">Bundled Gas Sales (millions
MCF)</font></u></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="4">
<td nowrap height="4" valign="bottom" bgcolor="white">
<p><b><u><font size="1" face="Arial">&nbsp;</font></u></b></p>
</td>
<td nowrap height="4" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="4" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="4" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="4" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="4" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="4" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Residential</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
25</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
25</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
145</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
147</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Commercial</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
15</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
57</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
60</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Industrial</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-&nbsp;&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><u>&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><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;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-&nbsp;&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><u>&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><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;</u></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Bundled Gas
Sales</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
40</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
202</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
207</font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Transportation
Only</font></b></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
186</u></font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial"><u>&nbsp;</u></font></b></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
159</u></font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
461</u></font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial"><u>&nbsp;</u></font></b></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
392</u></font></p>
</td>
</tr>

<tr height="7">
<td nowrap height="7" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Gas Sales</font></b></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
225</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
199</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
663</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
599</font></p>
</td>
</tr>

<tr height="11">
<td nowrap height="11" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="11" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="11" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="11" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="11" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="11" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="11" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="19">
<td nowrap height="19" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Gas
Customers</font></b></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,081,953</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,017,618</font></p>
</td>
</tr>

<tr height="10">
<td nowrap height="10" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="10">
<td nowrap height="10" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><u><font size="1" face="Arial">Sources of Electric Energy (in
millions kWh)</font></u></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Utility Generation</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Nuclear</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,724</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,867</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11,832</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
12,496</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Hydro (net)</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,538</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,623</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,095</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,579</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Fossil</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
235</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><u>&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
78</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
674</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><u>&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
274</u></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Total Utility
Generation</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,497</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,568</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
20,601</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
21,349</font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Purchased Power</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Qualifying
Facilities</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,048</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,250</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14,354</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14,264</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Irrigation
Districts</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
983</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,255</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,269</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,849</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp; &nbsp; Other purchased
power</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
58</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,298</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
433</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,846</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp; Spot Market
Purchases/Sales, net</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,740</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><u>&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,313</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,961</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><u>&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,721</u></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Total Purchased
Power</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,829</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9,116</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
25,017</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
23,680</font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Delivery from DWR</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,789</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,451</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14,853</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
17,939</font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Delivery to Direct Access
Customers</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,486</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,362</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,878</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,765</font></p>
</td>
</tr>

<tr height="5">
<td nowrap height="5" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="5" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="5" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="5" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
<td nowrap height="5" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="5" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="5" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Other (includes energy
loss)</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1,669)</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><u>&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2,527)</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(6,036)</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><u>&nbsp;</u></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(9,571)</u></font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Electric Energy
Delivered</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22,932</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
22,970</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
61,313</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
60,162</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><u><font size="1" face="Arial">&nbsp;</font></u></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="21">
<td nowrap height="21" valign="bottom" bgcolor="white">
<p><b><u><font size="1" face="Arial">Diablo Canyon
Performance</font></u></b></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Overall capacity factors (including
refuelings)</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">98%</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">101%</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">83%</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">88%</font></p>
</td>
</tr>

<tr height="30">
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Refueling outage period</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-&nbsp;&nbsp;</font></p>
</td>
<td height="30" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">3/22-6/7</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;
2/3-3/26</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Refueling outage duration
(days)</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
77.5</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
51.2</font></p>
</td>
</tr>
</table>

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