<SUBMISSION>
<ACCESSION-NUMBER>0001004980-04-000296
<TYPE>S-3
<PUBLIC-DOCUMENT-COUNT>5
<FILING-DATE>20041221
<DATE-OF-FILING-DATE-CHANGE>20041221
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PG&E CORP
<CIK>0001004980
<ASSIGNED-SIC>4931
<IRS-NUMBER>943234914
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-3
<ACT>33
<FILE-NUMBER>333-121518
<FILM-NUMBER>041218364
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE MARKET SPEAR TOWER
<STREET2>SUITE 2400
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94105
<PHONE>4152677000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE MARKET SPEAR TOWER
<STREET2>SUITE 2400
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94105
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PG&E PARENT CO INC
<DATE-CHANGED>19951214
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>finalshelf.htm
<DESCRIPTION>FORM S-3
<TEXT>
<html>
<head>
<title>S-3 12/21/2004</title>
</head>
<body link="blue" vlink="purple">
<div>
<p align="center"><b>As filed with the Securities and Exchange
Commission on December 21, 2004</b></p>

<p align="right"><b>Registration No. 333-___________</b></p>

<table border="1" cellspacing="0" cellpadding="0">
<tr>
<td colspan="5" valign="top">
<p align="center"><b>SECURITIES AND EXCHANGE COMMISSION<br />
<font size="2">
 WASHINGTON, D.C. 20549<br />
</font>
</b> _________________________________<br />
 <b>Form S-3<br />
 <font size="2">REGISTRATION STATEMENT<br />
 UNDER<br />
 THE SECURITIES ACT OF 1933<br />
 </font>
</b> _________________________________<br />
 <b><font size="5">PG&amp;E Corporation<br />
 </font>
</b> <i>(Exact Name of Registrant as Specified in Its
Charter)</i></p>
</td>
<td colspan="2">
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="2"><b>California</b><br />
 <i>(State or Other Jurisdiction of Incorporation or
Organization)</i></font></p>
</td>
<td colspan="3" valign="top">
<p align="center"><font size="2"><b>One Market Street, Spear Tower, Suite
2400<br />
 San Francisco, CA 94105<br />
 (415) 267-7000<br />
</b> (Address, Including Zip Code, and Telephone Number, Including
Area Code, of Registrant&rsquo;s Principal Executive Offices)<br />
 _____________________________<br />
 <b>Bruce R. Worthington<br />
 One Market Street, Spear Tower, Suite 2400<br />
 San Francisco, CA 94105<br />
 (415) 267-7000<br />
</b> <i>(Name, Address, Including Zip Code, and Telephone
Number,<br />
 Including Area Code, of Agent for Service)<br />
</i> _____________________________<br />
 <i>Copies To:<br />
</i> </font> <b><font size="2">Leslie P. Jay, Esq.<br />
 Orrick, Herrington &amp; Sutcliffe llp<br />
 The Orrick Building<br />
 405 Howard Street<br />
 San Francisco, California&nbsp; 94105-2669<br />
 (415) 773-5700</font><br />
</b> _____________________________</p>
</td>
<td valign="top">
<p align="center"><font size="2"><b>94-3234914<br />
</b> <i>(I.R.S. Employer</i></font></p>

<p align="center"><i><font size="2">Identification Number)</font></i></p>
</td>
<td colspan="2">
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="6" valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2"> <b>Approximate date
of commencement of proposed sale to the public:</b>&nbsp; From time
to time after this registration statement becomes effective.<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the only securities
being registered on this Form are being offered pursuant to
dividend or interest reinvestment plans, please check the following
box. []<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any of the
securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in
connection with dividend or interest reinvestment plans, check the
following box. [x]<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If this Form is filed
to register additional securities for an offering pursuant to Rule
462(b) under the Securities Act, please check the following box and
list the Securities Act registration statement number of the
earlier effective registration statement for the same
offering.&nbsp; [] _____________<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If this Form is a
post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration
statement for the same offering. []&nbsp; ______________<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If delivery of the
prospectus is expected to be made pursuant to Rule 434, please
check the following box. []<br />
</font>
 </p>

<p align="center"><font size="2">_____________________________<br />
</font>
 </p>

<p align="center"><b><font size="2">CALCULATION OF REGISTRATION FEE<br />
</font>
 </b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="2" valign="bottom">
<p align="center"><b><font size="2">Title of Each Class<br />
 of Securities to<br />
 be Registered</font></b></p>
</td>
<td valign="bottom">
<p align="center"><b><font size="2">Proposed<br />
 Maximum<br />
 Aggregate<br />
 Offering Price</font></b></p>
</td>
<td colspan="4" valign="bottom">
<p align="center"><b><font size="2">Amount of<br />
 Registration<br />
 Fee<sup>(1)</sup></font></b></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center"><font size="2"><br />
 Common Stock, no par value</font></p>
</td>
<td valign="top">
<p align="center"><font size="2"><br />
 $1,000,000,000</font></p>
</td>
<td colspan="4" valign="top">
<p align="center"><font size="2"><br />
 $117,700</font></p>
</td>
</tr>

<tr>
<td colspan="6" valign="top">
<p><font size="2">(1)&nbsp;&nbsp; This amount was calculated pursuant to Rule
457(o) under the Securities Act of 1933, as amended..</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="6" valign="top">
<p align="center">__________________________________</p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="6" valign="top">
<p><b><font size="1">The registrant hereby amends this registration statement on
such date or dates as may be necessary to delay its effective date
until the registrant shall file a further amendment which
specifically states that this registration statement shall
thereafter become effective in accordance with Section 8(a) of the
Securities Act of 1933 or until this registration statement shall
become effective on such date as the Commission, acting pursuant to
said Section 8(a), may determine.</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>
</table>
</div>

<hr>


<div>
<p align="center"><b><font color="#FF0000" face="Arial" size="2">The information contained in this prospectus
is not complete and may be changed.&nbsp; We may not sell these
securities until the registration statement filed with the
Securities and Exchange Commission is effective.&nbsp; This
prospectus is not an offer to sell these securities and we are not
soliciting offers to buy these securities in any jurisdiction where
the offer or sale is not permitted.</font></b></p>

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

<p align="center"><b>Subject to completion, dated December 21,
2004</b></p>

<p><b>PROSPECTUS</b></p>

<p><b><i></i></b></p>

<p align="center"><b>$1,000,000,000</b></p>

<p align="center"><b><i><font size="3">[LOGO]&nbsp;</font><font size="5"><u>PG&amp;E
Corporation</u></font></i></b></p>

<p align="center"><b>Common Stock</b></p>

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

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

<p><font size="2">This prospectus includes a general description of the common
stock we may issue from time to time.&nbsp; We will provide
specific terms for any offering of common stock in one or more
supplements to this prospectus.&nbsp; This prospectus may not be
used to sell our common stock unless it is accompanied by a
prospectus supplement.&nbsp; You should read this prospectus and
any supplement to this prospectus carefully before you invest.</font></p>

<p><font size="2">The aggregate initial offering price of the common stock sold
under this prospectus will not exceed $1,000,000,000.</font></p>

<p><font size="2">Our common stock is listed on the New York Stock Exchange and
Pacific Exchange under the symbol &ldquo;PCG.&rdquo;</font></p>

<p><b><font size="2">Investing in our common stock involves certain risks.&nbsp;
See &ldquo;Risk Factors&rdquo; beginning on page 4.</font></b></p>

<p align="center"><font size="2">__________________</font></p>

<p><b><font size="2">NONE OF THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE
SECURITIES COMMISSION OR ANY OTHER REGULATORY BODY HAS APPROVED OR
DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR
ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.</font></b></p>

<p align="center"><font size="2">__________________</font></p>

<p align="center"><font size="2">The date of this prospectus is December __,
2004.</font></p>
</div>

<hr>
&nbsp;


<div>
<p align="center"><b><font size="2">TABLE OF CONTENTS</font></b></p>

<p align="left"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Page</u></font></p>

<p><font size="2">About This
Prospectus&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ii<br>
Special Note Regarding Forward-Looking
Statements&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1<br>
PG&amp;E
Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4<br>
Risk
Factors.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4<br>
Use of
Proceeds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10<br>
Plan of
Distribution&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11<br>
Legal
Matters&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
12<br>
Experts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13<br>
Where You Can Find More
Information&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
13<br>
</font></p>

<p align="center"><b><font size="2">ABOUT THIS PROSPECTUS</font></b></p>

<p><font size="2"><b><br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
This prospectus is part of a registration statement that we filed
with the Securities and Exchange Commission, or SEC, using a
&ldquo;shelf&rdquo; registration process.&nbsp; Using this process,
we may offer from time to time shares of common stock with an
aggregate value of up to $1.0 billion.&nbsp; Each time we offer
common stock, in addition to this prospectus we will provide you
with a prospectus supplement that will contain specific information
about the offering.&nbsp; The prospectus supplement may also add,
update or change information contained in this prospectus.&nbsp;
You should read this prospectus and any prospectus supplement as
well as additional information described under &ldquo;Where You Can
Find More Information&rdquo; on page 14.<br />
</font>
</p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
This prospectus incorporates business and financial information
about us that is not included in or delivered with this
prospectus.&nbsp; You should rely only on the information contained
or incorporated by reference in this prospectus and any prospectus
supplement.&nbsp; We have not authorized any other person to
provide you with different or additional information.&nbsp; If
anyone provides you with different or additional information, you
should not rely on it.&nbsp; You should assume that the information
contained in this prospectus is accurate only as of the date of
this prospectus, that the information contained in any prospectus
supplement is accurate only as of the date of the applicable
prospectus supplement and that any information incorporated by
reference is accurate only as of the date of the document
incorporated by reference, regardless of the time of its
delivery.&nbsp; Our business, financial condition, results of
operations and prospects may have changed since those dates.&nbsp;
We are not making or soliciting an offer of any securities other
than the common stock described in this prospectus and any
prospectus supplement. We are not making or soliciting an offer of
these securities in any state or jurisdiction where the offer is
not permitted or in any circumstances in which such offer or
solicitation is unlawful.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
The information incorporated by reference into this prospectus is
available without charge upon written or oral request to The Office
of the Corporate Secretary, PG&amp;E Corporation, One Market
Street, Spear Tower, Suite 2400, San Francisco, California 94105,
telephone number (415) 267&#8209;7070.&nbsp;</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
When used in this prospectus and unless otherwise specified, the
term:</font></p>

<ul>
  <li><font size="2">&ldquo;Utility&rdquo; refers to our subsidiary Pacific Gas and
Electric Company; and<br>
    </font></li>
  <li><font size="2">
&ldquo;we,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to
PG&amp;E Corporation and its consolidated subsidiaries.</font></li>
</ul>
</div>

<hr>

<br clear="all" />


<p align="center"><font size="2"><b><a name="_Toc88981174">FORWARD&#8209;LOOKING
STATEMENTS</a><br />
</b></font></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2">This prospectus and the documents incorporated herein by
reference contain various forward&#8209;looking statements.&nbsp;
These forward&#8209;looking statements can be identified by the use
of words such as &ldquo;assume,&rdquo; &ldquo;expect,&rdquo;
&ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;project,&rdquo;
&ldquo;believe,&rdquo; &ldquo;estimate,&rdquo;
&ldquo;predict,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;may,&rdquo;
&ldquo;might,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo;
&ldquo;would,&rdquo; &ldquo;could,&rdquo; &ldquo;goal,&rdquo;
&ldquo;potential&rdquo; and similar expressions.&nbsp; We have
based these forward&#8209;looking statements on our current
expectations and projections about future events, our assumptions
regarding these events and our knowledge of facts at the time the
statements were made.&nbsp; These forward&#8209;looking statements
are subject to various risks and uncertainties that may be outside
our control, and our actual results could differ materially from
our projected results.&nbsp; These risks and uncertainties include,
among other things:</font></p>

<p><font size="2"><b>Whether the Implementation of the Utility&rsquo;s Plan of
Reorganization Is Disrupted<br>
</b></font></p>
<ul>
  <li><font size="2">The timing and resolution of the petitions for review that were
filed in the California Court of Appeal for the first Appellate
District, or the California Court of Appeal, seeking review of the
December 18, 2003 decision of the California Public Utilities
Commission, or the CPUC, approving the settlement agreement the
CPUC entered into with the Utility and us on December 19, 2003, or
the settlement agreement, and the CPUC&rsquo;s March 16, 2004
denial of applications for rehearing of the December&nbsp;18, 2003
decision; and<br>
    </font></li>
  <li><font size="2">the timing and resolution of the pending appeals of the
confirmation by the U.S. Bankruptcy Court for the Northern District
of California, or the bankruptcy court, of the Utility&rsquo;s plan
of reorganization that incorporates the settlement agreement, or
the Utility&rsquo;s plan of reorganization.</font></li>
</ul>

<p><b><font size="2">Operating Environment<br />
</font>
</b></p>

<ul>
  <li><font size="2">Unanticipated changes in operating expenses or capital
expenditures, which may affect the Utility&rsquo;s ability to earn
its authorized rate of return;<br>
    </font></li>
  <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;<br>
    </font></li>
  <li><font size="2">weather, storms, earthquakes, fires, floods, other natural
disasters, explosions, accidents, mechanical breakdowns and other
events or hazards that affect demand, result in power outages,
reduce generating output, or cause damage to the Utility&rsquo;s
assets or operations or those of third parties on which the Utility
relies;<br>
    </font></li>
  <li><font size="2">unanticipated population growth or decline, changes in market
demand and demographic patterns, and general economic and financial
market conditions, including unanticipated changes in interest or
inflation rates, and the extent to which the Utility is able to
timely recover its costs in the face of such events;<br>
    </font></li>
  <li><font size="2">the operation of the Utility&rsquo;s Diablo Canyon nuclear power
plant, or Diablo Canyon, which exposes the Utility to potentially
significant environmental costs and capital expenditure outlays
and, to the extent the Utility is unable to increase its spent fuel
storage capacity by 2007 or find an alternative depository, the
risk that the Utility may be required to close Diablo Canyon and
purchase electricity from more expensive sources;<br>
    </font></li>
  <li><font size="2">actions of credit rating agencies;<br>
    </font></li>
  <li><font size="2">significant changes in the Utility&rsquo;s relationship with its
employees, the availability of qualified personnel and the
potential adverse effects if labor disputes were to occur; and<br>
    </font></li>
  <li><font size="2">acts of terrorism.</font></li>
</ul>

<p><b><font size="2">Legislative and Regulatory Environment and Pending
Litigation<br />
</font>
 </b></p>

<ul>
  <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;<br>
    </font></li>
  <li><font size="2">whether the conditions to securitizing the $2.2&nbsp;billion
after&#8209;tax regulatory asset established under the settlement
agreement are met and, if so, the timing and amount of the securitization;<br>
    </font></li>
  <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's residual net open position (<i>i.e.</i>, that portion of
the Utility's electricity customers' 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;, or DWR , electricity contracts allocated to the
Utility's customers) or to ensure adequate resources as required by
the CPUC;<br>
    </font></li>
  <li><font size="2">whether the assumptions and forecasts underlying the
Utility&rsquo;s long-term electricity 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;<br>
    </font></li>
  <li><font size="2">prevailing governmental policies and legislative or regulatory
actions generally, including those of the California legislature,
the U.S. Congress, the CPUC, the Federal Energy Regulatory
Commission, or the FERC, and the Nuclear Regulatory Commission, or
the NRC, with regard to the Utility&rsquo;s allowed rates of
return, industry and rate structure, recovery of investments and
costs, acquisitions and disposal of assets and facilities,
treatment of affiliate contracts and relationships, and operation
and construction of facilities;<br>
    </font></li>
  <li><font size="2">the extent to which the CPUC or the FERC delays or denies
recovery of the Utility&rsquo;s costs, including electricity
purchase 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;<br>
    </font></li>
  <li><font size="2">how the CPUC administers the capital structure,
stand&#8209;alone dividend and first priority conditions of the
CPUC&rsquo;s decisions permitting the establishment of holding
companies for the California investor&#8209;owned electric
utilities;<br>
    </font></li>
  <li><font size="2">the terms under which the CPUC authorizes the Utility to issue
debt and equity in the future, and in particular the extent to
which the conditions adopted by the CPUC, such as those contained
in the CPUC&rsquo;s general financing authorization decision issued
on October 28, 2004 (under which the Utility is authorized to issue
debt and preferred stock in the future within certain amounts and
for specific purposes) limit the Utility&rsquo;s ability to issue
debt in the future;<br>
    </font></li>
  <li><font size="2">whether the Utility is in compliance with all applicable rules,
tariffs and orders relating to electricity and natural gas utility
operations, and the extent to which a finding of
non&#8209;compliance could result in customer refunds, penalties or
other non&#8209;recoverable expenses;<br>
    </font></li>
  <li><font size="2">whether the Utility is required to incur material costs or
capital expenditures or curtail or cease operations at affected
facilities to comply with existing and future environmental laws,
regulations and policies; and<br>
    </font></li>
  <li><font size="2">the outcome of pending litigation.</font></li>
</ul>

<p><b><font size="2">Competition<br />
</font>
</b></p>

<ul>
  <li><font size="2">Increased competition as a result of the takeover by
condemnation of the Utility&rsquo;s distribution assets,
duplication of the Utility&rsquo;s distribution assets or service
by local public utilities, and other forms of competition that may
result in stranded investment capital, decreased customer growth,
loss of customer load and additional barriers to cost recovery;
and<br>
    </font></li>
  <li><font size="2">the extent to which the Utility&rsquo;s distribution customers
switch between purchasing electricity from the Utility and from
alternate energy service providers as direct access customers, the
extent to which cities, counties and others in the Utility&rsquo;s
service territory begin directly serving the Utility&rsquo;s
customers, and the extent to which the Utility's customers become
self-generators, results in stranded generating asset costs and
non-recoverable procurement costs.</font></li>
</ul>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
For additional factors that could affect the validity of our
forward&#8209;looking statements, you should read the section of
this prospectus titled &ldquo;Risk Factors.&rdquo;</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b>
<font size="2">
You should read this prospectus, the applicable prospectus
supplement, the documents that we incorporate by reference into
this prospectus, the documents that we have filed as exhibits to
the registration statement of which this prospectus is a part and
the documents that we refer to under the section of this prospectus
titled &ldquo;Where You Can Find More Information&rdquo; completely
and with the understanding that our actual future results could be
materially different from what we currently expect.&nbsp; We
qualify all our forward&#8209;looking statements by these
cautionary statements.&nbsp; These forward&#8209;looking statements
speak only as of the date of this prospectus, the date of the
applicable prospectus supplement or the date of the document
incorporated by reference, as applicable.&nbsp; Except as required
by applicable laws or regulations, we do not undertake any
obligation to update or revise any forward&#8209;looking statement,
whether as a result of new information, future events or
otherwise.</font></p>

<font size="2">

<br clear="all" />


</font>


<p align="center"><font size="2"><a name="_Toc88981175"><b>PG&amp;E
CORPORATION</b></a><b><br />
</b></font></p>

<p align="left">
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
We are an energy based holding company headquartered in San
Francisco, California that conducts its business principally
through the Utility, a public utility operating in northern and
central California.&nbsp; The Utility engages primarily in the
businesses of electricity and natural gas distribution, electricity
generation, electricity transmission, and natural gas
transportation and storage.</font></p>

<p align="left">
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Our executive offices are located at One Market Street, Spear
Tower, Suite 2400, San Francisco, California 94105, and our
telephone number is (415) 267-7000.</font></p>

<p align="center"><font size="2"><a name="_Toc88981176"><b>RISK
FACTORS</b></a><b><br />
</b></font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
<i>You should carefully consider the risks described below, as well
as the other information contained or incorporated by reference in
this prospectus, before you decide whether to buy our common
stock.&nbsp; The risks and uncertainties described below are not
the only ones we may face.&nbsp; The following risks, together with
additional risks and uncertainties not currently known to us or
that we may currently deem immaterial, could impair our financial
condition and results of operations and may cause the market price
of our common stock to decline.</i></font></p>

<p><b><font size="2">Risks Related to PG&amp;E Corporation<br />
</font>
</b></p>

<p>
<b><i><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
could be required to contribute capital to the Utility or be denied
distributions from the Utility to the extent required by the
CPUC&rsquo;s determination of the Utility&rsquo;s financial
condition.<br />
</font>
</i></b><font size="2">
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
In approving our formation as the holding company of the Utility,
the CPUC imposed certain conditions, including an obligation by our
Board of Directors to give &ldquo;first priority&rdquo; to the
capital requirements of the Utility, as determined to be necessary
and prudent to meet the Utility&rsquo;s obligation to serve and to
operate in a prudent and efficient manner.&nbsp; The CPUC later
issued decisions in which it adopted an expansive interpretation of
our obligations under this condition, including the requirement
that each of the holding companies &ldquo;infuse the utility with
all types of capital necessary for the utility to fulfill its
obligation to serve.&rdquo;&nbsp; We and the holding companies of
the other major California investor&#8209;owned electric utilities
appealed these decisions.&nbsp; On May 21, 2004, the California
Court of Appeal issued an opinion finding that the CPUC has limited
jurisdiction over the holding companies to enforce the conditions
imposed by the CPUC on their formations, but that the CPUC&rsquo;s
decision interpreting the capital requirements condition was not
ripe for review.&nbsp; On September 1, 2004, the California Supreme
Court denied our petition seeking review of the California Court of
Appeal&rsquo;s finding that the CPUC had limited jurisdiction.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Pursuant to the terms of the settlement agreement, the CPUC agreed
that, once the CPUC approval of the settlement agreement is no
longer subject to appeal, it will release all claims against us and
the Utility related to past holding company actions during the
California energy crisis.&nbsp; Nevertheless, as now interpreted by
the CPUC, whenever the Utility&rsquo;s financial health is impaired
in the future, we could be required to infuse the Utility with all
types of capital necessary to fulfill its obligation to serve or to
operate in a prudent and efficient manner.&nbsp; These obligations,
if ultimately upheld by the courts, could materially restrict our
ability to meet our other obligations.</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
Adverse resolution of pending litigation could have a material
adverse effect on our financial condition and results of
operation.<br />
<br>
</i></font></b><font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
We are involved in lawsuits filed by the California Attorney
General and the City and County of San Francisco, or CCSF, against
us alleging unfair or fraudulent business acts or practices based
on alleged violations of conditions established in the CPUC&rsquo;s
holding company decisions caused by our alleged failure to provide
adequate financial support to the Utility during the California
energy crisis.&nbsp; These lawsuits have been consolidated and are
pending in the San Francisco Superior Court, or Superior
Court.&nbsp; The Attorney General and CCSF seek significant
damages, penalties or equitable relief.&nbsp; On October 8, 2003,
the U.S. District Court for the Northern District of California, or
the District Court, held that the claims for damages were property
of the Utility&rsquo;s bankruptcy estate, thus removing the damages
claims from the lawsuits.&nbsp; The Attorney General and CCSF have
appealed that decision to the U.S. Court of Appeals for the Ninth
Circuit, or the Ninth Circuit, where it is currently pending.&nbsp;
We filed motions to dismiss the appeals on the ground that the
Ninth Circuit lacked jurisdiction to hear them under certain
provisions of the U.S. Bankruptcy Code.&nbsp; The Ninth Circuit
denied our motions in March 2004 and consolidated the two
appeals.&nbsp; Oral argument on the appeal is scheduled for
February 15, 2005.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
The Superior Court held a hearing on December 8, 2004 to hear
argument on the issue of how to determine the standard to be
applied in calculating the number of violations that plaintiffs
allege have been committed for purposes of determining the amount
of potential civil penalties at issue.&nbsp; The Superior Court
expects to issue a tentative ruling by the end of the year, with
parties&rsquo; comments on the ruling scheduled to be discussed at
a case management conference to be held on February 25, 2005.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
We believe that the plaintiffs&rsquo; allegations are without
merit.&nbsp; However, there can be no assurance that we will
prevail in these lawsuits.</font></p>

<p><b><font size="2">Risks Related to the Utility<br />
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
If either or both of the CPUC&rsquo;s approval of the settlement
agreement and the bankruptcy court&rsquo;s confirmation of the
Utility&rsquo;s plan of reorganization are overturned or modified
on appeal, our and the Utility&rsquo;s financial condition and
results of operations could be materially adversely affected.<br />
<br>
</i></font>
</b><font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
On December 18, 2003, the CPUC approved the settlement agreement
and, on December&nbsp;22, 2003, the bankruptcy court confirmed the
Utility&rsquo;s plan of reorganization, which fully incorporates
the settlement agreement as a material and integral part of the
plan.&nbsp; On March&nbsp;16, 2004, the CPUC denied applications
that had been filed by several parties seeking rehearing of the
CPUC&rsquo;s decision approving the settlement agreement.&nbsp; On
April&nbsp;15, 2004, two of these parties, CCSF and Aglet Consumer
Alliance, or Aglet, filed petitions for review of the CPUC&rsquo;s
decisions with the California Court of Appeal.&nbsp; On
July&nbsp;16, 2004, three California state senators filed a request
for permission to file a brief in support of CCSF&rsquo;s and
Aglet&rsquo;s petitions.&nbsp; On August 5, 2004, the California
Court of Appeal granted the senators&rsquo; application and
accepted their brief.&nbsp; The California Court of Appeal has not
yet acted on the petitions.&nbsp;</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
In addition, appeals of the bankruptcy court&rsquo;s order
confirming the Utility&rsquo;s plan of reorganization were filed in
the District Court by the dissenting commissioners and a
municipality.&nbsp; On July 15, 2004, the District Court dismissed
the appeals filed by the dissenting commissioners.&nbsp; The
dissenting commissioners have filed a notice of appeal of the
District Court&rsquo;s order with the Ninth Circuit.&nbsp; The
municipality&rsquo;s appeal remains pending at the District
Court.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
If the bankruptcy court&rsquo;s confirmation of the Utility&rsquo;s
plan of reorganization or the settlement agreement is overturned or
modified on appeal, our and the Utility&rsquo;s financial condition
and results of operations, and the Utility&rsquo;s ability to pay
dividends or otherwise make distributions to us, could be
materially adversely affected.&nbsp;</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
Our and the Utility&rsquo;s financial viability depends upon the
Utility&rsquo;s ability to recover its costs in a timely manner
from the Utility&rsquo;s customers through regulated rates and
otherwise execute its business strategy.<br />
<br>
</i></font></b><font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
The Utility is a regulated entity subject to CPUC jurisdiction in
almost all aspects of its business, including the rates, terms and
conditions of its services, procurement of electricity and natural
gas for its customers, issuance of securities, dispositions of
utility assets and facilities and aspects of the siting and
operation of its electricity and natural gas distribution
systems.&nbsp; Executing the Utility&rsquo;s business strategy
depends on periodic CPUC approvals of these and related
matters.&nbsp; The Utility&rsquo;s ongoing financial viability
depends on its ability to recover from its customers in a timely
manner the Utility&rsquo;s costs, including the costs of
electricity and natural gas purchased by it for its customers, in
the Utility&rsquo;s CPUC&#8209;approved rates and its ability to
pass through to its customers in rates the Utility&rsquo;s
FERC&#8209;authorized revenue requirements.&nbsp; The
Utility&rsquo;s financial viability also depends on its ability to
recover in rates an adequate return on its capital structure,
including long&#8209;term debt and equity.&nbsp; During the
California energy crisis, the high price the Utility had to pay for
electricity on the wholesale market, coupled with its inability to
fully recover its costs in retail rates, caused the Utility&rsquo;s
costs to significantly exceed its revenues and ultimately caused
the Utility to file a petition under Chapter&nbsp;11.&nbsp; Even
though the settlement agreement and current regulatory mechanisms
contemplate that the CPUC will give the Utility the opportunity to
recover its reasonable and prudent future costs in its rates, there
can be no assurance that the CPUC will find that all of the
Utility&rsquo;s costs are reasonable and prudent or will not
otherwise take or fail to take actions to the Utility&rsquo;s
detriment.&nbsp; In addition, there can be no assurance that the
bankruptcy court or other courts will implement and enforce the
terms of the settlement agreement and the Utility&rsquo;s plan of
reorganization in a manner that would produce the economic results
that we and the Utility intend or anticipate.&nbsp; Further, there
can be no assurance that FERC&#8209;authorized tariffs will be
adequate to cover the related costs.&nbsp; If the Utility is unable
to recover any material amount of its costs through its rates in a
timely manner, our and the Utility&rsquo;s financial condition and
results of operations would be materially adversely affected.</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
The Utility may be unable to purchase electricity in the wholesale
market or to increase its generating capacity in a manner that the
CPUC will find reasonable or in amounts sufficient to satisfy the
Utility&rsquo;s residual net open position.<br />
</i></font></b><font size="2">
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
The Utility&rsquo;s residual net open position is expected to grow
over time for a number of reasons, including:</font></p>

<blockquote>
  <ul>
    <li><font size="2">periodic expirations of the Utility&rsquo;s existing electricity
purchase contracts;</font></li>
  </ul>
  <ul>
    <li><font size="2">periodic expirations or other terminations of the DWR contracts
allocated to the Utility&rsquo;s customers;</font></li>
  </ul>
  <ul>
    <li><font size="2">increases in the Utility&rsquo;s customers&rsquo; electricity
demands due to customer and economic growth or other factors;
and</font></li>
  </ul>
  <ul>
    <li><font size="2">retirement or closure of the Utility&rsquo;s electricity
generation facilities.</font></li>
  </ul>
</blockquote>

<p><font size="2">In addition, unexpected outages at the Utility&rsquo;s Diablo
Canyon power plant or any of its other significant generation
facilities, or a failure to perform by any of the counterparties to
the Utility&rsquo;s electricity purchase contracts or the DWR
contracts allocated to the Utility&rsquo;s customers, would
immediately increase the Utility&rsquo;s residual net open
position.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
On October 28, 2004, the CPUC voted to accelerate the electricity
planning reserve requirement it established in January 2004.&nbsp;
Under the accelerated schedule, California investor-owned electric
utilities are required to achieve an electricity planning reserve
margin of 15% to 17% in excess of peak capacity electricity
requirements by June 1, 2006.&nbsp; The previous deadline was
January 1, 2008.&nbsp; This accelerated phase-in will increase the
amount of the electricity resource commitments that the Utility
would be required to make.&nbsp;</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
As existing electricity purchase contracts expire, sources of
electricity otherwise become unavailable or demand increases, the
Utility will purchase electricity in the wholesale market.&nbsp;
These purchases will be made under contracts priced at the time of
execution or, if made in the spot market, at the then&#8209;current
market price of wholesale electricity.&nbsp; There can be no
assurance that sufficient replacement electricity will be available
at prices and on terms that the CPUC will find reasonable, or at
all.&nbsp; The Utility&rsquo;s financial condition and results of
operations would be materially adversely affected if it is unable
to purchase electricity in the wholesale market at prices or on
terms the CPUC finds reasonable or in quantities sufficient to
satisfy the Utility&rsquo;s residual net open position.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
In order to meet electricity resource adequacy requirements, the
Utility may develop or acquire new generation facilities.&nbsp; The
development or acquisition of additional generation facilities will
require the Utility to incur significant additional capital
expenditures or other costs and may require the Utility to issue
additional debt, which it may not be able to issue on reasonable
terms, or at all.&nbsp; In addition, if the Utility is not able to
recover a material part of the cost of developing or acquiring
additional generation facilities in the Utility&rsquo;s rates in a
timely manner, our and the Utility&rsquo;s financial condition and
results of operations would be materially adversely affected.</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
The Utility&rsquo;s financial condition and results of operations
could be materially adversely affected if it is unable to
successfully manage the risks inherent in operating the
Utility&rsquo;s facilities.<br />
</i></font></b><font size="2">
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
The Utility owns and operates extensive electricity and natural gas
facilities that are interconnected to the U.S. western electricity
grid and numerous interstate and continental natural gas
pipelines.&nbsp; The operation of the Utility&rsquo;s facilities
and the facilities of third parties on which it relies involves
numerous risks, including:</font></p>

<ul>
  <li><font size="2">operating limitations that may be imposed by environmental or
other regulatory requirements;<br>
    </font></li>
  <li><font size="2">imposition of operational performance standards by agencies with
regulatory oversight of the Utility&rsquo;s facilities;<br>
    </font></li>
  <li><font size="2">environmental and personal injury liabilities;<br>
    </font></li>
  <li><font size="2">fuel interruptions;<br>
    </font></li>
  <li><font size="2">blackouts;<br>
    </font></li>
  <li><font size="2">labor disputes;<br>
    </font></li>
  <li><font size="2">weather, storms, earthquakes, fires, floods or other natural
disasters; and<br>
    </font></li>
  <li><font size="2">explosions, accidents, mechanical breakdowns and other events or
hazards that affect demand, result in power outages, reduce
generating output or cause damage to the Utility&rsquo;s assets or
operations or those of third parties on which it relies.</font></li>
</ul>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
The occurrence of any of these events could result in lower
revenues or increased expenses, or both, that may not be fully
recovered through insurance, rates or other means in a timely
manner or at all.</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
Electricity and natural gas markets are highly volatile and
insufficient regulatory responsiveness to that volatility could
cause events similar to those that led to the filing of the
Utility&rsquo;s Chapter&nbsp;11 petition to occur.<br />
</i></font></b><font size="2">
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
In the recent past, the commodity markets for electricity and
natural gas have been highly volatile and subject to substantial
price fluctuations.&nbsp; A variety of factors may contribute to
commodity market volatility, including:</font></p>

<ul>
  <li><font size="2">weather;<br>
    </font></li>
  <li><font size="2">supply and demand;<br>
    </font></li>
  <li><font size="2">the availability of competitively priced alternative energy
sources;<br>
    </font></li>
  <li><font size="2">the level of production of natural gas;<br>
    </font></li>
  <li><font size="2">the price of other fuels that are used to produce electricity,
including crude oil and coal;<br>
    </font></li>
  <li><font size="2">the transparency, efficiency, integrity and liquidity of
regional energy markets affecting California;<br>
    </font></li>
  <li><font size="2">electricity transmission or natural gas transportation capacity
constraints;<br>
    </font></li>
  <li><font size="2">federal, state and local energy and environmental regulation and
legislation; and<br>
    </font></li>
  <li><font size="2">natural disasters, war, terrorism and other catastrophic
events.</font></li>
</ul>

<p><font size="2">These factors are largely outside the Utility&rsquo;s
control.&nbsp; If wholesale electricity or natural gas prices
increase significantly, public pressure or other regulatory or
governmental influences or other factors could constrain the
willingness or ability of the CPUC to authorize timely recovery of
the Utility&rsquo;s costs.&nbsp; Moreover, the volatility of
commodity markets could cause the Utility to apply more frequently
to the CPUC for authority to timely recover its costs in
rates.&nbsp; If the Utility is unable to recover any material
amount of its costs in its rates in a timely manner, our and the
Utility&rsquo;s financial condition and results of operations would
be materially adversely affected.</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
The Utility&rsquo;s operations are subject to extensive
environmental laws, and changes in, or liabilities under, these
laws could adversely affect its financial condition and results of
operations.<br />
</i></font></b><font size="2">
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
The Utility&rsquo;s operations are subject to extensive federal,
state and local environmental laws.&nbsp; Complying with these
environmental laws has in the past required significant
expenditures for environmental compliance, monitoring and pollution
control equipment, as well as for related fees and permits.&nbsp;
Moreover, compliance in the future may require significant
expenditures relating to electric and magnetic fields.&nbsp; The
Utility also is subject to significant liabilities related to the
investigation and remediation of environmental contamination at the
Utility&rsquo;s current and former facilities, as well as at
third&#8209;party owned sites.&nbsp; Due to the potential for
imposition of stricter standards and greater regulation in the
future and the possibility that other potentially responsible
parties may not be financially able to contribute to cleanup costs,
conditions may change or additional contamination may be
discovered, the Utility&rsquo;s environmental compliance and
remediation costs could increase, and the timing of its capital
expenditures in the future may accelerate.&nbsp; If the Utility is
unable to recover the costs of complying with environmental laws in
its rates in a timely manner, the Utility&rsquo;s financial
condition and results of operations could be materially adversely
affected.&nbsp; In addition, in the event the Utility must pay
materially more than the amount that it currently has reserved on
its balance sheet to satisfy its environmental remediation
obligations and the Utility is unable to recover these costs from
insurance or through rates in a timely manner, our and the
Utility&rsquo;s financial condition and results of operations would
be materially adversely affected.<br />
</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
The Utility faces the risk of unrecoverable costs if its customers
obtain distribution and transportation services from other
providers as a result of municipalization or other forms of
competition.<br />
</i></font></b><font size="2">
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
The Utility&rsquo;s customers could bypass its distribution and
transportation system by obtaining service from other
sources.&nbsp; Forms of bypass of the Utility&rsquo;s electricity
distribution system include the construction of duplicate
distribution facilities to serve specific existing or new
customers, the municipalization of the Utility&rsquo;s distribution
facilities by local governments or districts, self&#8209;generation
by the Utility&rsquo;s customers and other forms of bypass or
competition.&nbsp; Bypass of the Utility&rsquo;s system may result
in stranded investment capital, loss of customer growth or
additional barriers to cost recovery.&nbsp; The Utility&rsquo;s
natural gas transportation facilities also are at risk of being
bypassed by interstate pipeline companies that construct facilities
in the Utility&rsquo;s markets or by customers who build pipeline
connections that bypass the Utility&rsquo;s natural gas
transportation and distribution system.&nbsp; As customers and
local public officials explore their energy options in light of the
recent California energy crisis, these bypass risks may be
increasing and may increase further if the Utility&rsquo;s rates
exceed the cost of other available alternatives.&nbsp; In addition,
technological changes could result in the development of
economically attractive alternatives to purchasing electricity
through the Utility&rsquo;s distribution facilities.&nbsp; Neither
we nor the Utility can currently predict the impact of these
actions and developments on the Utility&rsquo;s business, although
one possible outcome is a decline in the demand for the services
that the Utility provides, which would result in a corresponding
decline in the Utility&rsquo;s revenues and our consolidated
revenues.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
If the number of the Utility&rsquo;s customers declines due to
bypass, technological changes or other forms of competition, and
the Utility&rsquo;s rates are not adjusted in a timely manner to
allow it to fully recover its investment in electricity and natural
gas facilities and electricity procurement costs, our and the
Utility&rsquo;s financial condition and results of operations could
be materially adversely affected.</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
The Utility faces the risk of unrecoverable costs resulting from
changes in the number of customers in its service territory for
whom the Utility purchases electricity.<br />
</i></font></b><font size="2">
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
As part of California&rsquo;s electricity industry restructuring,
the Utility&rsquo;s customers were given the choice of either
continuing to receive electricity procurement, transmission and
distribution services, or bundled service, from the Utility or
purchasing electricity from alternate energy service providers and
to thus become direct access customers.&nbsp; The CPUC suspended
the right of end&#8209;user customers to become direct access
customers on September&nbsp;20, 2001, although customers that were
then direct access customers have been allowed to remain on direct
access.&nbsp; During the 2003-2004 legislative session, the
California legislature considered bills, including California
Assembly Bill 428, or AB 428, which would have required the CPUC to
establish rules for reintroduction of direct access through a
phased implementation and to establish a model for direct access
transactions.&nbsp; AB 428 would also have required the CPUC, for
the period January 1, 2006 through January 1, 2009, to permit new
direct access transactions in an amount equivalent to the combined
amount of Statewide utility load growth and reduction in the
electricity supply contract obligations of the DWR.&nbsp; While AB
428 was not approved by the legislature, there can be no assurance
that a similar bill will not be introduced and approved in future
legislative sessions.&nbsp;</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Separately, the CPUC has instituted a rulemaking implementing
California&rsquo;s Assembly Bill 117, which permits California
cities and counties to purchase and sell electricity for their
residents once they have registered as community choice
aggregators.&nbsp; The Utility would continue to provide
distribution, metering and billing services to the community choice
aggregators&rsquo; customers.&nbsp; Once registration has occurred,
and the applicable community choice aggregator has received CPUC
approval for its implementation plan, the community choice
aggregator would purchase electricity for all of its residents who
do not affirmatively elect to continue to receive electricity from
the Utility.&nbsp; The Utility would continue to be the electricity
provider of last resort for all customers.&nbsp; If the Utility
loses a material number of customers as a result of cities and
counties electing to become community choice aggregators or the
CPUC once again allowing customers to migrate to direct access, the
Utility&rsquo;s electricity purchase contracts could obligate it to
purchase more electricity than the Utility&rsquo;s remaining
customers require, the excess of which the Utility would have to
sell, possibly at a loss.&nbsp; Further, if the Utility must
provide electricity to customers discontinuing direct access or
electing to leave a community choice aggregator, the Utility may be
required to make unanticipated purchases of additional electricity
at higher prices.&nbsp; If the Utility has excess electricity or it
must make unplanned purchases of electricity as a result of changes
in the number of community choice aggregators&rsquo; customers or
direct access customers and the CPUC fails to adjust the
Utility&rsquo;s rates to reflect the impact of these actions, our
and the Utility&rsquo;s financial condition and results of
operations could be materially adversely affected.</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
The operation and decommissioning of the Utility&rsquo;s nuclear
power plants expose it to potentially significant liabilities and
capital expenditures.<br />
</i></font></b><font size="2">
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
The operation and decommissioning of the Utility&rsquo;s nuclear
power plants expose it to potentially significant liabilities and
capital expenditures, including those arising from the storage,
handling and disposal of radioactive materials and uncertainties
related to the regulatory, technological and financial aspects of
decommissioning nuclear plants at the end of their licensed
lives.&nbsp; The Utility maintains decommissioning trusts and
external insurance coverage to reduce the Utility&rsquo;s financial
exposure to these risks.&nbsp; However, the costs or damages the
Utility may incur in connection with the operation and
decommissioning of nuclear power plants could exceed the amount of
the Utility&rsquo;s insurance coverage and other amounts set aside
for these potential liabilities.&nbsp; In addition, as an operator
of two operating nuclear reactor units, the Utility may be required
under federal law to pay up to $201.2 million of liabilities
arising out of each nuclear incident occurring not only at the
Utility&rsquo;s Diablo Canyon power plant but at any other nuclear
power plant in the United States.&nbsp; In January 2004, the
Utility filed an application with the CPUC seeking approval of
projects to replace turbines and steam generators and other
equipment at the two nuclear operating units at the Utility&rsquo;s
Diablo Canyon nuclear power plant and authorization to recover the
projected $706 million capital expenditures in rates.&nbsp; The
Utility plans to replace Unit 2&rsquo;s steam generators in 2008
and to replace Unit 1&rsquo;s steam generators in 2009.&nbsp; The
CPUC has indicated that it will issue an interim opinion on the
cost benefits of the projects in the first quarter of 2005 to
support proceeding with the initial investments required to
maintain a 2008/2009 implementation schedule, and a final decision,
including incorporation of the environmental impact review for the
projects, in September 2005.&nbsp; If the Utility cannot recover
any material amount of these excess costs or damages in the
Utility&rsquo;s rates in a timely manner, our and the
Utility&rsquo;s financial condition and results of operations would
be materially adversely affected.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
In addition, the NRC has broad authority under federal law to
impose licensing and safety&#8209;related requirements upon owners
and operators of nuclear power plants.&nbsp; In the event of
non&#8209;compliance, the NRC has the authority to impose fines or
to force a shutdown of the nuclear plant, or both, depending upon
the NRC&rsquo;s assessment of the severity of the situation.&nbsp;
Safety requirements promulgated by the NRC have, in the past,
necessitated substantial capital expenditures at the
Utility&rsquo;s Diablo Canyon power plant and additional
significant capital expenditures could be required in the
future.</font></p>

<p><b><i><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Utility fails to increase the spent fuel storage
capacity at the Utility&rsquo;s Diablo Canyon power plant by the
spring of 2007 and there are no other available spent fuel storage
or disposal alternatives, the Utility would be forced to close this
plant and would therefore be required to purchase electricity from
more expensive sources.<br />
</font>
</i></b><font size="2">
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Under the terms of the NRC operating licenses for the
Utility&rsquo;s Diablo Canyon power plant, there must be sufficient
storage capacity for the radioactive spent fuel produced by this
plant.&nbsp; Under current operating procedures, the Utility
believes that its Diablo Canyon power plant&rsquo;s existing spent
fuel pools have sufficient capacity to enable it to operate until
the spring of 2007.&nbsp; Although the Utility is taking actions to
increase the Diablo Canyon power plant&rsquo;s spent fuel storage
capacity and exploring other alternatives, there can be no
assurance that the Utility can obtain the final necessary
regulatory approvals to expand spent fuel capacity or that other
alternatives will be available or implemented in time to avoid a
disruption in production or shutdown of one or both units at this
plant.&nbsp; As the proposed permanent spent fuel depository at
Yucca Mountain, Nevada will not be available by 2007, there will
not be any available third-party spent fuel storage
facilities.&nbsp; If there is a disruption in production or
shutdown of one or both units at this plant, the Utility will need
to purchase electricity from more expensive sources.</font></p>

<p>
<b><i><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acts
of terrorism could materially adversely affect our and the
Utility&rsquo;s financial condition and results of
operations.<br />
</font>
</i></b><font size="2">
<b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
The Utility&rsquo;s facilities, including its operating and retired
nuclear facilities and the facilities of third parties on which we
rely, could be targets of terrorist activities.&nbsp; A terrorist
attack on these facilities could result in a full or partial
disruption of the Utility&rsquo;s ability to generate, transmit,
transport or distribute electricity or natural gas or cause
environmental repercussions.&nbsp; Any operational disruption or
environmental repercussions could result in a significant decrease
in the Utility&rsquo;s revenues or significant reconstruction or
remediation costs, which could materially adversely affect our and
the Utility&rsquo;s financial condition and results of
operations.</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
Adverse judgments or settlements in the chromium litigation cases
could materially adversely affect our and the Utility&rsquo;s
financial condition and results of operations.<br />
</i></font></b><font size="2"><br>
The Utility is a named defendant in 14 civil actions currently
pending in California courts relating to alleged chromium
contamination.&nbsp; The chromium litigation complaints allege
personal injuries, wrongful death and loss of consortium and seek
unspecified compensatory and punitive damages based on claims
arising from alleged exposure to chromium contamination in the
vicinity of three of the Utility&rsquo;s natural gas compressor
stations.&nbsp; If the Utility pays a material amount in excess of
the amount that it currently has reserved on its balance sheet to
satisfy chromium&#8209;related liabilities and costs, our and the
Utility&rsquo;s financial condition and results of operations could
be materially adversely affected.</font></p>

<p>
<b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>
Changes in, or liabilities under, the Utility&rsquo;s permits,
authorizations or licenses could adversely affect our and the
Utility&rsquo;s financial condition and results of
operations.<br />
<br>
</i></font></b><font size="2">The Utility&rsquo;s operations are subject to a number of
governmental permits, authorizations and licenses.&nbsp; These
permits, authorizations and licenses may be revoked or modified by
the agencies that granted them if facts develop that differ
significantly from the facts assumed when they were issued.&nbsp;
In addition, discharge permits and other approvals and licenses are
often granted for a term that is less than the expected life of the
associated facility.&nbsp; Licenses and permits may require
periodic renewal, which may result in additional requirements being
imposed by the granting agency.&nbsp;&nbsp; In connection with a
license renewal, the FERC may impose new license conditions that
could, among other things, require increased expenditures or result
in reduced electricity output and/or capacity at the
facility.&nbsp; If the Utility is unable to obtain, renew or comply
with these governmental permits, authorizations or licenses, or the
Utility is unable to recover any increased costs of complying with
additional license requirements or any other associated costs in
its rates in a timely manner, our and the Utility&rsquo;s financial
condition and results of operations could be materially adversely
affected.</font></p>

<p align="center"><font size="2"><a name="_Toc88981177"><b>USE OF
PROCEEDS</b></a><b><br />
</b></font></p>

<p><font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Unless otherwise specified in a prospectus supplement, we will use
the net proceeds from the sale of the common stock offered by this
prospectus:<br>
</font></p>
<ul>
  <li><font size="2">to redeem, repurchase, repay or retire outstanding indebtedness;
or<br>
    </font></li>
  <li><font size="2">for other general corporate purposes.</font></li>
</ul>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
We may invest the net proceeds temporarily until we use them for
their stated purposes.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
In addition, as described in this prospectus under the caption
&ldquo;Plan of Distribution&mdash;Other Transactions with Third
Parties,&rdquo; we may enter into derivative, forward or other
contracts with third parties indexed to or that may be settled in
our common stock or certain other transactions with third
parties.&nbsp; If specified in the applicable prospectus
supplement, we may use the common stock covered by this prospectus
to satisfy our obligations under such transactions.&nbsp; If we use
the common stock in this manner, we will not receive any proceeds
from the sale of those shares.</font></p>

<p align="center"><b><font size="2">DESCRIPTION OF CAPITAL STOCK<br />
</font>
</b></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Unless indicated differently in a prospectus supplement, this
section describes the terms of our common stock and preferred
stock.&nbsp; The following description is only a summary and is
qualified in its entirety by reference to applicable law, our
restated articles of incorporation and our bylaws.&nbsp; Copies of
our restated articles of incorporation and bylaws are incorporated
by reference as exhibits to the registration statement of which
this prospectus is a part.</font></p>

<p><b><font size="2">Common Stock<br />
<br>
</font>
</b><font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Our restated articles of incorporation authorize the issuance of
800,000,000 shares of common stock.&nbsp; We may issue our common
stock from time to time upon such terms and for such consideration
as may be determined by our board of directors.&nbsp; Such further
issuances, up to the aggregate amount authorized by our restated
articles of incorporation, will not require approval by our
shareholders.&nbsp; We may also issue common stock from time to
time under dividend reinvestment and employee benefit
plans.&nbsp;</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Except as otherwise provided by law, holders of our common stock
have voting rights on the basis of one vote per share on each
matter submitted to a vote at a meeting of shareholders, subject to
any class or series voting rights of holders of our preferred
stock.&nbsp; Our shareholders may not cumulate votes in elections
of directors.&nbsp; As a result, the holders of our common stock
and (if issued) preferred stock entitled to exercise more than 50%
of the voting rights in an election of directors can elect all of
the directors to be elected if they choose to do so.&nbsp; In such
event, the holders of the remaining common stock and preferred
stock voting for the election of directors will not be able to
elect any persons to the board of directors.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Holders of our common stock, subject to any prior rights or
preferences of preferred stock outstanding, have equal rights to
receive dividends if and when declared by our board of directors
out of funds legally available therefor.&nbsp;</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
In the event of our liquidation, dissolution or winding up and
after payment of all prior claims, holders of our common stock
would be entitled to receive any of our remaining assets, subject
to any preferential rights of holders of outstanding shares of
preferred stock.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Holders of our common stock have no preemptive rights to subscribe
for additional shares of common stock or any of our other
securities, nor do holders of our common stock have any redemption
or conversion rights.</font></p>

<p>
<font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Our common stock is listed on the New York Stock Exchange and
Pacific Exchange under the symbol &ldquo;PCG.&rdquo;</font></p>

<p><b><font size="2">Preferred Stock<br />
<br>
</font>
</b><font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>
Our board of directors is authorized, pursuant to our restated
articles of incorporation, to issue up to 85,000,000 shares of
preferred stock in one or more series and to fix and determine the
number of shares of preferred stock of any series, to determine the
designation of any such series, to increase or decrease the number
of shares of any such series subsequent to the issue of shares of
that series, and to determine or alter the rights, preferences,
privileges and restrictions granted to or imposed upon any such
series.&nbsp; Currently, there are no shares of our preferred stock
outstanding.&nbsp; If issued, the preferred stock would rank, with
respect to dividends and upon our liquidation, dissolution or
winding up, senior to all classes or series of our common stock and
to all of our equity securities ranking junior to the preferred
stock.</font></p>

<p align="center"><font size="2"><a name="_Toc88981178"><b>PLAN OF
DISTRIBUTION</b></a><b><br />
</b></font></p>

<p><font size="2">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>&nbsp;We
may sell the common stock described in this prospectus from time to
time in one or more transactions:<br />
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;to
purchasers directly;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;to
underwriters for public offering and sale by them;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;through
agents;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;through
dealers;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;through
a combination of any of the foregoing methods of sale; or<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;as
described below under &ldquo;&mdash;Other Transactions with Third
Parties.&rdquo;</font></p>

<p><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may distribute the common stock from time to time in one or more
transactions at:<br />
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;a
fixed price or prices, which may be changed;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;market
prices prevailing at the time of sale;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;prices
related to such prevailing market prices; or<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;negotiated
prices.</font>
</p>

<p><b><font size="2">Direct Sales<br />
<br>
</font>
</b><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may sell the common stock directly to institutional investors or
others.&nbsp; Each prospectus supplement will describe the manner
and terms of any sale of common stock.</font></p>

<p><b><font size="2">To Underwriters<br />
<br>
</font>
</b><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
common stock is to be sold to underwriters, we will execute an
underwriting agreement with them at the time of the sale and will
name them in the prospectus supplement.&nbsp; The applicable
prospectus supplement will name any underwriter involved in a sale
of common stock.&nbsp; Underwriters acquire the common stock for
their own accounts as principal and may offer and sell the common
stock at a fixed price or prices, which may be changed, or from
time to time at market prices or at negotiated prices.&nbsp;
Underwriters may be deemed to have received compensation from us
from sales of common stock in the form of underwriting discounts or
commissions and may also receive commissions from purchasers of
common stock for whom they may act as agent.</font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters
may sell common stock to or through dealers, and those dealers may
receive compensation in the form of discounts, concessions or
commissions from the underwriters as well as from the purchasers
for whom they may act as agent.</font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided in a prospectus supplement, the obligations of
any underwriters to purchase shares of common stock will be subject
to certain conditions set forth in the underwriting agreement, and
the underwriters will be obligated to purchase all such shares of
common stock if any are purchased.</font></p>

<p><b><font size="2">Through Dealers<br />
<br>
</font>
</b><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may offer and sell common stock to one or more dealers who would
purchase the securities as principal. The dealers then may resell
the offered common stock to the public at fixed or varying prices
to be determined by those dealers at the time of resale. We will
set forth the names of the dealers and the terms of the transaction
in the prospectus supplement. Any initial public offering price and
any discounts or concessions allowed or reallowed or paid to
dealers may be changed from time to time.</font></p>

<p><b><font size="2">Through Agents<br />
<br>
</font>
</b><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may offer and sell common stock on a continuous basis through
agents that become parties to an underwriting or distribution
agreement. We will name any agent involved in the offer and sale
and describe any commissions payable by us in the prospectus
supplement. Unless otherwise indicated in the prospectus
supplement, the agent will be acting on a reasonable efforts basis
during the appointment period.</font></p>

<p><b><font size="2">Delayed Delivery Contracts<br />
<br>
</font>
</b><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we so specify in the applicable prospectus supplement, we will
authorize underwriters, dealers and agents to solicit offers by
certain institutions to purchase common stock pursuant to contracts
providing for payment and delivery on future dates.&nbsp; Such
contracts will be subject to only those conditions set forth in the
applicable prospectus supplement.</font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters, dealers and agents will not be responsible for the
validity or performance of the contracts.&nbsp; We will set forth
in the prospectus supplement relating to the contracts the price to
be paid for the common stock, the commissions payable for
solicitation of the contracts and the date in the future for
delivery of the common stock.</font></p>

<p><b><font size="2">Other Transactions with Third Parties<br />
<br>
</font>
</b><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may enter into other transactions with third parties, including
derivative, forward or other contracts indexed to or that may be
settled in our common stock, or sell securities not covered by this
prospectus to third parties in privately negotiated
transactions.&nbsp; If we so specify in the applicable prospectus
supplement, in connection with such transactions, the third parties
may sell securities covered by this prospectus and the applicable
prospectus supplement, including in short sale transactions.&nbsp;
If so, the third party may use securities pledged by us or borrowed
from us or others to settle those sales or to close out any related
open borrowings of stock, and may use securities received from us
in settlement of derivative, forward or other transactions to close
out any related open borrowings of stock.&nbsp; The third party in
such sale transactions will be an underwriter and, if not
identified in this prospectus, will be identified in the applicable
prospectus supplement (or a post-effective amendment).&nbsp; Such
underwriters may include, among others, Goldman, Sachs &amp;
Co.</font></p>

<p><b><font size="2">General Information<br />
<br>
</font>
</b><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters,
dealers and agents participating in any distribution of the common
stock may be deemed to be &ldquo;underwriters&rdquo; as defined in
the Securities Act of 1933, or Securities Act, and any discounts
and commissions they receive and any profit they realize on resale
of the common stock may be deemed to be underwriting discounts and
commissions under the Securities Act.&nbsp; Those underwriters,
dealers and agents may be entitled, under their agreements with us,
to indemnification by us against certain civil liabilities,
including liabilities under the Securities Act, to contribution by
us to payments that they may be required to make in respect of
those civil liabilities, and to reimbursement by us for certain
expenses.</font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters,
dealers or agents and their associates may be customers of, engage
in transactions with or perform services for us or our affiliates
in the ordinary course of business.</font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
underwriters that purchase common stock for public offering and
sale may make a market in such common stock, but such underwriters
will not be obligated to do so and may discontinue any market
making at any time without notice.</font></p>

<p align="center"><font size="2"><a name="_Toc88981179"><b>LEGAL
MATTERS</b></a><b><br />
</b></font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity of the common stock has been passed on for us by
Gary&nbsp;P. Encinas, Chief Counsel, Corporate, for PG&amp;E
Corporation.&nbsp; Mr.&nbsp;Encinas and other members of the
PG&amp;E Corporation Law Department who participated in
consideration of legal matters related to the common stock,
together with members of their respective families, own in the
aggregate approximately 80,628 shares of our common stock and
options to purchase an additional 692,555 shares.</font></p>

<p align="center"><font size="2"><a name=
"_Toc88981180"><b>EXPERTS</b></a><b><br />
</b></font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements and related consolidated
financial statement schedules of PG&amp;E Corporation and
subsidiaries incorporated by reference in this prospectus have been
audited by Deloitte &amp; Touche LLP, an independent registered
public accounting firm, as stated in their reports which are
incorporated herein (which reports express an unqualified opinion
and include explanatory paragraphs relating to (i) PG&amp;E
Corporation and Pacific Gas and Electric Company&rsquo;s adoption
of new accounting standards in 2003 to account for asset retirement
obligations and financial instruments with characteristics of both
liabilities and equity, (ii) PG&amp;E Corporation&rsquo;s change in
2003 in the method of reporting hedge transactions, (iii) PG&amp;E
Corporation&rsquo;s adoption of new accounting standards in 2002
relating to accounting for goodwill and intangible assets,
impairment of long&#8209;lived assets, discontinued operations,
gains and losses on debt extinguishment, and certain derivative
contracts, (iv) PG&amp;E Corporation&rsquo;s and Pacific Gas and
Electric Company&rsquo;s adoption of new accounting standards in
2001 related to derivatives and certain interpretations of the
Derivatives Implementation Group of the Financial Accounting
Standards Board, (v) PG&amp;E Corporation&rsquo;s adoption of new
accounting standards in 2004 related to earnings per share, (vi)
the revisions of revenues and expenses of discontinued operations
for the years ended December 31, 2002 and 2001, and (vii) the
ability of PG&amp;E Corporation and Pacific Gas and Electric
Company to continue as going concerns), and have been so
incorporated in reliance upon the reports of such firm given upon
their authority as experts in accounting and auditing.</font></p>

<p align="center"><font size="2"><a name="_Toc88981181"><b>WHERE YOU CAN FIND MORE
INFORMATION</b></a><b><br />
</b></font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
and the Utility each file annual, quarterly and current reports,
information statements and other information with the SEC under
File No.&nbsp;001-12609 and File No.&nbsp;001-02348,
respectively.&nbsp; These SEC filings are available to the public
over the Internet at the SEC&rsquo;s website at
http://www.sec.gov.&nbsp; You may also read and copy any of these
SEC filings at the SEC&rsquo;s public reference room at 450 Fifth
Street, N.W., Room 1200, Washington, D.C. 20549.&nbsp; Please call
the SEC at 1-800-SEC-0330 for further information on its public
reference room.</font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have &ldquo;incorporated by reference&rdquo; into this prospectus
certain information that we file with the SEC.&nbsp; This means
that we can disclose important business, financial and other
information in this prospectus by referring you to the documents
containing this information.&nbsp; All information incorporated by
reference is deemed to be part of this prospectus except to the
extent that the information is updated or superseded by the
information contained in this prospectus or any information filed
with the SEC.&nbsp; Any information that we subsequently file with
the SEC that is incorporated by reference, as described below, will
automatically update and supersede any previous information that is
part of this prospectus.</font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
incorporate by reference the documents listed below and any future
filings (other than information furnished, and not filed, pursuant
to Items 9 or 12 in any Form 8&#8209;K filing or any other item
that permits us to furnish, rather than file, information) we make
with the SEC under Section 13(a), 13(c), 14 or 15(d) of the
Exchange Act until the termination of the offering:</font></p>

<ul>
  <li><font size="2">our Annual Report on Form 10&#8209;K for the year ended December
31, 2003;<br>
    </font></li>
  <li><font size="2">our Quarterly Report on Form 10&#8209;Q for the quarters ended
March 31, 2004, June&nbsp;30, 2004 and September 30, 2004;<br>
    </font></li>
  <li><font size="2">the description of our common stock contained in our
Registration Statement on Form 8-B, including any subsequent
amendment or report filed for the purpose of updating such
information; and<br>
    </font></li>
  <li><font size="2">our Current Reports on Form 8&#8209;K filed on January 22, 2004,
February 3, 2004, February 19, 2004, March 2, 2004, March 10, 2004,
March 12, 2004, March 16, 2004, March 18, 2004, March 23, 2004,
March 26, 2004, March 31, 2004, April 7, 2004, April 12, 2004,
April 12, 2004, April 19, 2004, April 27, 2004, May 13, 2004 (as
amended by our Current Report on Form 8&#8209;K/A filed on May 14,
2004), May 14, 2004, May 25, 2004, May&nbsp;28, 2004, June&nbsp;18,
2004 (including specifically Exhibit 99.1, which supersedes the
information contained in Exhibit 13 to our Annual Report on Form
10&#8209;K for the year ended December 31, 2003 and Exhibit 99.1 to
our Current Report on Form 8&#8209;K filed on March 2, 2004), July
1, 2004, July&nbsp;14, 2004, July&nbsp;16, 2004, September 1, 2004
(Item 8.01 only), September&nbsp;3, 2004, October 14, 2004,
October&nbsp;22, 2004, November 23, 2004, December 16, 2004 (as
amended by our Current Report on Form 8-K/A filed on December 20,
2004), and December 21, 2004.</font></li>
</ul>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may request a copy of these filings at no cost by writing or
contacting us at the following address:</font></p>

<p align="center"><font size="2">The Office of the Corporate Secretary<br />
PG&amp;E Corporation<br />
One Market Street, Spear Tower<br />
Suite 2400<br />
San Francisco, CA 94105<br />
Telephone: 415&#8209;267&#8209;7070<br />
Facsimile: 415&#8209;267&#8209;7268</font></p>
<hr>
<font size="2">

<br clear="all" />


</font>


<div>
<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p align="center"><b><i><font size="5">[LOGO]&nbsp;<u>PG&amp;E
Corporation</u><br>
<br>
<br>
<br>
<br>
<br>
<br>
</font></i></b></p>
</div>

 <b><i><font size="2"><br clear="all" />
 </font>
</i></b>

<hr>

<div>
<p align="center"><font size="2"><b>PART II<br />
</b><br />
<b>INFORMATION NOT REQUIRED IN PROSPECTUS<br />
</b></font></p>

<p><b><font size="2">Item 14.&nbsp; Other Expenses of Issuance and
Distribution.<br />
</font>
</b></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth all expenses payable by us in connection
with the sale of the securities being registered.&nbsp; All the
amounts shown are estimates except for the SEC registration
fee.</font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="2">SEC registration
fee.......................................................................</font></p>
</td>
<td valign="top">
<p><font size="2">$117,700</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">NYSE listing
fees...........................................................................</font></p>
</td>
<td valign="top">
<p><font size="2">2,500</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">Accounting fees and expenses
....................................................</font></p>
</td>
<td valign="top">
<p><font size="2">18,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">Legal fees and expenses of our
counsel....................................</font></p>
</td>
<td valign="top">
<p><font size="2">50,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">Printing and
engraving.................................................................</font></p>
</td>
<td valign="top">
<p><font size="2">5,000</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p>
<font size="2">
Other................................................................................................</font></p>
</td>
<td valign="top">
<div>
<p><font size="2">6,800</font></p>
</div>
</td>
</tr>

<tr>
<td valign="top">
<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Total....................................................................................</font></p>
</td>
<td valign="top">
<div>
<p><font size="2">$200,000</font></p>
</div>
</td>
</tr>
</table>
</div>

<p><b><font size="2">Item 15.&nbsp; Indemnification of Directors and
Officers.<br />
</font>
 </b></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are a California corporation.&nbsp; Section 317 of the California
Corporations Code provides for indemnification of a
corporation&rsquo;s directors and officers under certain
circumstances.&nbsp; Our articles of incorporation authorize us to
provide indemnification of any person who is or was our director,
officer, employee or other agent, or is or was serving at our
request as a director, officer, employee or agent of another
foreign or domestic corporation, partnership, joint venture, trust
or other enterprise, or was a director, officer, employee or agent
of a foreign or domestic corporation which was a predecessor
corporation of us or of another enterprise at the request of the
predecessor corporation through our bylaws, resolutions of our
board of directors, agreements with agents, vote of shareholders or
disinterested directors, or otherwise, in excess of the
indemnification otherwise permitted by Section 317 of the
California Corporations Code, subject only to the applicable limits
set forth in Section 204 of the California Corporations Code.&nbsp;
Our articles of incorporation also eliminate the liability of our
directors to the fullest extent permissible by California
law.&nbsp; Our board of directors has adopted a resolution
regarding our policy of indemnification and we maintain insurance
which insures our directors and officers against certain
liabilities.</font></p>

<p><b><font size="2">Item 16.&nbsp; Exhibits.<br />
</font>
</b></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><b><font size="2">Exhibit <u>Number</u>&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p><b><u><font size="2">Description</font></u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">1.1</font></p>
</td>
<td valign="top">
<p><font size="2">Form of Underwriting Agreement*</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">4.1</font></p>
</td>
<td valign="top">
<p><font size="2">Restated Articles of Incorporation of the Registrant
(incorporated by reference to Exhibit 3.1 of the Registrant&rsquo;s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2003,
File No. 1-12609).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">4.2</font></p>
</td>
<td valign="top">
<p><font size="2">By-Laws of the Registrant amended as of April 21, 2004
(incorporated by reference to Exhibit 3.2 of the Registrant&rsquo;s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2004,
File No. 1-12609).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">5.1</font></p>
</td>
<td valign="top">
<p><font size="2">Opinion of Gary P. Encinas.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">23.1</font></p>
</td>
<td valign="top">
<p><font size="2">Consent of Deloitte &amp; Touche LLP.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">23.2</font></p>
</td>
<td valign="top">
<p><font size="2">Consent of Gary P. Encinas&nbsp; (included in Exhibit 5.1).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">24.1</font></p>
</td>
<td valign="top">
<p><font size="2">Powers of Attorney.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">24.2</font></p>
</td>
<td valign="top">
<p><font size="2">Resolution of the Board of Directors authorizing the execution
of the Registration Statement.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="2">__________________</font></p>

<p><font size="2">*&nbsp; To be filed by amendment or as an exhibit to a report
filed under the Securities Exchange Act of 1934, as amended, and
incorporated herein by reference.</font></p>
</td>
</tr>
</table>

<p><b><font size="2">Item 17.&nbsp; Undertakings.<br />
<br>
</font>
</b><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes:</font></p>

<blockquote>

<p><font size="2">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To file, during any period in which offers or sales are being made,
a post-effective amendment to this registration statement:</font></p>

  <blockquote>

<p><font size="2">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933;<br>
<br>
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set
forth in the registration statement; and<br>
<br>
(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to include any material information with respect to the plan of
distribution not previously disclosed in the registration statement
or any material change to such information in the registration
statement;</font></p>

  </blockquote>
</blockquote>

<p><font size="2">provided, however, that paragraphs&nbsp;1(a) and 1(b) do not
apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the SEC by the
registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement.</font></p>

<blockquote>

<p><font size="2">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering
thereof.</font></p>

<p><font size="2">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.</font></p>

<p><font size="2">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That, for purposes of determining any liability under the
Securities Act of 1933, each filing of the registrant&rsquo;s
annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of&nbsp;
an employee benefit plan&rsquo;s annual report pursuant to
Section&nbsp;15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering
thereof.</font></p>

<p><font size="2">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the provisions
described under Item&nbsp;15 above, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as
expressed in the Securities Act of 1933 and is, therefore,
unenforceable.&nbsp; In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in
the Securities Act of 1933 and will be governed by the final
adjudication of such issue.</font></p>

<p><font size="2">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of determining any liability under the Securities Act
of 1933, the information omitted from the form of prospectus filed
as part of this registration statement in reliance upon Rule 430A
and contained in a form of prospectus filed by a registrant
pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities
Act of 1933 shall be deemed to be part of this registration
statement as of the time it was declared effective.</font></p>

<p><font size="2">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For the purpose of determining any liability under the Securities
Act of 1933, each post-effective amendment that contains a form of
prospectus shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona
fide offering thereof.</font></p>

</blockquote>
<hr>
<font size="2">

<br clear="all" />


</font>


<p align="center"><b><font size="2">SIGNATURES<br />
</font>
</b></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused
this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of San
Francisco, State of California, on December 21, 2004.</font></p>

<p><font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
PG&amp;E CORPORATION</b><br />
<br />
<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By&nbsp;&nbsp;
<u>Robert D. Glynn,
Jr.*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert
D. Glynn, Jr.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman,
Chief Executive Officer<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
President</font></p>

<p>
<font size="2">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in
the capacities and on the dates indicated.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="664">
<tr>
<td valign="top" width="137">
<p align="center"><font size="2">Signature</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="398">
<p align="center"><font size="2">Title</font></p>
</td>
<td valign="top" width="12"></td>
<td valign="top" width="99">
<p align="center"><font size="2">Date</font></p>
</td>
</tr>

<tr>
<td valign="bottom" width="137">
<p><font size="2"><u>Robert D. Glynn, Jr.*</u></font></p>
</td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398">
<p><font size="2">Chairman of the Board of Directors, Chief Executive Officer and
President (Principal Executive Officer)</font></p>
</td>
<td valign="top" width="12"></td>
<td rowspan="2" valign="top" width="99">
<p><font size="2">December 21, 2004</font></p>
</td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">Robert D. Glynn, Jr.</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2"><u>Peter A. Darbee*</u></font></p>
</td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398">
<p><font size="2">Senior Vice President and Chief Financial Officer (Principal
Financial Officer)</font></p>
</td>
<td valign="top" width="12"></td>
<td rowspan="2" valign="top" width="99">
<p><font size="2">December 21, 2004</font></p>
</td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">Peter A. Darbee</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
</tr>

<tr>
<td valign="baseline" width="137">
<p><font size="2"><u>Christopher P. Johns*</u></font></p>
</td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398">
<p><font size="2">Senior Vice President and Controller (Principal Accounting
Officer)</font></p>
</td>
<td valign="top" width="12"></td>
<td valign="top" width="99">
<p><font size="2">December 21, 2004</font></p>
</td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">Christopher P. Johns</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
<td valign="top" width="99"></td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2"><u>David R. Andrews*</u></font></p>
</td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398">
<p><font size="2">Director</font></p>
</td>
<td valign="top" width="12"></td>
<td rowspan="2" valign="top" width="99">
<p><font size="2">December 21, 2004</font></p>
</td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">David R. Andrews</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
</tr>

<tr>
<td valign="top" width="137"></td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398">
<p><font size="2">Director</font></p>
</td>
<td valign="top" width="12"></td>
<td rowspan="2" valign="top" width="99"></td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">Leslie S. Biller</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2"><u>David A. Coulter*</u></font></p>
</td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398">
<p><font size="2">Director</font></p>
</td>
<td valign="top" width="12"></td>
<td rowspan="2" valign="top" width="99">
<p><font size="2">December 21, 2004</font></p>
</td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">David A. Coulter</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2"><u>C. Lee Cox*</u></font></p>
</td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398">
<p><font size="2">Director</font></p>
</td>
<td valign="top" width="12"></td>
<td rowspan="2" valign="top" width="99">
<p><font size="2">December 21, 2004</font></p>
</td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">C. Lee Cox</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2"><u>David M. Lawrence*</u></font></p>
</td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398">
<p><font size="2">Director</font></p>
</td>
<td valign="top" width="12"></td>
<td rowspan="2" valign="top" width="99">
<p><font size="2">December 21, 2004</font></p>
</td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">David M. Lawrence, M.D.</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2"><u>Mary S. Metz*</u></font></p>
</td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398">
<p><font size="2">Director</font></p>
</td>
<td valign="top" width="12"></td>
<td rowspan="2" valign="top" width="99">
<p><font size="2">December 21, 2004</font></p>
</td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">Mary S. Metz</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2"><u>Barry Lawson Williams*</u></font></p>
</td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398">
<p><font size="2">Director</font></p>
</td>
<td valign="top" width="12"></td>
<td rowspan="2" valign="top" width="99">
<p><font size="2">December 21, 2004</font></p>
</td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">Barry Lawson Williams</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2"><u>*By:&nbsp; /s/ G. P. Encinas</u></font></p>
</td>
<td valign="top" width="8"></td>
<td rowspan="2" valign="top" width="398"></td>
<td valign="top" width="12"></td>
<td rowspan="2" valign="top" width="99"></td>
</tr>

<tr>
<td valign="top" width="137">
<p><font size="2">Gary P. Encinas<br />
 Attorney-in-fact</font></p>
</td>
<td valign="top" width="8"></td>
<td valign="top" width="12"></td>
</tr>
</table>
</div>

<b><font size="2"><br clear="all" />
</font>
</b>

<div>
<p align="center"><font size="2"><b>INDEX TO EXHIBITs</b></font></p>

<p></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><b><font size="2">Exhibit <u>Number</u>&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td valign="bottom">
<p><b><u><font size="2">Description</font></u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">1.1</font></p>
</td>
<td valign="top">
<p><font size="2">Form of Underwriting Agreement*</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">4.1</font></p>
</td>
<td valign="top">
<p><font size="2">Restated Articles of Incorporation of the Registrant
(incorporated by reference to Exhibit 3.1 of the Registrant&rsquo;s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2003,
File No. 1-12609).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">4.2</font></p>
</td>
<td valign="top">
<p><font size="2">By-Laws of the Registrant amended as of April 21, 2004
(incorporated by reference to Exhibit 3.2 of the Registrant&rsquo;s
Quarterly Report on Form 10-Q for the quarter ended March 31, 2004,
File No. 1-12609).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">5.1</font></p>
</td>
<td valign="top">
<p><font size="2">Opinion of Gary P. Encinas.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">23.1</font></p>
</td>
<td valign="top">
<p><font size="2">Consent of Deloitte &amp; Touche LLP.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">23.2</font></p>
</td>
<td valign="top">
<p><font size="2">Consent of Gary P. Encinas (included in Exhibit 5.1).</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">24.1</font></p>
</td>
<td valign="top">
<p><font size="2">Powers of Attorney.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="2">24.2</font></p>
</td>
<td valign="top">
<p><font size="2">Resolution of the Board of Directors authorizing the execution
of the Registration Statement.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p><font size="2">__________________</font></p>

<p><font size="2">*&nbsp; To be filed by amendment or as an exhibit to a report
filed under the Securities Exchange Act of 1934, as amended, and
incorporated herein by reference.</font></p>
</td>
</tr>
</table>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ex5-1.htm
<DESCRIPTION>GPE OPINION
<TEXT>
<html>
<head>
<title>Exhibit 5.1 GPE Opinion</title>
</head>
<body>
<div>
<p align="right">Exhibit 5.1</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p>December 21, 2004</p>

<p style="line-height: 100%">PG&amp;E Corporation<br>
One Market Street<br>
Spear Tower, Suite 2400<br>
San Francisco, CA 94105</p>

<p>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>PG&amp;E Corporation
&ndash; Registration Statement on Form S-3</u></p>

<p>Ladies and Gentlemen:</p>

<p align="left">At your request, I, Chief Counsel, Corporate, for
PG&amp;E Corporation, a California corporation (the
&ldquo;Company&rdquo;), am rendering this opinion in connection
with the above-referenced Registration Statement (the
&ldquo;Registration Statement&rdquo;) relating to the issuance and
sale, from time to time, by the Company of its shares of Common Stock, no par
value, having a maximum aggregate public offering price of up to
$1,000,000,000 (the &ldquo;Shares&rdquo;).&nbsp; The Shares may be
sold from time to time by the Company as set forth in the
Registration Statement, the prospectus contained therein (the
&ldquo;Prospectus&rdquo;) and the supplements to the Prospectus
(the &ldquo;Prospectus Supplements&rdquo;).</p>

<p align="left">I, or members of the Company&rsquo;s Law Department
acting under my direction and under my supervision, have examined
instruments, documents and records which I deemed relevant and
necessary for the basis of my opinion hereinafter expressed.&nbsp;
In such examination, I have assumed the following:&nbsp; (a) the
authenticity of original documents and the genuineness of all
signatures; (b) the conformity to the originals of all documents
submitted to me as copies; and (c) the truth, accuracy and completeness of the information,
representations and warranties contained in the records, documents,
instruments and certificates I have reviewed.</p>

<p align="left">Based on such examination, I am of the opinion that
when (i) the issuance of the Shares has<br />
been duly authorized by appropriate corporate action of the
Company, and (ii) the certificates representing the Shares have
been duly executed by the Company, countersigned, registered, sold
and delivered in the manner and for the consideration approved by
the Company&rsquo;s Board of Directors and as stated in the registration Statement, the
Prospectus and the applicable Prospectus Supplement and the
applicable definitive purchase, underwriting or other sale
agreement, then the Shares will be validly authorized, legally
issued, fully paid and nonassessable.</p>

<p align="left">I express no opinion as to matters of law in
jurisdictions other than the State of California and federal law of
the United States.</p>

<hr>
PG&amp;E Corporation<br>
December 21, 2004<br>
Page 2

<br clear="all" />


<p align="left">I hereby consent to the filing of this opinion as
to an exhibit to this Registration Statement and to the use of my
name under the caption &ldquo;Legal Matters&rdquo; in the
Prospectus.&nbsp; In giving such consent, I do not consider that I
am an &ldquo;expert&rdquo; within the meaning of such term as used
in the Securities Act of 1933, as amended, or the rules and
regulations of the Securities and Exchange Commission issued
thereunder, with respect to any part of the Registration Statement
or any Prospectus Supplement, including this opinion as an exhibit
or otherwise.</p>

<p>Very truly yours,</p>

<p>/s/ GARY P. ENCINAS</p>

<p>Gary P. Encinas</p>

<p>GPE:dae</p>

<p>&nbsp;</p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>exhibit23-1.htm
<DESCRIPTION>CONSENT OF D&T
<TEXT>
<html>
<head>
<title>Exhibit 23.1 D&amp;T consent</title>
</head>
<body>
<div>
<p align="right"><b>EXHIBIT 23.1<br />
</b></p>

<p align="center"><b>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</b></p>

<p>We consent to the incorporation by reference in this
Registration Statement of PG&amp;E Corporation on Form S-3 of our reports dated February 18, 2004 (March 1, 2004 as
to the last three paragraphs of Note 1 and June 18, 2004 as to the first three paragraphs of&nbsp;
&ldquo;Adoption of New Accounting Policies&rdquo; in Note 1),
(which reports express an unqualified opinion and include
explanatory paragraphs relating to accounting changes, a revision
of revenues and expenses of discontinued operations to the 2002 and
2001 financial statements of PG&amp;E Corporation and going concern
uncertainties), appearing in the current report on Form 8-K dated June 18, 2004 (of PG&amp;E Corporation and Pacific
Gas and Electric Company) and to the reference to us under the
heading of &ldquo;Experts&rdquo; in the Prospectus, which is part
of this Registration Statement.</p>

<p>DELOITTE &amp; TOUCHE LLP<br />
__________________________<br />
DELOITTE &amp; TOUCHE LLP</p>

<p>San Francisco, California<br />
December 20, 2004</p>
</div>
</body>
</html>


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.1
<SEQUENCE>4
<FILENAME>exhibit24-1.htm
<DESCRIPTION>POWERS OF ATTORNEY
<TEXT>
<html>
<head>
<title>Exhibit 24.1 Powers of Attorney</title>
</head>
<body>
<div>
<p align="right">EXHIBIT 24.1</p>

<p align="center"><b>POWER OF ATTORNEY</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the undersigned Directors of PG&amp;E Corporation (the
&ldquo;Corporation&rdquo;) hereby constitutes and appoints LINDA
Y.H. CHENG, WONDY S. LEE, ERIC MONTIZAMBERT, GARY P. ENCINAS,
KATHLEEN M. HAYES, DOREEN A. LUDEMANN, and JOHN E. FORD, and each
of them, as his or her attorneys in fact with full power of
substitution and resubstitution to sign in his or her capacity as
such Director of said Corporation:<br />
</p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<blockquote>
<p>(A)</p>
</blockquote>
</td>
<td valign="top">
<p>a Registration Statement to be filed with the Securities and
Exchange Commission relating to the issuance and sale, from time to
time, of&nbsp; securities with an aggregate offering price of up to
$2.0 billion or the equivalent thereof in one or more foreign
currencies, and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 </p>
</td>
</tr>

<tr>
<td valign="top">
<blockquote>
<p>(B)</p>
</blockquote>
</td>
<td valign="top">
<p>any and all amendments and other filings or documents related to
such Registration Statement.</p>
</td>
</tr>
</table>
</div>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the undersigned hereby ratifies all that said attorneys in fact
or any of them may do or cause to be done by virtue hereof.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, we have signed these presents this 18th day of
June, 2003.</p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom">
<p><u>David R.
Andrews&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
<td rowspan="2" valign="top"></td>
<td valign="bottom">
<p><u>David M. Lawrence,
MD&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>DAVID R. ANDREWS<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>DAVID M. LAWRENCE</p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><u>David A.
Coulter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
<td rowspan="2" valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="bottom">
<p><u>Mary S.
Metz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>DAVID A. COULTER<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>MARY S. METZ</p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><u>C. Lee
Cox&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
<td rowspan="2" valign="top"></td>
<td valign="bottom">
<p><u>Carl E.
Reichardt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>C. LEE COX<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>CARL E. REICHARDT</p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><u>William S.
Davila&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
<td rowspan="2" valign="top"></td>
<td valign="bottom">
<p><u>Barry Lawson
Williams&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>WILLIAM S. DAVILA<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>BARRY LAWSON WILLIAMS</p>
</td>
</tr>

<tr>
<td valign="bottom">
<p><u>Robert D. Glynn,
Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
<td rowspan="2" valign="bottom"></td>
<td rowspan="2" valign="bottom"></td>
</tr>

<tr>
<td valign="top">
<p>ROBERT D. GLYNN, JR.</p>
</td>
</tr>
</table>
</div>
</div>

<hr>

<b><br clear="all" />
</b>

<div>
<p align="center"><b>POWER OF ATTORNEY</b></p>

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

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

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROBERT
D. GLYNN, JR., the undersigned, Chairman of the Board, Chief
Executive Officer, and President of PG&amp;E Corporation (the
&ldquo;Corporation&rdquo;), hereby constitutes and appoints LINDA
Y.H. CHENG, WONDY S. LEE, ERIC MONTIZAMBERT, GARY P. ENCINAS,
KATHLEEN M. HAYES, DOREEN A. LUDEMANN, and JOHN E. FORD, and each
of them, as his attorneys in fact with full power of substitution
and resubstitution to sign in his capacity as such Chairman of the
Board, Chief Executive Office, and President (principal executive
officer) of said Corporation:</p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<blockquote>
<p>(A)</p>
</blockquote>
</td>
<td valign="top">
<p>a Registration Statement to be filed with the Securities and
Exchange Commission relating to the issuance and sale, from time to
time, of&nbsp; securities with an aggregate offering price of up to
$2.0 billion or the equivalent thereof in one or more foreign
currencies, and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 </p>
</td>
</tr>

<tr>
<td valign="top">
<blockquote>
<p>(B)</p>
</blockquote>
</td>
<td valign="top">
<p>any and all amendments and other filings or documents related to
such Registration Statement.</p>
</td>
</tr>
</table>
</div>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby ratifies all that said attorneys in fact or any
of them may do or cause to be done by virtue hereof.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF,&nbsp; I have signed these presents this 18th day
of June, 2003.</p>

<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>
ROBERT D. GLYNN, JR.<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert
D. Glynn, Jr.</p>

<hr>


<p align="center"><b>POWER OF ATTORNEY</b></p>

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

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PETER
A. DARBEE, the undersigned, Senior Vice President and Chief
Financial Officer of PG&amp;E Corporation (the
&ldquo;Corporation&rdquo;), hereby constitutes and appoints LINDA
Y.H. CHENG, WONDY S. LEE, ERIC MONTIZAMBERT, GARY P. ENCINAS,
KATHLEEN M. HAYES, DOREEN A. LUDEMANN, and JOHN E. FORD, and each
of them, as his attorneys in fact with full power of substitution
and resubstitution to sign in his capacity as such Senior Vice
President and Chief Financial Officer (principal financial officer)
of said Corporation:</p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<blockquote>
<p>(A)</p>
</blockquote>
</td>
<td valign="top">
<p>a Registration Statement to be filed with the Securities and
Exchange Commission relating to the issuance and sale, from time to
time, of&nbsp; securities with an aggregate offering price of up to
$2.0 billion or the equivalent thereof in one or more foreign
currencies, and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 </p>
</td>
</tr>

<tr>
<td valign="top">
<blockquote>
<p>(B)</p>
</blockquote>
</td>
<td valign="top">
<p>any and all amendments and other filings or documents related to
such Registration Statement.</p>
</td>
</tr>
</table>
</div>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby ratifies all that said attorneys in fact or any
of them may do or cause to be done by virtue hereof.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, I have signed these presents this 18th day of
June, 2003.</p>

<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>
PETER A. DARBEE<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peter
A. Darbee</p>

<hr>
&nbsp;


<p align="center"><b>POWER OF ATTORNEY</b></p>

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

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

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHRISTOPHER
P. JOHNS, the undersigned, Senior Vice President and Controller of
PG&amp;E Corporation (the &ldquo;Corporation&rdquo;), hereby
constitutes and appoints LINDA Y.H. CHENG, WONDY S. LEE, ERIC
MONTIZAMBERT, GARY P. ENCINAS, KATHLEEN M. HAYES, DOREEN A.
LUDEMANN, and JOHN E. FORD, and each of them, as his attorneys in
fact with full power of substitution and resubstitution to sign in
his capacity as such Senior Vice President and Controller
(principal accounting officer) of said Corporation:</p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<blockquote>
<p>(A)</p>
</blockquote>
</td>
<td valign="top">
<p>a Registration Statement to be filed with the Securities and
Exchange Commission relating to the issuance and sale, from time to
time, of&nbsp; securities with an aggregate offering price of up to
$2.0 billion or the equivalent thereof in one or more foreign
currencies, and<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 </p>
</td>
</tr>

<tr>
<td valign="top">
<blockquote>
<p>(B)</p>
</blockquote>
</td>
<td valign="top">
<p>any and all amendments and other filings or documents related to
such Registration Statement.</p>

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

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned hereby ratifies all that said attorneys in fact or any
of them may do or cause to be done by virtue hereof.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, I have signed these presents this 18th day of
June, 2003.</p>

<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>
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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher
P. Johns</p>

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


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24.2
<SEQUENCE>5
<FILENAME>exhibit24-2.htm
<DESCRIPTION>SHELF RESOLUTION
<TEXT>
<html>
<head>
<title>Exhibit 24.2 Shelf Resolution</title>
</head>
<body>
<div>
<p align="right"><b>EXHIBIT 24.2</b></p>

<p><b><u></u></b></p>

<p align="center"><b><u>Universal Shelf Registration Statement for PG&amp;E
Corporation</u></b></p>

<p align="center" style="line-height: 150%"><b><u>RESOLUTION OF<br>
THE BOARD OF DIRECTORS OF<br>
PG&amp;E CORPORATION<br>
</u></b><u>June 18, 2003</u></p>

<p style="line-height: 150%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Board of Directors of this corporation has
determined that it is in the best interest of this corporation to
prepare and file with the Securities and Exchange Commission a
registration statement that allows this corporation to issue a
variety of debt and equity securities, from time to time, as
necessary or otherwise deemed appropriate by this Board of
Directors, or for purchasers of unregistered securities of this
corporation to resell those securities;</p>

<p style="line-height: 150%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, BE IT RESOLVED that this Board of Directors
hereby approves the issue and sale from time to time of the
following securities of this corporation (each a
&ldquo;Security,&rdquo; and collectively, the
&ldquo;Securities&rdquo;), with an aggregate offering price of up
to $2.0 billion or the equivalent thereof in one or more foreign
currencies: (i)&nbsp;senior and subordinated debt securities of
this corporation (collectively, the &ldquo;Debt Securities&rdquo;),
(ii)&nbsp;common stock, no par value, together with related
preferred stock purchase rights (&ldquo;Common Stock&rdquo;),
(iii)&nbsp;preferred stock (&ldquo;Preferred Stock&rdquo;),
(iv)&nbsp;depositary shares of this corporation,
(v)&nbsp;Securities convertible or exchangeable into other
Securities, (vi)&nbsp;warrants to purchase Common Stock, Preferred
Stock, or Debt Securities, (vii)&nbsp;contracts to purchase any
Security, including calls, (viii)&nbsp;contracts to sell any
Security, including puts and options, (ix)&nbsp;preferred
securities of one or more financing trusts, all of the common stock
of which is owned by this corporation and guarantees relating to
such preferred securities, (x)&nbsp;options, warrants, or other
rights to purchase capital stock of another corporation or entity,
and (xi)&nbsp;units consisting of two or more Securities; for
repayment or refinancing of borrowings, working capital, or general
corporate purposes; and</p>

<p style="line-height: 150%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE IT FURTHER RESOLVED that the Securities shall be issued by
this corporation in the manner and in such amounts and at such
times as shall be approved by this Board of Directors, provided
that no additional approval shall be required in connection with
the issuance of Debt Securities of up $825 million authorized by
separate resolution on the date hereof;</p>

<p style="line-height: 150%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE IT FURTHER RESOLVED that the appropriate officers and counsel
of this corporation are hereby authorized to prepare and file with
the Securities and Exchange Commission a registration statement or
statements under the Securities Act of 1933, as amended (the
&ldquo;Securities Act&rdquo;), and any necessary amendments or
supplements thereto, including the financial statements and all
exhibits and schedules thereto, and including any indenture to be
qualified pursuant to the Trust Indenture Act of 1939
(collectively, a &ldquo;Shelf Registration Statement&rdquo;), with
respect to the offer and sale by this corporation of the Securities
or the resale thereof; and</p>

<p style="line-height: 150%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE IT FURTHER RESOLVED that each of LINDA&nbsp;Y.H. CHENG,
WONDY&nbsp;S. LEE, ERIC MONTIZAMBERT, GARY&nbsp;P. ENCINAS,
KATHLEEN&nbsp;M. HAYES, DOREEN&nbsp;A. LUDEMANN, and JOHN E. FORD
is hereby authorized, jointly and severally, to sign any Shelf
Registration Statement on behalf of this corporation relating to
any offer and sale of the Securities or the resale thereof, as
attorneys-in-fact for the Chief Executive Officer, the Chief
Financial Officer, and the Controller of this corporation, and to
do any and all acts necessary to satisfy the requirements of the
Securities Act, and the regulations of the Securities and Exchange
Commission adopted pursuant thereto with regard to such Shelf
Registration Statement; and</p>

<p style="line-height: 150%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE IT FURTHER RESOLVED that the appropriate officers of this
corporation are each hereby authorized to prepare, execute, and
file all necessary documents, and to take all action which, as a
result of the proposed sales or resales of the Securities herein
authorized, may be required to comply with the securities or blue
sky laws of the various states and jurisdictions of the United
States, and that this Board of Directors hereby adopts the form of
any resolutions required by any such authority to be filed in
connection with any applications, consents to service,
issuers&rsquo; covenants, or other documents if (1)&nbsp;in the
opinion of the officers of this corporation executing the same,
adoption of such resolutions is necessary or appropriate, and
(2)&nbsp;the Corporate Secretary or an Assistant Corporate
Secretary of this corporation evidences such adoption by inserting
in the minutes of this meeting copies of such resolutions, which
will thereupon be deemed to be adopted by this Board of Directors
with the same force and effect as if presented at this meeting;
and</p>

<p style="line-height: 150%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE IT FURTHER RESOLVED that the Chairman of the Board, the Chief
Executive Officer, the President, any Senior Vice President, any
Vice President, the Chief Financial Officer, the Treasurer, the
Corporate Secretary, any Assistant Corporate Secretary, the
Assistant Treasurer, and the Transfer Agent of this corporation are
each hereby authorized, jointly and severally, to perform and to do
such acts and things and to execute and deliver such other
agreements, undertakings, documents, instruments, financing
statements, or certificates as such person may deem necessary,
desirable, or appropriate in order to carry out the intent of the
foregoing paragraphs of this resolution; and</p>

<p style="line-height: 150%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BE IT FURTHER RESOLVED that any actions taken by the officers of
this corporation prior to the date of this resolution that are
within the authority conferred thereby are hereby ratified,
confirmed, and approved as the acts and deeds of this
corporation.</p>
</div>

<hr>
<p style="line-height: 150%">&nbsp;</p>


<div>
<p style="line-height: 150%">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I, LINDA Y.H. CHENG, do hereby certify that I am Corporate
Secretary of PG&amp;E CORPORATION, a corporation organized and
existing under the laws of the State of California; that the above
and foregoing is a full, true, and correct copy of a resolution
which was duly adopted by the Board of Directors of said
corporation at a meeting of said Board which was duly and regularly
called and held at the office of said corporation on June&nbsp;18,
2003; and that this resolution has never been amended, revoked, or
repealed, but is still in full force and effect.</p>

<p style="line-height: 150%">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WITNESS my hand and the seal of said corporation hereunto affixed
this 20th day of December, 2004.</p>

<p style="line-height: 150%">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>LINDA Y.H. CHENG<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Linda Y.H. Cheng<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Corporate Secretary<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PG&amp;E CORPORATION</p>

<p style="line-height: 150%">C&nbsp; O&nbsp; R&nbsp; P&nbsp; O&nbsp; R&nbsp; A&nbsp; T&nbsp;
E</p>

<p style="line-height: 150%">
&nbsp;<font size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
S&nbsp; E&nbsp; A&nbsp; L</font></p>
</div>
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</TEXT>
</DOCUMENT>
</SUBMISSION>
