QuickLinks -- Click here to rapidly navigate through this document


EXHIBIT 11

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

 
   Year Ended December 31,
  
 
   2004
   2003
   2002(1)
  
 
   (in millions, except per share amounts)

  
Income from continuing operations   $ 3,820   $ 791   $ 1,723  
Discontinued operations     684     (365 )   (2,536 )
   
 
 
 
Net income (loss) before cumulative effect of changes in accounting principles     4,504     426     (813 )
Cumulative effect of changes in accounting principles     —     (6 )   (61 )
   
 
 
 
Net income (loss) for basic and diluted calculations     4,504     420     (874 )
   
 
 
 
Earnings (loss) allocated to common shareholders, basic     4,299     400     (853 )
Earnings (loss) allocated to 9.50% Convertible Subordinated Notes, basic     205     20     (21 )
   
 
 
 
      4,504     420     (874 )
   
 
 
 
Earnings (loss) allocated to common shareholders, diluted     4,303     401     (853 )
Earnings (loss) allocated to 9.50% Convertible Subordinated Notes, diluted     201     19     (21 )
   
 
 
 
      4,504     420     (874 )
   
 
 
 
Weighted average common shares outstanding, basic(2)     398     385     371  
9.50% Convertible Subordinated Notes     19     19     9  
   
 
 
 
Weighted average common shares and participating securities, basic     417     404     380  
  Employee stock options, restricted stock, PG&E Corporation shares held by grantor trusts and accelerated share repurchase agreement(3)     7     4     2  
  PG&E Corporation Warrants     2     5     2  
   
 
 
 
Weighted average common shares outstanding and participating securities, diluted     426     413     384  
   
 
 
 
Earnings (Loss) Per Common Share, Basic                    
Income from continuing operations   $ 9.16   $ 1.96   $ 4.53  
Discontinued operations     1.64     (0.90 )   (6.67 )
Cumulative effect of changes in accounting principles     —     (0.01 )   (0.16 )
Rounding     —     (0.01 )   —  
   
 
 
 
Net earnings (loss) per common share, basic   $ 10.80   $ 1.04   $ (2.30 )
   
 
 
 
Earnings (Loss) Per Common Share, Diluted                    
Income from continuing operations   $ 8.97   $ 1.92   $ 4.49  
Discontinued operations     1.60     (0.88 )   (6.60 )
Cumulative effect of changes in accounting principles     —     (0.01 )   (0.16 )
Rounding     —     (0.01 )   —  
   
 
 
 
Net earnings (loss) per common share, diluted   $ 10.57   $ 1.02   $ (2.27 )
   
 
 
 
(1)
Prior period amounts of NEGT, Inc. have been reclassified to discontinued operations.

(2)
Weighted average common shares outstanding exclude shares held by a subsidiary of PG&E Corporation (24,665,500 at December 31, 2004 and 23,815,500 shares at December 31, 2003 and 2002) and PG&E Corporation shares held by grantor trusts to secure deferred compensation obligations (281,985 shares at December 31, 2004, 2003 and 2002).

(3)
Includes approximately 222,000 shares of PG&E Corporation common stock potentially issuable in settlement of an obligation of PG&E Corporation of approximately $7.4 million under an accelerated share repurchase agreement at December 31, 2004.



QuickLinks

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