<SUBMISSION>
<ACCESSION-NUMBER>0001004980-05-000129
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20050504
<ITEMS>2.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20050504
<DATE-OF-FILING-DATE-CHANGE>20050504
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PG&E CORP
<CIK>0001004980
<ASSIGNED-SIC>4931
<IRS-NUMBER>943234914
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12609
<FILM-NUMBER>05797072
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE MARKET SPEAR TOWER
<STREET2>SUITE 2400
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94105
<PHONE>4152677000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE MARKET SPEAR TOWER
<STREET2>SUITE 2400
<CITY>SAN FRANCISCO
<STATE>CA
<ZIP>94105
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PG&E PARENT CO INC
<DATE-CHANGED>19951214
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>final050405.htm
<DESCRIPTION>FORM 8-K DATED MAY 4, 2005
<TEXT>
<html>
<head>
</head>
<body link="blue" vlink="purple">
<div>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="5" valign="top">
<p align="center"><b>UNITED STATES</b></p>
</td>
</tr>

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

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

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

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

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

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

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

<tr>
<td colspan="5" valign="top">
<p align="center"><b>Date of Report: May 4, 2005</b></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p></p>

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

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

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

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

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

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

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information included in this Current Report on Form 8-K is being
furnished, not filed, pursuant to Item 2.02 of Form 8-K.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 4, 2005, PG&amp;E Corporation issued the press release attached
hereto as Exhibit 99.1 announcing its financial results and the
financial results of its subsidiary, Pacific Gas and Electric
Company (Utility), for the quarter ended March 31, 2005.&nbsp;
Additional supplemental information relating to PG&amp;E
Corporation&rsquo;s and the Utility&rsquo;s financial results is
attached as Exhibit 99.2.&nbsp; This additional supplemental
financial information also will be posted on the
&ldquo;Investors&rdquo; section of PG&amp;E Corporation&rsquo;s
website at www.pgecorp.com.&nbsp; Much of this information is
derived from the Quarterly Report on Form 10-Q for the quarter
ended March 31, 2005 to be filed by PG&amp;E Corporation and the
Utility with the Securities and Exchange Commission and should be
read in conjunction with such Quarterly Report on Form 10-Q.</p>

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

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
attached exhibits contain forward-looking statements regarding 2005
and 2006 guidance for earnings per common share from operations for
PG&amp;E Corporation and estimates of the Utility&rsquo;s rate base
for 2005 and 2006 that are necessarily subject to various risks and
uncertainties.&nbsp; Actual results could differ materially from
those contemplated by the forward-looking statements.&nbsp; These
statements are based on current expectations and assumptions which
management believes are reasonable, including that the Utility
earns an authorized return on equity of 11.22 percent, that the
second series of energy recovery bonds is issued in November 2005,
and that the Utility makes certain capital expenditures.&nbsp; In
addition to the risk that these assumptions prove to be inaccurate,
some of the factors that could cause actual results to differ
materially include:</p>

<ul>
  <li>The timing and resolution of the pending appeals of the
California Public Utilities Commission&rsquo;s (CPUC) approval of
the settlement agreement entered into on December 19, 2003 by
PG&amp;E Corporation, the Utility, and the CPUC to resolve the
Utility&rsquo;s Chapter 11 proceeding, or the Settlement Agreement,
and the bankruptcy court&rsquo;s confirmation of the
Utility&rsquo;s plan of reorganization,<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>Unanticipated changes in operating expenses or capital
expenditures, which may affect the Utility&rsquo;s ability to earn
its authorized rate of return;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>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>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>The operation of the Utility&rsquo;s Diablo Canyon nuclear power
plant which exposes the Utility to potentially significant
environmental costs and capital expenditure outlays;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>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>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>Whether the assumptions and forecasts underlying the
Utility&rsquo;s CPUC-approved long-term electricity procurement
plan prove to be accurate, the terms and conditions of the
generation or procurement commitments the Utility enters into in
connection with its plan, the extent to which the Utility is able
to recover the costs it incurs in connection with these
commitments, and the extent to which a failure to perform by any of
the counterparties to the Utility&rsquo;s electricity purchase
contracts or the California Department of Water Resources&rsquo;
contracts allocated to the Utility&rsquo;s customers affects the
Utility&rsquo;s ability to meet its obligations or to recover its
costs;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>The extent to which the CPUC or the Federal Energy Regulatory
Commission 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>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>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>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>The impact of future legislative or regulatory actions or
policies;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>Increased competition;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>The outcome of pending litigation; and<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>Other factors discussed in PG&amp;E Corporation's SEC
reports.</li>
</ul>

<p><b>Item 7.01 Regulation FD Disclosure</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
additional supplemental information included in Exhibit 99.2 is
incorporated by reference in response to this Item 7.01, and is
deemed to be furnished, not filed, pursuant to Item 7.01 of Form
8-K.</p>

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

<p>Exhibits</p>

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

<p>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E Corporation
Press Release Dated May 4, 2005</p>

<p>Exhibit 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Supplemental Financial Information<br clear="all" />
</p>

<div align="center">
<hr size="2" width="624" align="center" />
</div>

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

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

<tr>
<td valign="top">
<p>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrants have duly caused this report to be signed on
their behalf by the undersigned thereunto duly authorized.</p>

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

<p></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top">
<p>PG&amp;E CORPORATION</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>By:&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p><u>CHRISTOPHER P. JOHNS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Christopher P. Johns<br />
 Senior Vice President, Chief Financial Officer and Controller</p>
</td>
</tr>

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

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

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

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>By:&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p><u>DINYAR B. MISTRY&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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Dinyar B. Mistry<br />
 Vice President and Controller</p>
</td>
</tr>
</table>

<p>Dated:&nbsp; May 4, 2005</p>

<div align="center">
<hr size="2" width="624" align="center" />
</div>

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

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>No.</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>Description of Exhibit</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>99.1&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>PG&amp;E Corporation Press Release Dated May 4, 2005</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>99.2&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Additional Supplemental Financial Information</p>
</td>
</tr>
</table>
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>
<head>
<title>Exhibit 99.1</title>
</head>
<body link="blue" vlink="purple">
<div>
<p align="right"><b>Exhibit 99.1</b></p>
<table border="0" cellspacing="0" cellpadding="0" width="690">
<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>
&nbsp;</b> <b><i><u>PG&amp;E
CORPORATION</u><sub>&trade;</sub></i></b></font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Corporate
Communications<br />
 One Market, Spear Tower<br />
 Suite 2400<br />
 San Francisco, CA&nbsp; 94105<br />
 1-800-743-6397</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">NEWS</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table border="1" cellspacing="0" cellpadding="0" width="690">
<tr>
<td valign="top">
<p><b><font size="3" face="Times New Roman">FOR IMMEDIATE
RELEASE</font></b></p>
</td>
<td valign="top">
<p><b><font size="3" face="Times New Roman">May 4,
2005</font></b></p>
</td>
</tr>
</table>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONTACT: PG&amp;E
Corporation</font></p>

<p><b><u><font size="3" face="Times New Roman">PG&amp;E CORP.
REPORTS SOLID FIRST QUARTER FINANCIAL<br />
PERFORMANCE</font></u></b></p>

<ul type="square">
<li><font size="3" face="Times New Roman">Net income for PG&amp;E
Corporation was $0.54 per share, compared with $7.15 per share in
the same quarter of 2004, which included large non-cash items
associated with the settlement resolving Pacific Gas and Electric
Company&rsquo;s Chapter 11 case. (All &ldquo;per share&rdquo;
amounts in this release are common shares on a diluted
basis.)&nbsp;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="3" face="Times New Roman">Earnings from operations
for PG&amp;E Corporation were $0.56 per share, up from $0.41 per
share in the same quarter of 2004.</font></li>
</ul>

<p style="line-height: 150%"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(San
Francisco) -- PG&amp;E Corporation&rsquo;s (NYSE: PCG) consolidated
net income as reported in accordance with generally accepted
accounting principles (GAAP) was $218 million, or $0.54 per share,
in the first quarter of 2005.&nbsp; Last year in the first quarter,
consolidated net income was $3.03 billion, or $7.15 per
share.&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
Pacific Gas and Electric Company only, net income in accordance
with GAAP was $219 million for the quarter, compared with
approximately $3.1 billion for the same quarter last year.&nbsp; In
2004, first quarter results included large one-time, non-cash items
recorded in connection with the approval of the settlement
agreement to resolve Pacific Gas and Electric Company&rsquo;s
Chapter 11 proceeding.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;First
quarter earnings were in line with our expectations,&rdquo; said
Peter A. Darbee, PG&amp;E Corporation President and CEO. &ldquo;Our
performance continues to reflect solid utility operations, a
healthy financial profile and a stable business climate.&nbsp;
Since the start of 2005, we&rsquo;ve declared and paid our first
common dividend since late 2000, executed a substantial common
stock repurchase program, and completed the first of a two-part
refinancing that will help save customers up to $1 billion over
time.&rdquo;</font></p>

<p><b><u><font size="3" face="Times New Roman">EARNINGS FROM
OPERATIONS</font></u></b></p>

<p style="line-height: 150%"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
a non-GAAP, earnings-from-operations basis, PG&amp;E Corporation
earned $226 million, or $0.56 per share in the first quarter of
2005, compared with $175 million, or $0.41 per share in the first
quarter last year.&nbsp; Pacific Gas and Electric Company
contributed $227 million, or $0.56 per share, to earnings from
operations in the first quarter, compared with $180 million, or
$0.42 per share, in the first quarter of last year.&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings
from operations excludes certain non-operating income and expenses
reported in GAAP net income. These items are shown as &ldquo;Items
Impacting Comparability&rdquo; on the accompanying financial
tables, which reconcile earnings from operations with consolidated
net income in accordance with GAAP.&nbsp; For the first quarter,
items impacting comparability totaled $0.02 per share, reflecting
the net interest expense associated with Chapter 11 claims that are
still pending.&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
disclosed in the Corporation&rsquo;s quarterly report on Form 10-Q
for the quarter, accounting for stock options as an expense in the
quarter would have reduced earnings by less than $0.01 per
share.&nbsp;&nbsp;</font></p>

<p><b><u><font size="3" face="Times New Roman">QUARTER-OVER-QUARTER
COMPARISON</font></u></b></p>

<p style="line-height: 150%"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
difference in PG&amp;E Corporation&rsquo;s earnings from operations
for the first quarter of 2005 compared with first quarter 2004
results primarily from the timing of last year&rsquo;s final
decision in Pacific Gas and Electric Company&rsquo;s 2003 General
Rate Case.&nbsp; Because the decision was received in May of last
year, first quarter 2004 results did not include its effects, which
would have added approximately $0.15 per share to earnings from
operations.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
contributing to the quarter-over-quarter difference was an
additional $0.03 per share in 2005, reflecting increased earnings
on the equity portion of Pacific Gas and Electric Company&rsquo;s
rate base (the equity portion of rate base grew from about 48
percent in the first quarter last year to 52 percent in January
2005).&nbsp; An additional increase of $0.02 per share in 2005 is
attributable to the effects of fewer shares outstanding, with
another $0.02 per share reflecting other miscellaneous items.<br />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Partially
offsetting these items, the company raised its forecast of
environmental remediation costs by about $0.03 per share, after
updating estimates to complete work at a number of existing
sites.&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
impacting the quarter-over-quarter difference in earnings from
operations was a reduction of about $0.04 per share in earnings
associated with the regulatory asset established under the
settlement resolving Pacific Gas and Electric Company&rsquo;s
Chapter 11 case. The company securitized the regulatory asset in
February 2005, and as a result, earned a return on the asset for
only a portion of the first quarter, compared with a full quarter
of returns last year.&nbsp;</font></p>

<p><b><u><font size="3" face="Times New Roman">EARNINGS
GUIDANCE</font></u></b></p>

<p style="line-height: 150%"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E
Corporation is reaffirming its previously issued 2005 guidance for
earnings from operations in the range of $2.15 to $2.25 per share,
and its 2006 guidance in a range of $2.30 to $2.40 per
share.&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E
Corporation bases guidance on &ldquo;earnings from
operations&rdquo; in order to provide a measure that allows
investors to compare the underlying financial performance of the
business from one period to another, exclusive of items that
management believes do not reflect the normal course of operations.
Earnings from operations are not a substitute or alternative for
consolidated net income presented in accordance with
GAAP.</font></p>

<p align="center"><font size="3" face=
"Times New Roman">###</font></p>

<p><b><font size="2" face="Times New Roman">Supplemental Financial
Information:&nbsp;</font></b></p>

<ul type="square">
<li><font size="2" face="Times New Roman">In addition to the
financial information accompanying this release, an expanded
package of supplemental financial material for the quarter will be
furnished to the Securities and Exchange Commission and also will
be available shortly on PG&amp;E Corporation&rsquo;s website.&nbsp;
(www.pgecorp.com)</font></li>
</ul>

<p><b><font size="2" face="Times New Roman">Conference Call with
the Financial Community to Discuss First Quarter
Results:</font></b></p>

<ul type="square">
<li><font size="2" face="Times New Roman">Today&rsquo;s call at
1:00 p.m. Eastern time is open to the public on a listen-only basis
via webcast.&nbsp; Please visit www.pgecorp.com for more
information and instructions for accessing the webcast. The call
will be archived on the website. Also, a toll-free replay will be
accessible shortly after the live call through 9:00 p.m. EDT, on
May 11, 2005, by dialing 877-690-2095. International callers may
dial 402-220-0650.</font></li>
</ul>

<p><font size="2" face="Times New Roman">This press release and the
attachment contain forward-looking statements regarding 2005 and
2006 guidance for earnings from operations per common share for
PG&amp;E Corporation that are based on current expectations and
assumptions which management believes are reasonable and on
information currently available to management.&nbsp;&nbsp; These
statements are necessarily subject to various risks and
uncertainties.&nbsp; In addition to the risk that the assumptions
on which the statements are based (including that Pacific Gas and
Electric Company (Utility) earns an authorized return on equity of
11.22 percent, the second series of energy recovery bonds is issued
in November 2005, and that the Utility makes certain capital
expenditures) prove to be inaccurate, factors that could cause
actual results to differ materially from those contemplated by the
forward-looking statements include:</font></p>

<ul type="disc">
<li><font size="2" face="Times New Roman">The timing and resolution
of the pending appeals of the California Public Utilities
Commission&rsquo;s (CPUC) approval of the Utility&rsquo;s Chapter
11 settlement agreement and the bankruptcy court&rsquo;s
confirmation of the Utility&rsquo;s plan of
reorganization;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">Unanticipated changes in
operating expenses or capital expenditures, which may affect the
Utility&rsquo;s ability to earn its authorized rate of
return;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">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>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">The operation of the
Utility&rsquo;s Diablo Canyon nuclear power plant, which exposes
the Utility to potentially significant environmental costs and
capital expenditure outlays;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">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>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">Whether the assumptions
and forecasts underlying the Utility&rsquo;s CPUC-approved
long-term electricity procurement plan prove to be accurate, the
terms and conditions of the generation or procurement commitments
the Utility enters into in connection with its plan, the extent to
which the Utility is able to recover the costs it incurs in
connection with these commitments, and the extent to which a
failure to perform by any of the counterparties to the
Utility&rsquo;s electricity purchase contracts or the California
Department of Water Resources&rsquo; contracts allocated to the
Utility&rsquo;s customers affects the Utility&rsquo;s ability to
meet its obligations or to recover its costs;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">The extent to which the
CPUC or the Federal Energy Regulatory Commission 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>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">How the CPUC administers
the capital structure, stand-alone dividend, and first priority
conditions of the CPUC&rsquo;s decisions permitting the
establishment of holding companies for the California
investor-owned electric utilities;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">The impact of future
legislative or regulatory actions or policies;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">Increased
competition;<br>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">The outcome of pending
litigation; and<br>
  &nbsp;&nbsp;&nbsp;&nbsp;</font></li>

<li><font size="2" face="Times New Roman">Other factors discussed
in PG&amp;E Corporation's SEC reports.</font></li>
</ul>

<p align="center"><font size="2" face=
"Times New Roman">###</font></p>

<p><font size="2" face="Times New Roman"><br clear="all" />
</font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p><b><font size="1" face="Arial">PG&amp;E Corporation<br />
First Quarter 2005 Press Release</font></b></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="674">
<tr>
<td nowrap colspan="7" valign="bottom">
<p style="border-top-style: solid"><b><font size="1" face="Arial">PG&amp;E
Corporation</font></b></p>
</td>
</tr>

<tr>
<td nowrap colspan="7" valign="bottom">
<p><b><font size="1" face="Arial">Condensed Consolidated Statements
of Income</font></b></p>
</td>
</tr>

<tr>
<td nowrap colspan="7" valign="bottom">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">(Unaudited)</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="3" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="3" face="Times New Roman">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="3" face="Times New Roman">&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p align="center"><b><font size="1" face="Arial">Three Months Ended
March 31,</font></b></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="1" face="Arial">(in millions, except per share
amounts)</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2005</b></font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2004</b></font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="1" face="Arial">Operating Revenues</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Electric</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp; 1,660</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
1,791</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Natural gas</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,009</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
931</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">Total operating revenues</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,669</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,722</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="1" face="Arial">Operating Expenses</font></b></p>
</td>
<td valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Cost of electricity</font></p>
</td>
<td valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
396</font></p>
</td>
<td valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
561</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Cost of natural gas</font></p>
</td>
<td valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
620</font></p>
</td>
<td valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
578</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Operating and maintenance</font></p>
</td>
<td valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
767</font></p>
</td>
<td valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
816</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Recognition of regulatory
assets</font></p>
</td>
<td valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-</font></p>
</td>
<td valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(4,900)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Depreciation, amortization and
decommissioning</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
385</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
312</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Reorganization professional fees and
expenses</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">Total operating (gain)
expenses</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,168</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,631)</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="1" face="Arial">Operating Income</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
501</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,353</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Reorganization interest
income</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Interest income</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
21</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Interest expense</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(161)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(231)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Other expense, net</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(27)</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="1" face="Arial">Income Before Income
Taxes</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
360</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,109</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Income tax provision</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
142</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,076</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="1" face="Arial">Net Income</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp; 218</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial">$&nbsp;&nbsp;
3,033</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="1" face="Arial">Weighted Average Common Shares
Outstanding, Basic</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
388</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
393</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="1" face="Arial">Net Earnings Per Common Share,
Basic</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
0.55</font></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp; 7.36</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="1" face="Arial">Net Earnings Per Common Share,
Diluted</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
0.54</font></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp; 7.15</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="1" face="Arial">Dividends Declared Per Common
Share</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
0.30</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom" style="border-bottom-style: solid">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom" style="border-bottom-style: solid">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom" style="border-bottom-style: solid">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom" style="border-bottom-style: solid">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom" style="border-bottom-style: solid">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>
</table>
</div>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>

<p><font size="3" face="Times New Roman"><br clear="all" />
</font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p><b><font size="1" face="Arial">PG&amp;E Corporation<br />
First Quarter 2005 Press Release</font></b></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="743">
<tr>
<td nowrap valign="bottom">
<p style="border-top-style: solid"><b><font size="1" face="Arial">Earnings Summary</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">First Quarter 2005 vs. First
Quarter 2004</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">(in millions except per share
amounts)</font></b></p>
</td>
</tr>
</table>
</div>

<p align="center"><font size="3" face="Times New Roman"></font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="740">
<tr>
<td nowrap valign="top">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="top">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="top">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="top">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="3" valign="top">
<p align="center"><b><font size="1" face="Arial"><br />
 Earnings (Loss)</font></b></p>
</td>
<td nowrap valign="top">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td colspan="3" valign="top">
<p align="center"><b><font size="1" face="Arial">Earnings (Loss)
per<br />
 &nbsp; Common Share (Diluted)</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="3" valign="bottom">
<p align="center"><b><font size="1" face="Arial">Three months
ended</font></b></p>
</td>
<td nowrap valign="bottom">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="3" valign="bottom">
<p align="center"><b><font size="1" face="Arial">Three months
ended</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="3" valign="bottom" align="center">
<p align="center"><font size="1" face="Arial"><b>March
31,</b></font></p>
</td>
<td nowrap valign="bottom">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="3" valign="bottom">
<p align="center"><b><font size="1" face="Arial">March
31,</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom" align="center">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2005</b></font></p>
</td>
<td nowrap valign="bottom" align="center">
<p align="center"><font size="1" face=
"Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap valign="bottom" align="center">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2004</b></font></p>
</td>
<td nowrap valign="bottom">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2005</b></font></p>
</td>
<td nowrap valign="bottom">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2004</b></font></p>
</td>
</tr>

<tr>
<td nowrap colspan="4" valign="bottom">
<p><font size="1" face="Arial">Pacific Gas and Electric Company and
Holding Company</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="3" valign="bottom">
<p><font size="1" face="Arial">Pacific Gas and Electric Company
<sup>1</sup></font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">$
&nbsp;&nbsp;&nbsp;&nbsp; 227&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
180</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
0.56&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp; 0.42&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="3" valign="bottom">
<p><font size="1" face="Arial">Holding Company</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(1)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(5)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(0.01)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Earnings from Operations</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">226&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">175</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">0.56&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">0.41&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="3" valign="bottom">
<p><font size="1" face="Arial">Items Impacting Comparability
<sup>2</sup></font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Implementation of Electric Industry
Restructuring</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">2,950</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">-&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">6.96&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Energy Crisis/Chapter 11 Interest
Costs</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">(8)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">(56)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">(0.02)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">(0.13)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">Dividend Participation
Rights</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">-&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">(19)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face=
"Arial">-&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">(0.05)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(17)</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">-&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(0.04)</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">Total</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(8)</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">2,858</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(0.02)</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">6.74&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="4" valign="bottom">
<p><font size="1" face="Arial">PG&amp;E Corporation Earnings on a
GAAP basis</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp; 218&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial">$&nbsp;
3,033</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
0.54&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp; 7.15&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>
</table>
</div>

<p><sup><font size="1" face="Arial">1</font></sup><font size="1"
face="Arial">&nbsp;&nbsp; Earnings from operations exclude items
impacting comparability as discussed below.</font></p>

<p><sup><font size="1" face="Arial">2</font></sup><font size="1"
face="Arial">&nbsp;&nbsp; Items impacting comparability reconcile
earnings from operations with consolidated net income as reported
in accordance with generally accepted accounting principles, or
GAAP.</font></p>

<p><b><font size="1" face="Arial"><br />
DISCUSSION:</font></b></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p><font size="1" face="Arial">1.&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="1" face="Arial">Earnings from operations contributed
by the Utility excludes items impacting comparability, as discussed
below, totaling $8 million ($0.02 per common share) for the quarter
ended March 31, 2005 and $2,886 million ($6.81 per common share)
for the quarter ended March 31, 2004.&nbsp; On a GAAP basis, the
Utility earned $219 million for the three months ended March 31,
2005 and $3,066 million for the three months ended March 31,
2004.</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="1" face="Arial">2.</font></p>
</td>
<td valign="top">
<p><font size="1" face="Arial">Items impacting comparability for
the quarter ending March 31, 2005 include the net effect of
incremental interest costs of $8 million ($0.02 per common share),
after-tax, related to remaining generator disputed claims in the
Utility&rsquo;s Chapter 11 proceeding, which are subject to
resolution by bankruptcy court.</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="1" face="Arial">3.</font></p>
</td>
<td valign="top">
<p><font size="1" face="Arial">Items impacting comparability for
the quarter ended March 31, 2004 include:</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="630">
<tr>
<td valign="top">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font face="Arial" size="1">a.&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="1" face="Arial">The Utility&rsquo;s recognition of a
gain of approximately $2,950 million ($6.96 per common share)
related to the establishment of regulatory assets contemplated in
the December 19, 2003 settlement agreement, or Settlement
Agreement, entered into between the Utility, PG&amp;E Corporation
and the California Public Utilities Commission, or CPUC, to resolve
the Utility's Chapter 11 proceeding;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
<p><font face="Arial" size="1">b.&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="1" face="Arial">The net effect of incremental
interest costs of $52 million ($0.12 per common share) from the
increased amount and cost of debt resulting from the California
energy crisis and the Utility's Chapter 11 filing;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"><font face="Arial" size="1">c.&nbsp;&nbsp;</font></td>
<td valign="top">
<p><font size="1" face="Arial">Increased costs of $4 million ($0.01
per common share) related to the Chapter 11 filings of the Utility
and National Energy &amp; Gas Transmission, Inc., or NEGT.&nbsp;
These costs generally consist of external legal consulting fees,
financial advisory fees and other related costs and
payments;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"><font face="Arial" size="1">d.&nbsp;&nbsp;</font></td>
<td valign="top">
<p><font size="1" face="Arial">A change in the market value of
non-cumulative dividend participation rights of $19 million ($0.05
per common share) related to the Holding Company&rsquo;s $280
million of 9.5% Convertible Subordinated Notes; and</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"><font face="Arial" size="1">e.</font></td>
<td valign="top">
<p><font size="1" face="Arial">The Utility's recognition of $17
million ($0.04 per common share) in charges related to obligations
to invest in clean energy technology and donate land, included in
the Settlement Agreement.</font></p>
</td>
</tr>
</table>

<hr>

<p>&nbsp;</p>

<p><b><font size="1" face="Arial">PG&amp;E Corporation<br />
First Quarter 2005 Press Release</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="468">
<tr>
<td nowrap colspan="3" valign="bottom" style="border-top-style: solid">
<p><b><font size="1" face="Arial">2005 Earnings per Common Share
Guidance</font></b></p>
</td>
<td nowrap valign="bottom" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="center"><font size="1" face="Arial">Low</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><font size="1" face="Arial">High</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">EPS Guidance on an Earnings from
Operations Basis</font></p>
</td>
<td nowrap valign="bottom" align="right">
<p align="center"><b><font size="1" face=
"Arial">$2.15&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom" align="right">
<p align="center"><b><font size="1" face=
"Arial">$2.25&nbsp;</font></b></p>
</td>
</tr>

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

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">Items Impacting Comparability:
<sup>1</sup></font></p>
</td>
<td nowrap valign="bottom" align="right"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom" align="right"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp; Incremental interest
expense <sup>2</sup></font></p>
</td>
<td nowrap valign="bottom" align="right">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(0.08)</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom" align="right">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(0.05)</font></p>
</td>
</tr>

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

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">EPS Guidance on a GAAP
Basis</font></p>
</td>
<td nowrap valign="bottom" align="right">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial"><b>$2.07&nbsp;</b></font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom" align="right">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial"><b>$2.20&nbsp;</b></font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>
</table>

<p><sup><font size="1" face="Arial">1
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></sup>
<font size="1" face="Arial">The range of potential outcomes is
developed using a range of dollar estimates and a range of
estimated shares outstanding for the items presented.</font></p>

<p><sup><font size="1" face="Arial">2
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></sup>
<font size="1" face="Arial">The net expense, after tax, related to
remaining generator disputed claims in the Utility's Chapter 11
proceeding, which are subject to resolution in the bankruptcy
court.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="468">
<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap colspan="8" valign="bottom" style="border-top-style: solid">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>2006 Earnings per Common Share
Guidance</b></font></p>
</td>
<td nowrap valign="bottom" style="border-top-style: solid">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom" style="border-top-style: solid">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="5" valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="5" valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p align="center"><font size="1" face="Arial">Low</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p align="center"><font size="1" face="Arial">High</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="5" valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="5" valign="bottom">
<p><font size="1" face="Arial">EPS Guidance on an Earnings from
Operations Basis</font></p>
</td>
<td nowrap colspan="2" valign="bottom" align="right">
<p align="right"><b><font size="1" face=
"Arial">$2.30&nbsp;&nbsp;</font></b></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom" align="right">
<p align="right"><b><font size="1" face=
"Arial">$2.40&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="5" valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom" align="right"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom" align="right"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="5" valign="bottom">
<p><font size="1" face="Arial">Items Impacting
Comparability</font></p>
</td>
<td nowrap colspan="2" valign="bottom" align="right">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">0.00&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom" align="right">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">0.00&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="5" valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom" align="right"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom" align="right"></td>
</tr>

<tr>
<td nowrap valign="bottom">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="5" valign="bottom">
<p><font size="1" face="Arial">EPS Guidance on a GAAP
basis</font></p>
</td>
<td nowrap colspan="2" valign="bottom" align="right">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial"><b>$2.30&nbsp;&nbsp;</b></font></p>
</td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom" align="right">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial"><b>$2.40&nbsp;&nbsp;</b></font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="5" valign="bottom">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" valign="bottom">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap valign="bottom">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>
</table>

<p><font size="1" face="Arial">Management's statements regarding
2005 and 2006 guidance for earnings from operations per share for
PG&amp;E Corporation constitute forward looking statements that are
based on current expectations and assumptions which management
believes are reasonable.&nbsp; These statements are necessarily
subject to various risks and uncertainties.&nbsp; In addition to
the risk that the assumptions on which the statements are based
(including that the Utility earns an authorized return on equity of
11.22%, that the second series of energy recovery bonds is issued
in late 2005, and that the Utility makes certain capital
expenditures) prove to be inaccurate, many factors could cause
actual results to differ materially from those contemplated by the
forward-looking statements.&nbsp; These factors are noted in
PG&amp;E Corporation's and Pacific Gas and Electric Company's
Current Report on Form 8-K dated May 4, 2005 and are discussed in
their combined Annual Report on Form 10-K for the year ended
December 31, 2004 and their Quarterly Report on Form 10-Q for the
quarter ended March 31, 2005.</font></p>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>TABLES-ADDITIONAL SUPPLEMENTAL FINANCIAL INFORMATION
<TEXT>
<html>
<head>
<title>Exhibit 99.2</title>
</head>
<body>
<div>
<div align="center"><font size="3" face="Times New Roman"></font>
  <p align="right"><b>Exhibit 99.2</b></p>
<hr size="2" width="100%" align="center" />
</div>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="741">
<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white">
<h2><b><font size="1" face="Arial">PG&amp;E
Corporation<br>
</font></b></h2>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<h2><b><font size="1" face="Arial">Table 1:&nbsp; Earnings
Summary</font></b></h2>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">First Quarter 2005 vs. First
Quarter 2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">(in millions except per share
amounts)</font></b></p>
</td>
</tr>
</table>
</div>

<p><font size="1" face="Arial"></font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="740" height="313">

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="337">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white" width="160">
<p align="center"><b><font size="1" face="Arial">Earnings (Loss)<br>
Three months
ended<br>
March
31,</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="20">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white" width="189">
<p align="center"><b><font size="1" face="Arial">Earnings (Loss)
per<br />
 &nbsp; Common Share (Diluted)<br>
Three months
ended<br>
March
31,</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="20" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="20" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="20" valign="bottom" bgcolor="white" width="337">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="20" valign="top" bgcolor="#FFFFFF" width="75">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2005</b></font></p>
</td>
<td nowrap height="20" valign="top" bgcolor="#FFFFFF" width="11">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="20" valign="top" bgcolor="#FFFFFF" width="70">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">2004</font></b></p>
</td>
<td nowrap height="20" valign="top" bgcolor="#FFFFFF" width="20">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="20" valign="top" bgcolor="#FFFFFF" width="77">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">2005</font></b></p>
</td>
<td nowrap height="20" valign="top" bgcolor="#FFFFFF" width="12">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="20" valign="top" bgcolor="#FFFFFF" width="96">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white" width="363">
<p><font size="1" face="Arial">Pacific Gas and Electric Company and
Holding Company</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="75">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="70">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="77">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="96">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="20" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="20" valign="bottom" bgcolor="white" width="350">
<p><font size="1" face="Arial">Pacific Gas and Electric Company
<sup>1</sup></font></p>
</td>
<td nowrap height="20" valign="bottom" bgcolor="white" width="75">
<p align="right"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp; 227&nbsp;</font></p>
</td>
<td nowrap height="20" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="20" valign="bottom" bgcolor="white" width="70">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
180</font></p>
</td>
<td nowrap height="20" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="20" valign="bottom" bgcolor="white" width="77">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
0.56&nbsp;</font></p>
</td>
<td nowrap height="20" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="20" valign="bottom" bgcolor="white" width="96">
<p align="right"><font size="1" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp; 0.42&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white" width="350">
<p><font size="1" face="Arial">Holding Company</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="75">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="70">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="77">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="96">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="337">
<p><font size="1" face="Arial">Earnings from Operations</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="75">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="70">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">175</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="77">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">0.56&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="96">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">0.41&nbsp;</font></p>
</td>
</tr>

<tr height="24">
<td nowrap height="24" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="24" valign="bottom" bgcolor="white" width="350">
<p><font size="1" face="Arial">Items Impacting Comparability
<sup>2</sup></font></p>
</td>
<td nowrap height="24" valign="bottom" bgcolor="white" width="75">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="24" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="24" valign="bottom" bgcolor="white" width="70">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="24" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="24" valign="bottom" bgcolor="white" width="77">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="24" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="24" valign="bottom" bgcolor="white" width="96">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="337">
<p><font size="1" face="Arial">Implementation of Electric Industry
Restructuring</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="75">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="70">
<p align="right"><font size="1" face="Arial">2,950</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="77">
<p align="right"><font size="1" face=
"Arial">-&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="96">
<p align="right"><font size="1" face="Arial">6.96&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="337">
<p><font size="1" face="Arial">Energy Crisis/Chapter 11 Interest
Costs</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="75">
<p align="right"><font size="1" face="Arial">(8)</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="70">
<p align="right"><font size="1" face="Arial">(56)</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="77">
<p align="right"><font size="1" face="Arial">(0.02)</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="96">
<p align="right"><font size="1" face="Arial">(0.13)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="23" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="23" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="23" valign="bottom" bgcolor="white" width="337">
<p><font size="1" face="Arial">Dividend Participation
Rights</font></p>
</td>
<td nowrap height="23" valign="bottom" bgcolor="white" width="75">
<p align="right"><font size="1" face=
"Arial">-&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="23" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="23" valign="bottom" bgcolor="white" width="70">
<p align="right"><font size="1" face="Arial">(19)</font></p>
</td>
<td nowrap height="23" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="23" valign="bottom" bgcolor="white" width="77">
<p align="right"><font size="1" face=
"Arial">-&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="23" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="23" valign="bottom" bgcolor="white" width="96">
<p align="right"><font size="1" face="Arial">(0.05)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="337">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="75">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="70">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(17)</u></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="77">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="96">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="337">
<p><font size="1" face="Arial">Total</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="75">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(8)</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="11">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="70">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">2,858</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="20">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="77">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(0.02)</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="12">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="96">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">6.74&nbsp;</font></p>
</td>
</tr>

<tr height="22">
<td nowrap colspan="3" height="22" valign="bottom" bgcolor="white" width="363">
<p><font size="1" face="Arial">PG&amp;E Corporation Earnings on a
GAAP basis</font></p>
</td>
<td nowrap height="22" valign="bottom" bgcolor="white" width="75">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp; 218&nbsp;</font></p>
</td>
<td nowrap height="22" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="22" valign="bottom" bgcolor="white" width="70">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial">$&nbsp;
3,033</font></p>
</td>
<td nowrap height="22" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="22" valign="bottom" bgcolor="white" width="77">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
0.54&nbsp;</font></p>
</td>
<td nowrap height="22" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="22" valign="bottom" bgcolor="white" width="96">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp; 7.15&nbsp;</font></p>
</td>
</tr>

<tr height="2">
<td nowrap height="16" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white" width="337">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="top" bgcolor="white" width="75">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white" width="11">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="top" bgcolor="white" width="70">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white" width="20">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="top" bgcolor="white" width="77">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="top" bgcolor="white" width="96">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>
</table>
</div>

<p><font size="1" face="Arial"></font></p>

<p><sup><font size="1" face="Arial">1</font></sup><font size="1"
face="Arial">&nbsp;&nbsp;</font> <font size="1" face=
"Arial">Earnings from operations exclude items impacting
comparability as discussed below.</font></p>

<p><sup><font size="1" face="Arial">2</font></sup><font size="1"
face="Arial">&nbsp;&nbsp;</font> <font size="1" face="Arial">Items
impacting comparability reconcile earnings from operations with
consolidated net income as reported in accordance with generally
accepted accounting principles, or GAAP.</font></p>

<p><font size="1" face="Arial"></font></p>

<p><b><font size="1" face="Arial">DISCUSSION:<br />
</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="648">
<tr>
<td colspan="2" valign="top" width="17">
<p><font size="1" face="Arial">1.&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top" width="629">
<p><font size="1" face="Arial">Earnings from operations contributed
by the Utility excludes items impacting comparability, as discussed
below, totaling $8 million ($0.02 per common share) for the quarter
ended March 31, 2005 and $2,886 million ($6.81 per common share)
for the quarter ended March 31, 2004.&nbsp; On a GAAP basis, the
Utility earned $219 million for the three months ended March 31,
2005 and $3,066 million for the three months ended March 31,
2004.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top" width="17"></td>
<td colspan="2" valign="top" width="629">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top" width="17">
<p><font size="1" face="Arial">2. &nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top" width="629">
<p><font size="1" face="Arial">Items impacting comparability for
the quarter ending March 31, 2005 include the net effect of
incremental interest costs of $8 million ($0.02 per common share),
after-tax, related to remaining generator disputed claims in the
Utility&rsquo;s Chapter 11 proceeding, which are subject to
resolution by bankruptcy court.</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top" width="17"></td>
<td colspan="2" valign="top" width="629">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top" width="17">
<p><font size="1" face="Arial">3.&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" valign="top" width="629">
<p><font size="1" face="Arial">Items impacting comparability for
the quarter ended March 31, 2004 include:<br>
</font></p>
</td>
</tr>

<tr>
<td width="16">
</td>
<td colspan="2" valign="top" width="1">
</td>
<td valign="top" width="1865">
<font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
</td>
</tr>

<tr>
<td width="16">
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top" width="1">
<p><font size="1" face="Arial">a.&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="1865">
<p><font size="1" face="Arial">The Utility&rsquo;s recognition of a
gain of approximately $2,950 million ($6.96 per common share)
related to the establishment of regulatory assets contemplated in
the December 19, 2003 settlement agreement, or Settlement
Agreement, entered into between the Utility, PG&amp;E Corporation
and the California Public Utilities Commission, or CPUC, to resolve
the Utility&rsquo;s Chapter 11 proceeding;</font></p>
</td>
</tr>

<tr height="10">
<td width="16">
<p>&nbsp;</p>
</td>
<td colspan="2" height="10" valign="top" width="1">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td height="10" valign="top" width="1865">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="16">
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top" width="1">
<p><font size="1" face="Arial">b.&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="1865">
<p><font size="1" face="Arial">The net effect of incremental
interest costs of $52 million ($0.12 per common share) from the
increased amount and cost of debt resulting from the California
energy crisis and the Utility&rsquo;s Chapter 11 filing;</font></p>
</td>
</tr>

<tr>
<td width="16">
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top" width="1"></td>
<td valign="top" width="1865">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td width="16">
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top" width="1">
<p><font size="1" face="Arial">c.&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="1865">
<p><font size="1" face="Arial">Increased costs of $4 million ($0.01
per common share) related to the Chapter 11 filings of the Utility
and National Energy &amp; Gas Transmission, Inc., or NEGT.&nbsp;
These costs generally consist of external legal consulting fees,
financial advisory fees and other related costs and payments;</font></p>
</td>
</tr>

<tr>
<td width="16">
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top" width="1"></td>
<td valign="top" width="1865"></td>
</tr>

<tr>
<td width="16">
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top" width="1">
<p><font size="1" face="Arial">d.&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="1865">
<p><font size="1" face="Arial">A change in the market value of
non-cumulative dividend participation rights of $19 million ($0.05
per common share) related to the Holding Company&rsquo;s $280
million of 9.5% Convertible Subordinated Notes; and</font></p>
</td>
</tr>

<tr>
<td width="16">
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top" width="1"></td>
<td valign="top" width="1865"></td>
</tr>

<tr>
<td width="16">
<p>&nbsp;</p>
</td>
<td colspan="2" valign="top" width="1">
<p><font size="1" face="Arial">e.&nbsp;&nbsp;</font></p>
</td>
<td valign="top" width="1865">
<p><font size="1" face="Arial">The Utility&rsquo;s recognition of
$17 million ($0.04 per common share) in charges related to
obligations to invest in clean energy technology and donate land,
included in the Settlement Agreement.</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
</div>

<p>&nbsp;</p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="453">
<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white" width="378">
<b><font face="Arial" size="1">PG&amp;E
Corporation</font></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" width="66">
&nbsp;
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white" width="378" style="border-top-style: solid">
<p><font size="1" face="Arial"><b>Table 2:&nbsp;Earning Per Share from
Operations,</b></font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" width="66" style="border-top-style: solid">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="378">
<p><b><font size="1" face="Arial">First Quarter 2005 vs. First
Quarter 2004</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="66">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="444" colspan="2">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">($/Share)</font></b></p>
<p align="left"><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="36">
<td nowrap height="36" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial"><b>Q1 2004 EPS from Operations </b>
<sup>1</sup></font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="66">
<p align="right"><b><font size="1" face=
"Arial">$0.41&nbsp;</font></b></p>
</td>
</tr>

<tr height="35">
<td nowrap height="35" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial">Timing of 2003 GRC and attrition
decision <sup>2</sup></font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white" width="66">
<p align="right"><font size="1" face="Arial">0.15&nbsp;</font></p>
</td>
</tr>

<tr height="19">
<td nowrap height="19" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial">Higher equity earnings on rate base
<sup>3</sup></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white" width="66">
<p align="right"><font size="1" face="Arial">0.03&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial">Fewer shares outstanding</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="66">
<p align="right"><font size="1" face="Arial">0.02&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial">Miscellaneous items</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="66">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="66">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">0.22&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="66">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial">Lower earnings on the settlement
regulatory asset <sup>4</sup></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="66">
<p align="right"><font size="1" face="Arial">(0.04)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial">Increased estimate of environmental
remediation</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="66">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="66">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(0.07)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="378">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="66">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="19">
<td nowrap height="19" valign="bottom" bgcolor="white" width="378">
<p><b><font size="1" face="Arial">Q1 2005 EPS from Operations
<sup>1</sup></font></b></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white" width="66">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">$<b>0.56&nbsp;</b></font></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white" width="444" colspan="2">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
</td>
</tr>
</table>
</div>

<p><sup><font size="1" face=
"Arial">1&nbsp;&nbsp;&nbsp;</font></sup> <font size="1" face=
"Arial">See Table 1 for a reconciliation of earnings per share, or EPS, from operations to EPS on a GAAP basis.</font></p>

<p><sup><font size="1" face=
"Arial">2&nbsp;&nbsp;&nbsp;</font></sup> <font size="1" face=
"Arial">The CPUC issued a final decision in May 2004 that was
retroactive to 2003.&nbsp; As a result, first quarter earnings in
2004 did not include 2003 GRC and 2004 attrition
revenues.</font></p>

<p><sup><font size="1" face="Helvetica">3</font></sup><font size=
"1" face="Arial">&nbsp;&nbsp; The Utility's equity ratio reached
its authorized level of 52% in January 2005, compared to
approximately 48% during the first quarter 2004.</font></p>

<p><sup><font size="1" face="Helvetica">4</font></sup><font size=
"1" face="Arial">&nbsp;&nbsp; The Utility earned a return on the
settlement regulatory asset only through February 10, 2005 (when
the energy recovery bonds were issued to refinance the settlement
regulatory asset) as compared to a full quarter in 2004.</font></p>

<hr>

<p><font size="1" face="Arial"></font></p>

<p style="margin-bottom: 0"><b><font size="1" face="Arial">PG&amp;E
Corporation</font></b>

<font size="1" face="Arial"><br clear="all" />
</font>

<table border="0" cellspacing="0" cellpadding="0" width="636" height="467">

<tr height="17">
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="348" style="border-top-style: solid">
<b><font size="1" face="Arial">Table 3:&nbsp; Share
Statistics</font></b>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="6" style="border-top-style: solid">
&nbsp;
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="12" style="border-top-style: solid">
&nbsp;
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="90" style="border-top-style: solid">
&nbsp;
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="8" style="border-top-style: solid">
&nbsp;
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="94" style="border-top-style: solid">
&nbsp;
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="7" style="border-top-style: solid">
&nbsp;
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="55" style="border-top-style: solid">
&nbsp;
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="348">
<p><font size="1" face="Arial"><b>First Quarter 2005 vs. First
Quarter 2004</b></font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="6">
<p><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="12">
<p><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="90">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="8">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="94">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="7">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="55">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="top" bgcolor="#FFFFFF" width="370">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>(shares in millions except per
share amounts)</b></font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="90">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="8">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="94">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="7">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="#FFFFFF" width="55">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="73">
<td nowrap colspan="3" height="73" valign="bottom" bgcolor="white" width="370">
<p><b><font size="1" face="Arial">Common Stock Data</font></b></p>
</td>
<td height="73" valign="bottom" bgcolor="white" width="90">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>First&nbsp;<br>
 Quarter
</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005</font></p>
</td>
<td height="73" valign="bottom" bgcolor="white" width="8">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td height="73" valign="bottom" bgcolor="white" width="94">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>First<br>
&nbsp;Quarter
</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004</font></p>
</td>
<td height="73" valign="bottom" bgcolor="white" width="7">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td height="73" valign="bottom" bgcolor="white" width="55">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>%</b>
<b>
Change</b></font></p>
</td>
</tr>

<tr height="36">
<td nowrap colspan="3" height="36" valign="bottom" bgcolor="white" width="370">
<p><font size="1" face="Arial">Book value per share - end of
period<sup>1</sup></font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="90">
<p align="right"><font size="1" face="Arial">$21.16</font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="8">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="94">
<p align="right"><font size="1" face="Arial">$18.36</font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="7">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="55">
<p align="right"><font size="1" face="Arial">15.25%</font></p>
</td>
</tr>

<tr height="36">
<td nowrap colspan="3" height="36" valign="bottom" bgcolor="white" width="370">
<p><font size="1" face="Arial">Weighted average common shares
outstanding, basic</font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="90">
<p align="right"><font size="1" face="Arial">388</font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="8">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="94">
<p align="right"><font size="1" face="Arial">393</font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="7">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="36" valign="bottom" bgcolor="white" width="55">
<p align="right"><font size="1" face="Arial">-1.27%</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white" width="370">
<p><font size="1" face="Arial">&nbsp;&nbsp; Employee stock options,
restricted stock, and</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="90">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="8">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="94">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="7">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="55">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white" width="370">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PG&amp;E
Corporation shares held by grantor trusts</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="90">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="8">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="94">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="7">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="55">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white" width="370">
<p><font size="1" face="Arial">Weighted average common shares
outstanding, diluted</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="90">
<p align="right"><font size="1" face="Arial">392</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="8">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="94">
<p align="right"><font size="1" face="Arial">405</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="7">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="55">
<p align="right"><font size="1" face="Arial">-3.21%</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white" width="370">
<p><font size="1" face="Arial">&nbsp;&nbsp; 9.5% Convertible
Subordinated Notes (participating securities)</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="90">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="8">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="94">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="7">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="55">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="30" valign="bottom" bgcolor="white" width="348">
<p><font size="1" face="Arial">Weighted average common shares
outstanding and<br />
 participating securities, diluted</font></p>
</td>
<td nowrap height="30" valign="bottom" width="6"></td>
<td nowrap height="30" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white" width="90">
<p align="right"><font size="1" face="Arial">411</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white" width="8">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white" width="94">
<p align="right"><font size="1" face="Arial">424</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white" width="7">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white" width="55">
<p align="right"><font size="1" face="Arial">-3.07%</font></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white" width="348">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" width="6">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" width="90">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" width="8">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" width="94">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" width="7">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" width="55">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white" width="348">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="6">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="12">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="90">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="8">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="94">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="7">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" width="55">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="35">
<td colspan="8" height="68" valign="bottom" bgcolor="white" width="634">
<hr>
<p><font size="1" face="Arial"><sup>1&nbsp;&nbsp;</sup>Common Shareholders'
Equity per common share outstanding (excluding shares held by Elm Power
Corporation, a wholly owned subsidiary of PG&amp;E Corporation) at period end.</font></p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s Condensed Consolidated Financial Statements and
the Notes thereto included in PG&amp;E Corporation&rsquo;s and
Pacific Gas and Electric Company's Quarterly Report on Form 10-Q
for the quarter ended March 31, 2005.</font></p>
</td>
</tr>
</table>

<p><font size="1" face="Arial"></font></p>
</div>

<font size="1" face="Arial"><br clear="all" />
</font>

<hr>

<div>
<p><b><font size="1" face="Arial">PG&amp;E
CORPORATION</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="510">
<tr height="22">
<td nowrap height="22" valign="bottom" bgcolor="white" style="border-top-style: solid">

<p><b><font size="1" face="Arial">Table 4:&nbsp; Pacific Gas and Electric
company Operating
Statistics</font></b></p>
</td>
<td nowrap height="22" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="22" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="22" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="22" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>First Quarter 2005 vs. First
Quarter 2004</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="30">
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="4" height="30" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>First
Quarter</b></font></p>
</td>
</tr>

<tr height="21">
<td nowrap height="21" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white"></td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>2005</b></font></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="21" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2004&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><u><font size="1" face="Arial">Electric Sales (in millions
kWh)</font></u></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white"></td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Residential</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,442&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,422<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Commercial</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,466&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,477<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Industrial</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,455&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,355<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Agricultural</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
471&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
497<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; BART, public street and
highway lighting</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
193&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
115<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Other electric
utilities</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>&nbsp;&nbsp;&nbsp;
7<b>&nbsp;</b></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Sales from Energy
Deliveries</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19,034&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
18,870<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="8">
<td nowrap height="8" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="8" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Electric Customers at March 31</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;
4,958,963&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,880,134<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" color="red" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><u><font size="1" face="Arial">Bundled Gas Sales (in millions MCF) <sup>1</sup></font></u></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white"></td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="4">
<td nowrap height="4" valign="bottom" bgcolor="white">&nbsp;</td>
<td nowrap height="4" valign="bottom" bgcolor="white"></td>
<td nowrap height="4" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="4" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="4" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Residential</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
82&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
85<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Commercial</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
27<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Industrial</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</b>-<b>&nbsp;&nbsp;</b> &nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Bundled Gas
Sales</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
108&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
112<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Transportation Only
<sup>1</sup></font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
133<b>&nbsp;</b></font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="18" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</b>144<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="7">
<td nowrap height="7" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="7" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Gas Sales</font></b></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
241&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="16" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
256<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="7">
<td nowrap height="7" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="7" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="7" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Gas Customers at March 31</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;
4,132,323&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,057,499<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="10">
<td nowrap height="10" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="10">
<td nowrap height="10" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="10" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><u><font size="1" face="Arial">Sources of Electric Energy (in
millions kWh)</font></u></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white"></td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Utility Generation</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Nuclear</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,653&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,322<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp; &nbsp; Hydro (net)</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,947&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,095<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Fossil</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</b>242&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</b>224<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Total Utility
Generation</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,842&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,641<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Purchased Power</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Qualifying
Facilities</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,354&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,673<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Irrigation
Districts</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
498&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,056<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Other Purchased
Power</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
154&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
172<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Spot Market
Purchases/Sales, net</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19<b>)</b></font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</b>1,193<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Total Purchased
Power</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,987&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,094<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Delivery from DWR</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,044&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,561<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Delivery to Direct Access
Customers</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,102&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,101<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="5">
<td nowrap height="5" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="5" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="5" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="5" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="5" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Other (includes energy
loss)</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" color="red" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&nbsp;</b>&nbsp;
(941)</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</b>(2,527)</font></p>
</td>
</tr>

<tr height="6">
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="6" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total Electric Energy
Delivered</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19,034&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
18,870<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="16" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="16" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="21">
<td nowrap height="21" valign="bottom" bgcolor="white">
<p><b><u><font size="1" face="Arial">Diablo Canyon
Performance</font></u></b></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="21" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Overall capacity factor (including refuelings)</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" color="red" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">99%</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">91%</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Refueling outage period</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">None</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;
3/22/04-6/7/04</font></p>
</td>
</tr>

<tr height="15">
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Refueling outage duration during the
quarter (days)</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">-</font></p>
</td>
<td nowrap height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="15" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.0</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" color="red" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" color="red" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><i><font size="1" face="Times New Roman">&nbsp;</font></i></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><i><font size="1" face="Times New Roman">&nbsp;</font></i></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p><i><font size="1" face="Times New Roman">&nbsp;</font></i></p>
</td>
</tr>
</table>

<hr>

<p>&nbsp;</p>

<p><sup><font size="1" face="Arial">1&nbsp;&nbsp;</font></sup> <font size="1"
face="Arial">2004 amounts have been converted from decatherms, or
DTh, to millions cubic feet, or MCF to conform to the 2005
presentation.</font></p>
</div>

<font size="1" face="Arial"><br clear="all" />
</font>

<hr>
<p><b><font size="1" face="Arial">PG&amp;E
Corporation</font></b></p>

<div>
&nbsp;
<table border="0" cellspacing="0" cellpadding="0" width="468">
<tr height="18">
<td nowrap colspan="7" height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">

<p><b><font size="1" face="Arial">Table 5:&nbsp; 2005 Earnings per
Common Share Guidance</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="35">
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p align="center"><font size="1" face="Arial">Low</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white"></td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p align="center"><font size="1" face="Arial">High</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white">&nbsp;</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;EPS Guidance on an Earnings from Operations
Basis</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">$2.15&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">$2.25&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Items Impacting
Comparability:<sup>1</sup></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
</tr>

<tr height="19">
<td nowrap height="19" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp; Incremental interest
expense <sup>2</sup></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(0</font>.<font size="1" face="Arial">08)</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white"></td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(0.</font><font size="1">05</font><font size="1" face="Arial">)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">EPS Guidance on a GAAP Basis</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial"><b>$2.07&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial"><b>$2.20&nbsp;</b></font></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>
</table>

<p><font face="Arial" size="1"><sup>1&nbsp;&nbsp;&nbsp;The range of potential
outcomes is developed using a range of dollar estimates and a range of estimated
shares outstanding for the items presented.</sup></font></p>

<p><font size="1" face="Arial"><sup>2&nbsp;&nbsp;</sup></font>
<font size="1" face="Arial">The net expense, after tax, related to
remaining generator disputed claims in the Utility's Chapter 11
proceeding, which are subject to resolution in the bankruptcy
court.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="468">
<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="2" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="18">
<td nowrap colspan="7" height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><b><font size="1" face="Arial">Table 6:&nbsp; 2006 Earnings per
Common Share Guidance</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="35">
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">&nbsp;</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p align="center"><font size="1" face="Arial">Low</font></p>
</td>
<td nowrap height="35" valign="bottom" bgcolor="white">&nbsp;</td>
<td nowrap height="35" valign="bottom" bgcolor="white">
<p align="center"><font size="1" face="Arial">High</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">&nbsp;</td>
<td nowrap height="17" valign="bottom" bgcolor="white">&nbsp;</td>
<td nowrap height="17" valign="bottom" bgcolor="white">&nbsp;</td>
<td nowrap height="17" valign="bottom" bgcolor="white">&nbsp;</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">EPS Guidance on an Earnings from Operations Basis</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">&nbsp;</td>
<td nowrap height="17" valign="bottom" bgcolor="white">&nbsp;</td>
<td nowrap height="17" valign="bottom" bgcolor="white">&nbsp;</td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right">
<p align="center"><b><font size="1" face=
"Arial">$2.30&nbsp;&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right">
<p align="center"><b><font size="1" face=
"Arial">$2.40&nbsp;&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Items Impacting
Comparability</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">0</font>.<font size="1" face="Arial">00</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1">0</font><font size="1" face="Arial">.00</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;EPS Guidance on a GAAP basis</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">$<b>2.30&nbsp;&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">$<b>2.40&nbsp;&nbsp;</b></font></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>
</table>

<p><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial">Management's statements regarding
2005 and 2006 guidance for earnings from operations per share for
PG&amp;E Corporation constitute forward looking statements that are
based on current expectations and assumptions which management
believes are reasonable.&nbsp; These statements are necessarily
subject to various risks and uncertainties.&nbsp; In addition to
the risk that the assumptions on which the statements are based
(including that the Utility earns an authorized return on equity of
11.22%, that the second series of energy recovery bonds is issued
in late 2005, and that the Utility makes certain capital
expenditures) prove to be inaccurate, many factors could cause
actual results to differ materially from those contemplated by the
forward-looking statements.&nbsp; These factors are noted in
PG&amp;E Corporation's and Pacific Gas and Electric Company's
Current Report on Form 8-K dated May 4, 2005 and are discussed in
their combined Annual Report on Form 10-K for the year ended
December 31, 2004 and their Quarterly Report on Form 10-Q for the
quarter ended March 31, 2005.</font></p>

<hr>

<font size="1" face="Arial"><br clear="all" />
</font>

<b><font size="1" face="Arial">PG&amp;E
Corporation<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b>

<table border="0" cellspacing="0" cellpadding="0" width="525">
<tr height="18">
<td nowrap colspan="6" height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">

<p><b><font size="1" face="Arial">Table 7:&nbsp; Rate Base -
Pacific Gas and Electric Company</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(in billions)</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="46">
<td nowrap height="46" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="46" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="46" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="46" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td height="46" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face="Arial">2004<br />
Actual</font></b></p>
</td>
<td nowrap height="46" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td height="46" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face="Arial">2005<br />
 Estimated</font></b></p>
</td>
<td height="46" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td height="46" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face="Arial">2006<br />
 Estimated</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Total Weighted Average Rate
Base</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$14.8</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$15.3</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$16.0</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
&nbsp;
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">&nbsp;</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
</tr>
</table>

<hr>

<table border="0" cellspacing="0" cellpadding="0" width="104%">
<tr height="18">
<td nowrap colspan="5" height="18" valign="bottom" bgcolor="white">

<font size="1" face="Arial">

<b><br>
<br>
<br>
PG&amp;E
Corporation<br>
</b></font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
&nbsp;
</td>
</tr>

<tr height="18">
<td nowrap colspan="5" height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">

<p><b><font size="1" face="Arial">Table 8:&nbsp; General Earnings
Sensitivities for 2005</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="6" height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>PG&amp;E Corporation and Pacific
Gas and Electric Company</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="57">
<td nowrap height="57" bgcolor="white">
<h2><b><font size="1" face="Arial">Variable</font></b></h2>
</td>
<td nowrap height="57" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="4" height="57" bgcolor="white">
<p><b><font size="1" face="Arial">Description of
Change</font></b></p>
</td>
<td nowrap height="57" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="57" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td colspan="2" height="57" bgcolor="white">
<p align="center"><b><font size="1" face="Arial">Estimated Earnings
Impact</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Rate base</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">+/-</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">$100 million change in rate
base</font><sup><font size="1" face="Helvetica">1</font></sup></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">+/-</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">$6 million</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Return on equity (ROE)</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">+/-</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">0.1% change in allowed
ROE</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">+/-</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">$8 million</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Share count</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">+/-</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">1% change in average
shares</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">+/-</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">$0.02 per share</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top" bgcolor="white">
<p><font size="1" face="Arial">Revenues</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="white">
<p align="right"><font size="1" face="Arial">+/-</font></p>
</td>
<td nowrap colspan="6" height="17" valign="top" bgcolor="white">
<p><font size="1" face="Arial">$7 million change in revenues
(pre-tax), including<br />
 Electric Transmission and California Gas Transmission</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="white">
<p align="right"><font size="1" face="Arial">+/-</font></p>
</td>
<td nowrap height="17" valign="top" bgcolor="white">
<p><font size="1" face="Arial">$0.01 per share</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap colspan="6" height="17" valign="bottom" bgcolor="white">
</td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
<td nowrap height="17" valign="bottom" bgcolor="white"></td>
</tr>
</table>

<hr>

<p><sup><font size="1" face="Helvetica">1</font></sup> <font size=
"1" face="Arial">Assuming 11.22% return on equity and equity ratio of 52%.</font></p>

<hr>
<b><font size="1" face="Arial">PG&amp;E
Corporation</font></b>

<font size="1" face="Arial"><br clear="all" />
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font>

<table border="0" cellspacing="0" cellpadding="0" width="526" height="482">
<tr height="18">
<td nowrap height="17" valign="bottom" bgcolor="white">

<p style="border-top-style: solid"><b><font size="1" face="Arial">Table 9:&nbsp; First Quarter 2005
Cash Flow Sources and Uses</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p style="border-top-style: solid"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">PG&amp;E Corporation
Consolidated</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">(in millions)</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="32">
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Cash and cash equivalents, January
1, 2005</font></b></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972</b></font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Sources of Cash</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Cash from operations</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,048</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Debt issued</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,874</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Common stock issued</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; 120</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Decrease in restricted
cash</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Net proceeds from sale of
assets</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Other, net</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
26</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font face="Arial" size="1"><b>$&nbsp;&nbsp;
3,105</b></font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Uses of Cash</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Capital expenditures</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Net repayments under credit
facilities and short-term borrowings&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
300</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Long-term debt matured, redeemed, or
repurchased</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
902</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Rate reduction bonds
matured</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
74</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Preferred stock redeemed</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Common stock repurchased</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,065</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Preferred dividends paid</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font face="Arial" size="1"><b>$&nbsp;&nbsp;
2,696</b></font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Cash and cash equivalents, March
31, 2005</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial"><b>$&nbsp;&nbsp;
1,381</b></font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="21" valign="bottom" bgcolor="white"></td>
<td nowrap height="21" valign="bottom" bgcolor="white"></td>
</tr>

<tr height="17">
<td nowrap height="21" valign="bottom" bgcolor="white">
  <p align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
<td nowrap height="21" valign="bottom" bgcolor="white">
  <p align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
</tr>
</table>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s Condensed Consolidated Statements of Cash Flows
included in PG&amp;E Corporation&rsquo;s and Pacific Gas and
Electric Company&rsquo;s Quarterly Report on Form 10-Q for the
quarter ended March 31,
2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</div>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<hr>

<div>
<p><b><font size="1" face="Arial">PG&amp;E
Corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="612">
<tr height="18">
<td nowrap colspan="7" height="18" valign="bottom" bgcolor="white">

<p style="border-top-style: solid"><b><font size="1" face="Arial">Table 10:&nbsp; Consolidated Cash
Position</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="7" height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">First Quarter 2005 vs. First
Quarter 2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="7" height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">(in millions)</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="5" height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face="Arial">Cash as of March
31,</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2005</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2004&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Change</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="7" height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Net Cash Flow from Operating
Activities</font></b></p>
</td>
</tr>

<tr height="19">
<td nowrap height="19" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Holding Company
<sup>1</sup></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$13</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">($122)</font></p>
</td>
<td nowrap colspan="2" height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">$135<b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Pacific Gas and Electric
Company</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">1,035</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">1,009&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">26&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><b><font size="1" face=
"Arial">$1,048</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><b><font size="1" face=
"Arial">$887&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><b><font size="1" face=
"Arial">$161&nbsp;</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="7" height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Consolidated Cash
Balance</font></b></p>
</td>
</tr>

<tr height="19">
<td nowrap height="19" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Holding Company
<sup>2</sup></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">325</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">615<b>&nbsp;</b></font></p>
</td>
<td nowrap colspan="2" height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;
(290)</font></p>
</td>
</tr>

<tr height="19">
<td nowrap height="19" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Pacific Gas and Electric Company
<sup>3</sup></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,056</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2,845<b>&nbsp;</b></u></font></p>
</td>
<td nowrap colspan="2" height="19" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; (1,789)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><b><font size="1" face=
"Arial">$1,381</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><b><font size="1" face=
"Arial">$3,460&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><b><font size="1" face=
"Arial">($2,079)</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="7" height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Consolidated Restricted Cash
Balance</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Holding Company</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">1</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">363</font>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">(362)</font>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Pacific Gas and Electric
Company</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,857</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;&nbsp;7,446<b>&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; (5,589)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><b><font size="1" face=
"Arial">$1,858</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><b><font size="1" face=
"Arial">$7,809&nbsp;</font></b></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><b><font size="1" face="Arial">(5,951)</font></b>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>
</table>

<p><sup><font size="1" face=
"Arial">1&nbsp;&nbsp;&nbsp;</font></sup> <font size="1" face=
"Arial">Reflects elimination of all inter-company transactions in
consolidation.<br>
</font><sup><font size="1" face=
"Arial"><br>
2&nbsp;&nbsp;&nbsp;</font></sup> <font size="1" face=
"Arial">Includes Pacific Venture Capital cash
balance.&nbsp;<br>
<br>
</font><sup><font size="1" face=
"Arial">3&nbsp;&nbsp;&nbsp;</font></sup> <font size="1" face=
"Arial">These amounts do not include restricted cash.&nbsp; The
Utility's restricted cash includes amounts deposited in escrow
related to the remaining disputed Chapter 11 claims, collateral
required by the ISO and deposits under certain third party
agreements.</font></p>

<p><font size="1" face="Arial"><br>
Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation&rsquo;s and Pacific Gas and
Electric Company's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2005.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<hr>

<p>&nbsp;</p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="705">
<tr height="18">
<td nowrap colspan="5" height="18" valign="bottom" bgcolor="white">

<font size="1" face="Arial">&nbsp;</font><b><font size="1" face="Arial">PG&amp;E
Corporation<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
&nbsp;
</td>
</tr>

<tr height="18">
<td nowrap colspan="5" height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">

<p><b><font size="1" face="Arial">Table 11:&nbsp; Long-Term
Debt</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="5" height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">First Quarter 2005 vs. Year End
2004</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">(in millions)</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
</tr>

<tr height="27">
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="3" height="27" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face="Arial">Balance
at</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face="Arial">March
31,</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face="Arial">December
31,</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">2005</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">PG&amp;E
Corporation</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Convertible subordinated notes,
9.50%, due 2010</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp; 280&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Other long-term debt</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Less: current portion</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-&nbsp;</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</b>(1)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp; 280&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Utility</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">First Mortgage Bonds</font>
<sup><font size="1" face="Helvetica">1</font></sup></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">3.26% to 6.05% bonds, due
2006-2034</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;
5,300&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;
6,200&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Unamortized discount, net of
premium</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(17<b>)</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b>&nbsp;&nbsp;&nbsp;
(17)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="3" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Total First Mortgage
Bonds</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,283&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,183&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Pollution control bond loan agreements, variable rates, due 2007</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
614&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
614&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Pollution control bond loan agreement, 5.35%, due 2016</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
200&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
200&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Pollution control bond loan
agreements, 3.50%, due 2007</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
345&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
345&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Pollution control bond reimbursement
obligations, variable rates, due 2005</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
454&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
454&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap colspan="4" height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Less: current portion</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(457<b>)</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(757)</b></font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; 6,442</font></b><font size="1"
face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,043</font></b><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white" align="right">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="18">
<td nowrap colspan="5" height="18" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total consolidated long-term
debt, net of current portion</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" align="right">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp; 6,722</font></b><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp; 7,323</font></b><font size="1" face=
"Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="19">
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
<td nowrap height="19" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>&nbsp;</b></font></p>
</td>
</tr>
</table>
</div>

<p><sup><font size="1" face=
"Arial">1&nbsp;&nbsp;&nbsp;</font></sup> <font size="1" face=
"Arial">On April 22, 2005, the lien of the mortgage securing the
First Mortgage Bonds was released and the First Mortgage Bonds were
re-designated as senior unsecured notes.</font></p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>

<hr>
</div>

<font size="1" face="Arial"><br clear="all" />
</font>

<p>&nbsp;</p>

<div>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="94%">
<tr height="18">
<td nowrap colspan="11" height="18" valign="bottom" bgcolor=
"white">

<b><font face="Arial" size="1">PG&amp;E Corporation</font></b>&nbsp;<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white">
&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
&nbsp;
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
&nbsp;
</td>
</tr>

<tr height="18">
<td nowrap colspan="11" height="18" valign="bottom" bgcolor=
"white" style="border-top-style: solid">

<p><b><font size="1" face="Arial">Table 12:&nbsp; Repayment
Schedule and Interest Rates -- Long-Term Debt, Energy Recovery
Bonds and Rate Reduction Bonds</font></b></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-top-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">(in millions)</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2005</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2006</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2007</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2008</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>2009</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>Thereafter</b></font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>Total</b></font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Long-Term Debt</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="center"><b><font size="1" face=
"Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="32">
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">PG&amp;E
Corporation</font></b></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Average fixed interest
rates</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">9.50%</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">9.50%</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Fixed rate obligations</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;280</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280</font></p>
</td>
</tr>

<tr height="32">
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Utility</font></b></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Average fixed interest
rate</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">3.50%</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">3.60%</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">5.78%</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">5.43%</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Fixed rate obligations</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;345</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;600</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;4,683</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;5,628</font></p>
</td>
</tr>

<tr height="29">
<td nowrap height="29" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Variable interest rate as of March
31, 2005</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">4.00%</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">3.26%</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">2.30%</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="29" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Variable rate obligations</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;454</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;200</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;614</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;1,268</font></p>
</td>
</tr>

<tr height="26">
<td nowrap height="26" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="26" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3</font></p>
</td>
</tr>

<tr height="32">
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Total consolidated long-term&nbsp;</font></b></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;456</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;201</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;959</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;600</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;4,963</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;7,179</font></p>
</td>
</tr>

<tr height="32">
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="32" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="2" height="17" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Energy Recovery Bonds &amp; Rate
Reduction Bonds</font></b></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="30">
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><b><font size="1" face="Arial">Utility</font></b></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="30" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Average fixed interest
rate</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">6.42%</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">6.44%</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">6.48%</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">&nbsp; -</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">6.45%</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Rate reduction bonds</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;216</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;290</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;290</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$0</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796</font></p>
</td>
</tr>

<tr height="27">
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Average fixed interest
rate</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">3.32%</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">3.55%</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">3.87%</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">3.87%</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">4.05%</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">4.35%</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="27" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">4.02%</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">Energy recovery bonds</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;140</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;221</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;230</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;239</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;248</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;810</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom" bgcolor="white">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;1,888</font></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom" bgcolor="white" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>
</table>
</div>

<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>

<p><font size="1" face="Arial"></font></p>
</div>

<font size="1" face="Arial"><br clear="all" />
</font>

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

<div>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="674" height="658">
<tr height="16">
<td nowrap colspan="7" height="20" valign="bottom">

<b><font size="1" face="Arial">PG&amp;E
Corporation</font></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</td>
</tr>

<tr height="16">
<td nowrap colspan="7" height="20" valign="bottom">

<p style="border-top-style: solid"><b><font size="1" face="Arial">Table 13: PG&amp;E
Corporation</font></b></p>
</td>
</tr>

<tr height="16">
<td nowrap colspan="7" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Condensed Consolidated Statements
of Income</font></b></p>
</td>
</tr>

<tr height="16">
<td nowrap colspan="7" height="16" valign="bottom">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>(Unaudited)</b></font></p>
</td>
</tr>

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

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap colspan="3" height="21" valign="bottom">
<p align="center"><b><font size="1" face="Arial">Three Months Ended
March 31,</font></b></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="21" valign="bottom">
<p><b><font size="1" face="Arial">(in millions, except per share
amounts)</font></b></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">2005</font></b></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">2004</font></b></p>
</td>
</tr>

<tr height="8">
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
</tr>

<tr height="16">
<td nowrap colspan="3" height="21" valign="bottom">
<p><b><font size="1" face="Arial">Operating Revenues</font></b></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
</tr>

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Electric</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial" size="1">$</font>
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,660</font></p>
</td>
<td nowrap height="21" valign="bottom">
  <p align="right"><font face="Arial" size="1">$</font></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,791</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Natural gas</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,009</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</b>931</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p><b><font size="1" face="Arial">Total operating
revenues</font></b></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,669</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,722</font></p>
</td>
</tr>

<tr height="16">
<td nowrap colspan="3" height="21" valign="bottom">
<p><b><font size="1" face="Arial">Operating Expenses</font></b></p>
</td>
<td height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
</tr>

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Cost of electricity</font></p>
</td>
<td height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
396</font></p>
</td>
<td height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
561</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Cost of natural gas</font></p>
</td>
<td height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face="Arial">&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
620</font></p>
</td>
<td height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
578</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Operating and maintenance</font></p>
</td>
<td height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
767</font></p>
</td>
<td height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
816</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Recognition of regulatory
assets</font></p>
</td>
<td height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-</font></p>
</td>
<td height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(4,900)</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Depreciation, amortization and
decommissioning</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; 385</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
312</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Reorganization professional fees and
expenses</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p><b><font size="1" face="Arial">Total operating (gain)
expenses</font></b></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,168</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2,631)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="21" valign="bottom">
<p><b><font size="1" face="Arial">Operating Income</font></b></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
501</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,353</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Reorganization interest
income</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Interest income</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
21</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Interest expense</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(161)</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(231)</font></p>
</td>
</tr>

<tr height="16">
<td nowrap height="23" valign="bottom"></td>
<td nowrap colspan="2" height="23" valign="bottom">
<p><font size="1" face="Arial">Other expense, net</font></p>
</td>
<td nowrap height="23" valign="bottom"></td>
<td nowrap height="23" valign="bottom">
</td>
<td nowrap height="23" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(1)</font></p>
</td>
<td nowrap height="23" valign="bottom"></td>
<td nowrap height="23" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(27)</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="21" valign="bottom">
<p><b><font size="1" face="Arial">Income Before Income
Taxes</font></b></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
360</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,109</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="21" valign="bottom"></td>
<td nowrap colspan="2" height="21" valign="bottom">
<p><font size="1" face="Arial">Income tax provision</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
142</font></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,076</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="21" valign="bottom">
<p><b><font size="1" face="Arial">Net Income</font></b></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial" size="1">$</font>
</td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218</font></p>
</td>
<td nowrap height="21" valign="bottom">
  <p align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial" size="1">$</font></p>
</td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,033</font></p>
</td>
</tr>

<tr height="23">
<td nowrap colspan="3" height="23" valign="bottom">
<p><b><font size="1" face="Arial">Weighted Average Common Shares
Outstanding, Basic</font></b></p>
</td>
<td nowrap height="23" valign="bottom"></td>
<td nowrap height="23" valign="bottom">
</td>
<td nowrap height="23" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp; 388</font></p>
</td>
<td nowrap height="23" valign="bottom"></td>
<td nowrap height="23" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
393</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="21" valign="bottom">
<p><b><font size="1" face="Arial">Net Earnings Per Common
Share, Basic</font></b></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial" size="1">$</font>
</td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;0.55</font></p>
</td>
<td nowrap height="21" valign="top" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial" size="1">$</font></td>
<td nowrap height="21" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.36</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="20" valign="bottom">
<p><b><font size="1" face="Arial">Net Earnings Per Common
Share, Diluted</font></b></p>
</td>
<td nowrap height="20" valign="bottom"></td>
<td nowrap height="20" valign="bottom">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial" size="1">$</font>
</td>
<td nowrap height="20" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.54</font></p>
</td>
<td nowrap height="20" valign="top" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial" size="1">$</font></td>
<td nowrap height="20" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.15</font></p>
</td>
</tr>

<tr height="20">
<td nowrap colspan="3" height="21" valign="bottom">
<p><b><font size="1" face="Arial">Dividends Declared Per Common
Share</font></b></p>
</td>
<td nowrap height="21" valign="bottom"></td>
<td nowrap height="21" valign="bottom">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial" size="1">$</font>
</td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30</font></p>
</td>
<td nowrap height="21" valign="bottom" align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial" size="1">$</font></td>
<td nowrap height="21" valign="bottom">
<p align="right"><font size="1" face="Arial">-</font></p>
</td>
</tr>

<tr height="20">
<td nowrap height="20" valign="bottom" style="border-bottom-style: solid">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="20" valign="bottom" style="border-bottom-style: solid">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="20" valign="bottom" style="border-bottom-style: solid">
<p><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
<td nowrap height="20" valign="bottom" style="border-bottom-style: solid">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="20" valign="bottom" style="border-bottom-style: solid">
</td>
<td nowrap height="20" valign="bottom" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="20" valign="bottom" style="border-bottom-style: solid">
<p align="right"><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="20" valign="bottom" style="border-bottom-style: solid">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>
</table>
</div>

<p align="center"><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>

<p><font size="1" face="Arial"></font></p>
</div>

<hr>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<div>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0">

<tr height="16">
<td colspan="14" height="16" valign="bottom">

<b><font size="1" face="Arial">PG&amp;E
Corporation</font></b>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</td>
<td>
</td>
</tr>

<tr height="16">
<td colspan="14" height="16" valign="bottom" style="border-top-style: solid">
<p><b><font size="1" face="Arial">Table 14:&nbsp; PG&amp;E
Corporation</font></b></p>
</td>
<td style="border-top-style: solid">
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="14" height="16" valign="bottom">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">Condensed Consolidated Balance
Sheets</font></b></p>
</td>
<td>
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom"></td>
<td colspan="9" height="16" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom"></td>
<td colspan="9" height="16" valign="top">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">Balance
At</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="9" height="1" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="31">
<td colspan="5" height="31" valign="top">
<p><b><font size="1" face="Arial">(in millions)</font></b></p>
</td>
<td colspan="2" height="31" valign="top">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">March 31,
2005<br />
(Unaudited)</font></b></p>
</td>
<td colspan="3" height="31" valign="top"></td>
<td colspan="4" height="31" valign="top">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial"><br>
December 31, 2004</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="4" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="3" height="1" valign="top"></td>
<td colspan="4" height="1" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">ASSETS</font></b></p>
</td>
<td colspan="2" height="16" valign="top"></td>
<td colspan="3" height="16" valign="top"></td>
<td colspan="4" height="16" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<h3><b><font size="1" face="Arial">Current Assets</font></b></h3>
</td>
<td colspan="2" height="16" valign="top"></td>
<td colspan="3" height="16" valign="top"></td>
<td colspan="4" height="16" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Cash and cash equivalents</font></p>
</td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp; 1,381&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Restricted cash</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,858&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,980&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Accounts receivable:</font></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="30">
<td colspan="5" height="30" valign="bottom">
<pre>
<font size="1" face=
"Arial">Customers (net of allowance for doubtful accounts of $88 million in 2005 and $93 million in 2004)</font>
</pre>
</td>
<td colspan="2" height="30" valign="bottom">
<p align="right"><font size="1" face="Arial">1,916&nbsp;</font></p>
</td>
<td colspan="3" height="30" valign="bottom"></td>
<td colspan="4" height="30" valign="bottom">
<p align="right"><font size="1" face="Arial">2,085&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Regulatory balancing
accounts</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">968&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,021&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Inventories:</font></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Gas stored underground</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">83&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">175&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Materials and supplies</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">131&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">129&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Prepaid expenses and
other</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
55&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td colspan="4" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
46&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="4" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="3" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Total current
assets</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,392&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,408&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="4" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="3" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Property, Plant and
Equipment</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Electric</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">21,689&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">21,519&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Gas</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">8,574&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">8,526&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Construction work in
progress</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">518&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">449&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
15&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
15&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="4" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="3" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<h5><b><font size="1" face="Arial">Total property, plant and
equipment</font></b></h5>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">30,796&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">30,509&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Accumulated depreciation</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,728)</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,520)</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="4" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="3" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<h3><b><font size="1" face="Arial">Net property, plant and
equipment</font></b></h3>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">19,068&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">18,989&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="4" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="3" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Other Noncurrent
Assets</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="19">
<td colspan="5" height="19" valign="bottom">
<p><font size="1" face="Arial">Regulatory assets</font></p>
</td>
<td colspan="2" height="19" valign="bottom">
<p align="right"><font size="1" face=
"Arial">6,412&nbsp;</font></p>
</td>
<td colspan="3" height="19" valign="bottom"></td>
<td colspan="4" height="19" valign="bottom">
<p align="right"><font size="1" face="Arial">6,526&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Nuclear decommissioning
funds</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,627&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,629&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="21">
<td colspan="5" height="21" valign="bottom">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td colspan="2" height="21" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
938&nbsp;</font></p>
</td>
<td colspan="3" height="21" valign="bottom"></td>
<td colspan="4" height="21" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
988&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="4" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="3" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Total other noncurrent
assets</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,977&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9,143&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="4" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="3" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">TOTAL ASSETS</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;
34,437&nbsp;</font></p>
</td>
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;
34,540&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom" style="border-bottom-style: solid"></td>
<td colspan="2" height="16" valign="bottom" style="border-bottom-style: solid"></td>
<td colspan="3" height="16" valign="bottom" style="border-bottom-style: solid"></td>
<td colspan="4" height="16" valign="bottom" style="border-bottom-style: solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td style="border-bottom-style: solid">
<p></p>
</td>
</tr>
</table>
</div>

<p>&nbsp;</p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>

<p><font size="1" face="Arial"></font></p>
</div>

<hr>
&nbsp;
<p>

<font size="1" face="Arial"><br clear="all" />
</font>

</p>

<div>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr height="16">
<td colspan="11" height="16" valign="bottom">
<p><b><font size="1" face="Arial">PG&amp;E
Corporation</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="11" height="16" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="11" height="16" valign="bottom">
<p style="border-top-style: solid"><b><font size="1" face="Arial">Table 14 (continued):&nbsp;
PG&amp;E Corporation</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="11" height="16" valign="bottom">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">Condensed Consolidated Balance
Sheets</font></b></p>
</td>
<td>
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">&nbsp;</font></b></p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom"></td>
<td colspan="6" height="16" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom"></td>
<td colspan="6" height="16" valign="top">
<p align="center"><b><font size="1" face="Arial">Balance
At</font></b></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="6" height="1" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="27">
<td colspan="5" height="27" valign="top">
<p><b><font size="1" face="Arial">(in millions)</font></b></p>
</td>
<td colspan="2" height="27" valign="top">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">March 31,
2005<br />
 <u>(Unaudited)</u></font></b></p>
</td>
<td height="27" valign="top"></td>
<td colspan="3" height="27" valign="top">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial"><br>
December 31, 2004</font></b></p>
</td>
<td>
<p>&nbsp;</p>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">LIABILITIES AND SHAREHOLDERS'
EQUITY</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Current
Liabilities</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Short-term borrowings</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Long-term debt, classified as
current</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">457&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">758&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Rate reduction bonds, classified as
current</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">290&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">290&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Energy recovery bonds, classified as
current</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">197&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Accounts payable:</font></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<pre>
<font size="1" face="Arial">Trade creditors</font>
</pre>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">500&nbsp;</font></p>
</td>
<td height="16" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">762&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Disputed claims and customer
refunds</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">2,142&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">2,142&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Regulatory balancing
accounts</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">574&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">369&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">499&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">352&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Interest payable</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">432&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">461&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Income taxes payable</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">388&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">185&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Deferred income taxes</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">374&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">394&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
879&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
905&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<h6><b><font size="1" face="Arial">Total current
liabilities</font></b></h6>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,732&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,918&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Noncurrent
Liabilities</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Long-term debt</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">6,722&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">7,323&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Rate reduction bonds</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">506&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">580&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Energy recovery bonds</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,691&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Regulatory liabilities</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">3,869&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">4,035&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Asset retirement
obligations</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,325&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,301&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Deferred income taxes</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">3,490&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">3,531&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Deferred tax credits</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">119&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">121&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="43">
<td colspan="5" height="43" valign="bottom">
<p><font size="1" face="Arial">Preferred stock of subsidiary with
mandatory redemption provisions (redeemable, 6.30% and 6.57%,
outstanding 4,800,000 shares, due 2005-2009)</font></p>
</td>
<td colspan="2" height="43" valign="bottom">
<p align="right"><font size="1" face="Arial">120&nbsp;</font></p>
</td>
<td height="43" valign="bottom"></td>
<td colspan="3" height="43" valign="bottom">
<p align="right"><font size="1" face="Arial">122&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,756&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,690&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<h6><b><font size="1" face="Arial">Total noncurrent
liabilities</font></b></h6>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
19,598&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,703&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="38">
<td colspan="5" height="38" valign="bottom">
<p><b><font size="1" face="Arial">Commitments and Contingencies
(Notes 1, 2, and 7)</font></b></p>
</td>
<td colspan="2" height="38" valign="bottom"></td>
<td height="38" valign="bottom"></td>
<td colspan="3" height="38" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="36">
<td colspan="5" height="36" valign="bottom">
<h3><b><font size="1" face="Arial">Preferred Stock of
Subsidiaries</font></b></h3>
</td>
<td colspan="2" height="36" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">286&nbsp;</font></p>
</td>
<td height="36" valign="bottom"></td>
<td colspan="3" height="36" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">286&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Preferred Stock</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="24">
<td colspan="5" height="24" valign="bottom">
<p><font size="1" face="Arial">Preferred stock, no par value,
80,000,000 shares, $100 par value, 5,000,000 shares, none
issued</font></p>
</td>
<td colspan="2" height="24" valign="bottom">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="3" height="24" valign="bottom">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Common Shareholders'
Equity</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom"></td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="56">
<td colspan="5" height="56" valign="bottom">
<p><font size="1" face="Arial">Common stock, no par value,
authorized 800,000,000 shares, issued 393,170,435 common and
1,400,062 restricted shares in 2005 and 417,014,431 common and
1,601,710 restricted shares in 2004</font></p>
</td>
<td colspan="2" height="56" valign="bottom">
<p align="right"><font size="1" face="Arial">6,196&nbsp;</font></p>
</td>
<td height="56" valign="bottom"></td>
<td colspan="3" height="56" valign="bottom">
<p align="right"><font size="1" face="Arial">6,518&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Common stock held by subsidiary, at
cost, 24,665,500 shares</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">(718)</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">(718)</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Unearned compensation</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">(31)</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">(26)</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Accumulated earnings</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">2,379&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">2,863&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Accumulated other comprehensive
loss</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(5)</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(4)</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<h6><b><font size="1" face="Arial">Total common shareholders'
equity</font></b></h6>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">7,821&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">8,633&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">$&nbsp;&nbsp;</font>&nbsp;<font size="1" face=
"Arial">&nbsp; 34,437&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face="Arial">$</font>&nbsp;&nbsp;&nbsp;
<font size="1" face="Arial">34,540&nbsp;</font></p>
</td>
<td>
<p>&nbsp;</p>
</td>
</tr>

<tr height="10">
<td colspan="11" height="10" valign="top" style="border-top-style: solid"></td>
<td style="border-top-style: solid">
<p>&nbsp;</p>
</td>
</tr>
</table>
</div>

<p><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>

<hr>

<p>&nbsp;</p>

<div align="center">
  <center>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="4" valign="bottom">
<font size="1" face="Arial"><b>PG&amp;E Corporation</b></font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</td>
<td colspan="3" valign="top" height="35" width="130"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<pre>						&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><font size="1" face=
"Arial">Table 15:  PG&amp;E Corporation</font></b></pre>
</td>
<td colspan="3" valign="top" height="34" width="130"></td>
</tr>

<tr>
<td colspan="7" valign="bottom">
<h3><b><font size="1" face="Arial">Condensed Consolidated
Statements of Cash Flows</font></b></h3>
</td>
</tr>

<tr>
<td colspan="7" valign="bottom">
<p style="border-bottom-style: solid; border-bottom-width: 1" align="left">
<b><font size="1" face="Arial">(Unaudited)</font></b>
</p>
  <p align="left">
</td>
</tr>

<tr height="39">
<td colspan="4" valign="bottom"></td>
<td colspan="3" height="37" valign="bottom" width="130">
<p style="border-bottom-style: solid; border-bottom-width: 1" align="center"><b><font size="1" face="Arial">Three Months Ended<br />
 March 31,</font></b></p>
</td>
</tr>

<tr>
<td colspan="4">
<pre>
<b><font size="1" face="Arial">(in millions)</font></b></pre>
</td>
<td height="32" width="66">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>2005</b></font></p>
</td>
<td height="32" width="24"></td>
<td height="32" width="55">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial"><b>2004</b></font></p>
</td>
</tr>

<tr height="1">
<td colspan="4" valign="bottom">&nbsp;&nbsp;</td>
<td height="21" valign="top" width="66"></td>
<td height="21" valign="top" width="24">&nbsp;&nbsp;&nbsp;</td>
<td height="21" valign="top" width="55"></td>
</tr>

<tr height="20">
<td colspan="4" valign="bottom">
<h3><b><font size="1" face="Arial">Cash Flows From Operating
Activities</font></b></h3>
</td>
<td height="21" valign="bottom" width="66"></td>
<td height="21" valign="top" width="24"></td>
<td height="21" valign="bottom" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<pre><font size="1" face="Arial">  Net income</font></pre>
</td>
<td height="21" width="66">
<p align="right"><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$218&nbsp;</font></p>
</td>
<td height="21" width="24"></td>
<td height="21" width="55">
<p align="right"><font size="1" face="Arial">&nbsp;$3,033&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font face="Arial" size="1">&nbsp;&nbsp;&nbsp;Adjustments to
reconcile net income to net cash provided by
operating<br>
&nbsp;&nbsp;&nbsp;&nbsp; activities:</font></p>
</td>
<td valign="bottom" height="30" width="66"></td>
<td valign="bottom" height="30" width="24"></td>
<td valign="bottom" height="30" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation,
amortization and decommissioning</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">385&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">312&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognition
of regulatory assets</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(4,900)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred
income taxes and tax credits, net</font></p>
</td>
<td valign="bottom" height="20" width="66">
<p align="right"><font size="1" face="Arial">(63)</font></p>
</td>
<td valign="bottom" height="20" width="24"></td>
<td valign="bottom" height="20" width="55">
<p align="right"><font size="1" face="Arial">1,926&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
deferred charges and noncurrent liabilities</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">(45)</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">237&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefit
on employee stock options exercises</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">25&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on
sale of assets</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(16)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Net effect of
changes in operating assets and liabilities:</font></p>
</td>
<td valign="bottom" height="21" width="66"></td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted
cash</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">96&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(128)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
receivable</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">169&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">352&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">90&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">82&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
payable</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">(115)</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(257)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
taxes</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">202&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">65&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory
balancing accounts, net</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">254&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(53)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
working capital</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">(182)&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">287&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<pre><font size="1" face=
"Arial">      Payments authorized by the bankruptcy court on amounts classified as liabilities
       subject to compromise</font></pre>
</td>
<td valign="bottom" height="30" width="66">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td valign="bottom" height="30" width="24"></td>
<td valign="bottom" height="30" width="55">
<p align="right"><font size="1" face="Arial">(20)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Other,
net</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">14&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(33)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<pre>			</pre>
</td>
<td valign="bottom" height="22" width="66">
  <p align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td valign="bottom" height="22" width="24"></td>
<td valign="bottom" height="22" width="55">
  <p align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><b><font size="1" face="Arial">Net cash provided by operating
activities</font></b></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">$
1,048&nbsp;</font></p>
</td>
<td valign="top" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">$&nbsp;
887&nbsp;</font></p>
</td>
</tr>

<tr>
<td valign="bottom"></td>
<td valign="bottom" height="21" width="118"></td>
<td valign="bottom" height="21" width="115"></td>
<td valign="bottom" height="21" width="114"></td>
<td valign="bottom" height="21" width="66"></td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><b><font size="1" face="Arial">Cash Flows From Investing
Activities</font></b></p>
</td>
<td valign="bottom" height="21" width="66"></td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Capital
expenditures</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">(349)</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(342)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Net proceeds from
sale of assets</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">11&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">18&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Decrease
(Increase) in restricted cash</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">26&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(6,917)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Other,
net</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">26&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(65)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<pre>
</pre>
</td>
<td valign="bottom" height="34" width="66">
  <p align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td valign="bottom" height="34" width="24"></td>
<td valign="bottom" height="34" width="55">
  <p align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><b><font size="1" face="Arial">Net cash used in investing
activities</font></b></p>
</td>
<td height="21" width="66">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(286)</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td height="21" width="55">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(7,306)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<pre>
</pre>
</td>
<td valign="bottom" height="34" width="66"></td>
<td valign="bottom" height="34" width="24"></td>
<td valign="bottom" height="34" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><b><font size="1" face="Arial">Cash Flows From Financing
Activities</font></b></p>
</td>
<td valign="bottom" height="21" width="66"></td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="top">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Net repayments
under credit facilities and short-term borrowings</font></p>
</td>
<td valign="top" height="21" width="66">
<p align="right"><font size="1" face="Arial">(300)</font></p>
</td>
<td valign="top" height="21" width="24"></td>
<td valign="top" height="21" width="55">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Proceeds from
issuance of long-term debt, net of issuance costs of $153 million
in 2004</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">6,547&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Proceeds from
issuance of energy recovery bonds, net of issuance costs of $14
million in 2005</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">1,874&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Long-term debt
matured, redeemed or repurchased</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">(902)</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(310)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Rate reduction
bonds matured</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">(74)</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">(74)</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Preferred stock
with mandatory redemption provisions redeemed</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">(2)</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Common stock
issued</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">120&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">58&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Common stock
repurchased</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">(1,065)</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Preferred
dividends paid</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(4)</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr height="20">
<td colspan="4" valign="bottom">
<p><b><font size="1" face="Arial">Net cash (used in) provided by
financing activities</font></b></p>
</td>
<td height="21" valign="bottom" width="66">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">(353)</font></b></p>
</td>
<td height="21" valign="top" width="24"></td>
<td height="21" valign="bottom" width="55">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">6,221&nbsp;</font></b></p>
</td>
</tr>

<tr height="18">
<td colspan="4" valign="bottom">
<h2><b><font size="1" face="Arial">Net change in cash and cash
equivalents</font></b></h2>
</td>
<td height="21" valign="bottom" width="66">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">&nbsp;
409&nbsp;</font></b></p>
</td>
<td height="21" valign="top" width="24"></td>
<td height="21" valign="bottom" width="55">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">&nbsp;(198)</font></b></p>
</td>
</tr>

<tr height="16">
<td colspan="4" valign="bottom">
<p><b><font size="1" face="Arial">Cash and cash equivalents at
January 1</font></b></p>
</td>
<td height="21" valign="bottom" width="66">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">972&nbsp;</font></b></p>
</td>
<td height="21" valign="top" width="24"></td>
<td height="21" valign="bottom" width="55">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">3,658&nbsp;</font></b></p>
</td>
</tr>

<tr height="22">
<td colspan="4" valign="bottom">
<h3><b><font size="1" face="Arial">Cash and cash equivalents at
March 31</font></b></h3>
</td>
<td height="22" valign="bottom" width="66">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial"><b>$1,381&nbsp;</b></font></p>
</td>
<td height="22" valign="bottom" width="24"></td>
<td height="22" valign="bottom" width="55">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial"><b>$3,460&nbsp;</b></font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<pre>
</pre>
</td>
<td valign="bottom" height="34" width="66"></td>
<td valign="bottom" height="34" width="24"></td>
<td valign="bottom" height="34" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><b><font size="1" face="Arial">Supplemental disclosures of cash
flow information</font></b></p>
</td>
<td valign="bottom" height="21" width="66"></td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<pre>
<font size="1" face="Arial">  Cash received for:</font>
</pre>
</td>
<td valign="bottom" height="48" width="66"></td>
<td valign="bottom" height="48" width="24"></td>
<td valign="bottom" height="48" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization interest
income</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">$6&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">$8&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Cash paid
for:</font></p>
</td>
<td valign="bottom" height="21" width="66"></td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (net of amounts
capitalized)</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">267&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">197&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income
taxes refunded, net</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">(14)</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization professional
fees and expenses</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">5&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><b><font size="1" face="Arial">Supplemental disclosures of
noncash investing and financing activities</font></b></p>
</td>
<td valign="bottom" height="21" width="66"></td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55"></td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common
stock dividends declared but not yet paid</font></p>
</td>
<td valign="bottom" height="21" width="66">
<p align="right"><font size="1" face="Arial">111&nbsp;</font></p>
</td>
<td valign="bottom" height="21" width="24"></td>
<td valign="bottom" height="21" width="55">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="bottom">
<p><font size="1" face="Arial">&nbsp;Transfer of liabilities and
other payables subject to compromise to operating<br />
 assets and liabilities</font></p>
</td>
<td valign="bottom" height="30" width="66">
<p align="right"><font size="1" face="Arial">$-&nbsp;</font></p>
</td>
<td valign="bottom" height="30" width="24"></td>
<td valign="bottom" height="30" width="55">
<p align="right"><font size="1" face="Arial">$ (257)</font></p>
</td>
</tr>

<tr>
<td colspan="7" valign="bottom">
  <p style="border-bottom-style: solid"></td>
</tr>
</table>
  </center>
</div>

<p><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>
</div>

<hr>

<font size="1" face="Arial"><br clear="all" />
</font>

<div>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="450">
<tr height="17">
<td colspan="3" height="17" valign="top" width="268">
<font size="1" face="Arial"><b>PG&amp;E Corporation</b>
</font>

<br>
&nbsp;&nbsp;&nbsp;&nbsp;
</td>
<td height="17" valign="top" width="8"></td>
<td colspan="5" height="17" valign="top" width="174"></td>
</tr>

<tr height="17">
<td colspan="3" height="17" valign="top" style="border-top-style: solid" width="268">
<p><b><font size="1" face="Arial">Table 16:&nbsp; Pacific Gas and
Electric Company</font></b></p>
</td>
<td height="17" valign="top" style="border-top-style: solid" width="8"></td>
<td colspan="5" height="17" valign="top" style="border-top-style: solid" width="174"></td>
</tr>

<tr height="14">
<td colspan="3" height="14" valign="top" width="266">
<p><b><font size="1" face="Arial">Condensed Consolidated Statements
Of Income</font></b></p>
</td>
<td height="14" valign="top" width="6"></td>
<td colspan="5" height="14" valign="top" width="172"></td>
</tr>

<tr height="17">
<td colspan="3" height="17" valign="top" width="266">
<p style="border-bottom-style: solid; border-bottom-width: 1" align="left"><b><font size="1" face="Arial">(Unaudited)</font></b></p>
</td>
<td height="17" valign="top" width="6">
  <p style="border-bottom-style: solid; border-bottom-width: 1" align="left"></td>
<td colspan="5" height="17" valign="top" width="172">
  <p align="left"></td>
</tr>

<tr height="1">
<td colspan="3" height="1" valign="top" width="266"></td>
<td height="1" valign="top" width="6"></td>
<td colspan="5" height="1" valign="top" width="172"></td>
</tr>

<tr height="23">
<td colspan="3" height="23" valign="bottom" width="266"></td>
<td height="23" valign="bottom" width="6"></td>
<td colspan="5" height="23" valign="top" width="172">
<p align="center"><b><font size="1" face="Arial">Three Months Ended</font></b></p>
</td>
</tr>

<tr height="17">
<td colspan="3" height="17" valign="top" width="266">
<p><b><font size="1" face="Arial">(in millions)</font></b></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="5" height="17" valign="top" width="172">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">March
31,</font></b></p>
</td>
</tr>

<tr height="17">
<td colspan="3" height="17" valign="top" width="266"></td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font face="Arial" size="1"><b>2005</b></font></p>
</td>
<td height="17" valign="top" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="left" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<font size="1" face=
"Arial"><b>2004</b></font></p>
</td>
</tr>

<tr height="17">
<td colspan="3" height="17" valign="bottom" width="266">
<p><b><font size="1" face="Arial">Operating Revenues</font></b></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53"></td>
<td height="17" valign="top" width="35">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td colspan="2" height="17" width="80"></td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td colspan="2" height="17" valign="top" width="257">
<p><font size="1" face="Arial">Electric</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td height="17" width="6"></td>
<td height="17" width="45">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
1,660&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td height="17" width="10"></td>
<td height="17" width="68">
<p align="right"><font size="1" face="Arial">$&nbsp;&nbsp;&nbsp;
1,791&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td colspan="2" height="17" valign="top" width="257">
<p><font size="1" face="Arial">Natural gas</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">1,009&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">931&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top" width="7"></td>
<td colspan="2" height="1" valign="top" width="257"></td>
<td height="1" valign="top" width="6"></td>
<td height="1" width="6"></td>
<td height="1" width="45"></td>
<td height="1" valign="bottom" width="35"></td>
<td height="1" width="10"></td>
<td height="1" width="68"></td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td height="17" valign="top" width="12"></td>
<td height="17" valign="top" width="243">
<h3><b><font size="1" face="Arial">Total operating revenues<a name=
"_Total_operating_revenues"></a></font></b></h3>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">2,669&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">2,722&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td colspan="3" height="16" valign="top" width="266">
<h3><b><font size="1" face="Arial">Operating
Expenses</font></b></h3>
</td>
<td height="16" valign="top" width="6"></td>
<td colspan="2" height="16" width="53"></td>
<td height="16" valign="bottom" width="35"></td>
<td colspan="2" height="16" width="80"></td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td colspan="2" height="17" valign="top" width="257">
<p><font size="1" face="Arial">Cost of electricity</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right"><font size="1" face="Arial">396&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right"><font size="1" face="Arial">561&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td colspan="2" height="17" valign="top" width="257">
<p><font size="1" face="Arial">Cost of natural gas</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right"><font size="1" face="Arial">620&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right"><font size="1" face="Arial">578&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td colspan="2" height="17" valign="top" width="257">
<p><font size="1" face="Arial">Operating and maintenance</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right"><font size="1" face="Arial">773&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right"><font size="1" face="Arial">808&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td colspan="2" height="17" valign="top" width="257">
<p><font size="1" face="Arial">Recognition of regulatory
assets</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right"><font size="1" face="Arial">(4,900)</font></p>
</td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td colspan="2" height="17" valign="top" width="257">
<p><font size="1" face="Arial">Depreciation, amortization and
decommissioning</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right"><font size="1" face="Arial">385&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right"><font size="1" face="Arial">311&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td colspan="2" height="17" valign="top" width="257">
<p><font size="1" face="Arial">Reorganization professional fees and
expenses</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right"><font size="1" face="Arial">2&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top" width="7"></td>
<td colspan="2" height="1" valign="top" width="257"></td>
<td height="1" valign="top" width="6"></td>
<td height="1" width="6"></td>
<td height="1" width="45">
  <p style="border-bottom-style: solid; border-bottom-width: 1" align="left"></td>
<td height="1" valign="bottom" width="35"></td>
<td height="1" width="10"></td>
<td height="1" width="68">
  <p style="border-bottom-style: solid; border-bottom-width: 1" align="left"></td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td height="17" valign="top" width="12"></td>
<td height="17" valign="top" width="243">
<h3><b><font size="1" face="Arial">Total operating (gain)
expenses</font></b></h3>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">2,174&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(2,640)</font></p>
</td>
</tr>

<tr height="16">
<td colspan="3" height="16" valign="top" width="266">
<h3><b><font size="1" face="Arial">Operating Income</font></b></h3>
</td>
<td height="16" valign="top" width="6"></td>
<td colspan="2" height="16" width="53">
<p align="right"><font size="1" face="Arial">495&nbsp;</font></p>
</td>
<td height="16" valign="bottom" width="35"></td>
<td colspan="2" height="16" width="80">
<p align="right"><font size="1" face="Arial">5,362&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td height="17" width="7"></td>
<td colspan="2" height="17" width="257">
<p><font size="1" face="Arial">Reorganization interest
income</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right"><font size="1" face="Arial">8&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td height="17" width="7"></td>
<td colspan="2" height="17" width="257">
<p><font size="1" face="Arial">Interest income</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right"><font size="1" face="Arial">20&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right"><font size="1" face="Arial">3&nbsp;</font></p>
</td>
</tr>

<tr height="19">
<td height="19" width="7"></td>
<td colspan="2" height="19" width="257">
<pre><font size="1" face="Arial">Interest expense</font></pre>
</td>
<td height="19" valign="top" width="6"></td>
<td colspan="2" height="19" width="53">
<p align="right"><font size="1" face="Arial">(154)</font></p>
</td>
<td height="19" valign="bottom" width="35"></td>
<td colspan="2" height="19" width="80">
<p align="right"><font size="1" face="Arial">(213)</font></p>
</td>
</tr>

<tr height="17">
<td height="17" width="7"></td>
<td colspan="2" height="17" width="257">
<p><font size="1" face="Arial">Other income, net</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">4&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">13&nbsp;</font></p>
</td>
</tr>

<tr height="21">
<td colspan="3" height="21" valign="top" width="266">
<h3><b><font size="1" face="Arial">Income Before Income
Taxes</font></b></h3>
</td>
<td height="21" valign="top" width="6"></td>
<td colspan="2" height="21" width="53">
<p align="right"><font size="1" face="Arial">365&nbsp;</font></p>
</td>
<td height="21" valign="bottom" width="35"></td>
<td colspan="2" height="21" width="80">
<p align="right"><font size="1" face="Arial">5,173&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7"></td>
<td colspan="2" height="17" valign="top" width="257">
<p><font size="1" face="Arial">Income tax provision</font></p>
</td>
<td height="17" valign="top" width="6"></td>
<td colspan="2" height="17" width="53">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">142&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">2,099&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td colspan="3" height="15" valign="top" width="266">
<p><b><font size="1" face="Arial">Net Income</font></b></p>
</td>
<td height="15" valign="top" width="6"></td>
<td height="15" width="6"></td>
<td height="15" width="45">
<p align="right"><font size="1" face="Arial">223&nbsp;</font></p>
</td>
<td height="15" valign="bottom" width="35"></td>
<td colspan="2" height="15" width="80">
<p align="right"><font size="1" face="Arial">3,074&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td height="17" valign="top" width="7">
<h3></h3>
</td>
<td colspan="2" height="17" valign="top" width="257">
<p><font size="1" face="Arial">Preferred dividend
requirement</font></p>
</td>
<td height="17" valign="top" width="6">
<h3></h3>
</td>
<td colspan="2" height="17" width="53">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font face="Arial" size="1">4&nbsp;</font></p>
</td>
<td height="17" valign="bottom" width="35"></td>
<td colspan="2" height="17" width="80">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1">8&nbsp;</font></p>
</td>
</tr>

<tr height="19">
<td colspan="3" height="19" valign="top" width="266">
<h3><b><font size="1" face="Arial">Income Available for Common
Stock</font></b></h3>
</td>
<td height="19" valign="top" width="6"></td>
<td height="19" width="6">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="19" width="45">
<p align="right" style="border-bottom-style: double"><font face="Arial" size="1">219&nbsp;</font></p>
</td>
<td height="19" valign="top" width="35"></td>
<td height="19" width="10">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="19" width="68">
<p align="right" style="border-bottom-style: double"><font face="Arial" size="1">3,066&nbsp;</font></p>
</td>
</tr>

<tr height="13">
<td height="13" valign="top" width="7"></td>
<td colspan="2" height="13" valign="top" width="257"></td>
<td height="13" valign="top" width="6"></td>
<td height="13" width="6"></td>
<td height="13" width="45"></td>
<td height="13" valign="bottom" width="35"></td>
<td height="13" width="10"></td>
<td height="13" width="68"></td>
</tr>

<tr height="1">
<td height="1" valign="top" width="7"></td>
<td colspan="2" height="1" valign="top" width="257"></td>
<td height="1" valign="top" width="6"></td>
<td height="1" width="6"></td>
<td height="1" width="45"></td>
<td height="1" valign="bottom" width="35"></td>
<td height="1" width="10"></td>
<td height="1" width="68"></td>
</tr>

<tr height="1">
<td height="1" valign="top" style="border-bottom-style: solid" width="9"></td>
<td colspan="2" height="1" valign="top" style="border-bottom-style: solid" width="259"></td>
<td height="1" valign="top" style="border-bottom-style: solid" width="8"></td>
<td height="1" style="border-bottom-style: solid" width="8"></td>
<td height="1" style="border-bottom-style: solid" width="47"></td>
<td height="1" valign="bottom" style="border-bottom-style: solid" width="37"></td>
<td height="1" width="12"></td>
<td height="1" width="70"></td>
</tr>
</table>
</div>

<p><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>

<p><font size="1" face="Arial"></font></p>
</div>

<hr>

<font size="1" face="Arial"><br clear="all" />
</font>

<div>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr height="16">
<td colspan="6" height="16" valign="bottom">
<font size="1" face="Arial"><b>PG&amp;E Corporation</b></font>

<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</td>
<td colspan="5" height="16" valign="top"></td>
</tr>

<tr height="16">
<td colspan="6" height="16" valign="bottom" style="border-top-style: solid">
<p><b><font size="1" face="Arial">Table 17:&nbsp; Pacific Gas and
Electric Company</font></b></p>
</td>
<td colspan="5" height="16" valign="top" style="border-top-style: solid"></td>
</tr>

<tr height="16">
<td colspan="6" height="16" valign="top">
<p style="border-bottom-style: solid; border-bottom-width: 1" align="left"><b><font size="1" face="Arial">Condensed Consolidated Balance
Sheets</font></b></p>
</td>
<td colspan="5" height="16" valign="top">
  <p align="left"></td>
</tr>

<tr height="25">
<td colspan="6" height="25" valign="bottom"></td>
<td colspan="5" height="25" valign="bottom">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">Balance
At</font></b></p>
</td>
</tr>

<tr height="40">
<td colspan="6" height="40" valign="bottom">
<p><b><font size="1" face="Arial">(in millions)</font></b></p>
</td>
<td colspan="2" height="40" valign="top">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">March 31,<br />
 2005<br />
 (Unaudited)</font></b></p>
</td>
<td height="40" valign="bottom">
  <p style="border-bottom-style: solid; border-bottom-width: 1" align="left"></td>
<td colspan="2" height="40" valign="top">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial"><br>
<br>
December 31,
2004</font></b></p>
</td>
</tr>

<tr height="16">
<td colspan="6" height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="top"></td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td colspan="2" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="5" height="16" valign="bottom">
<p><b><font size="1" face="Arial">ASSETS</font></b></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td colspan="2" height="16" valign="top"></td>
</tr>

<tr height="16">
<td colspan="6" height="16" valign="bottom">
<h3><b><font size="1" face="Arial">Current Assets</font></b></h3>
</td>
<td colspan="2" height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td colspan="2" height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Cash and cash equivalents</font></p>
</td>
<td height="16" valign="bottom">
<p align="right"><b><font size="1" face="Arial">$</font></b></p>
</td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">1,056&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">783&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Restricted cash</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,857&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,980&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Accounts receivable:</font></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p><font size="1" face="Arial">Customers (net of allowance for
doubtful accounts of<br />
 </font></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<pre>
<font size="1" face=
"Arial">$88 million in 2005 and $93 million in 2004)</font>
</pre>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,916&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">2,085&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p><font size="1" face="Arial">Related parties</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">2&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">2&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p><font size="1" face="Arial">Regulatory balancing
accounts</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">968&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,021&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Inventories:</font></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p><font size="1" face="Arial">Gas stored underground and fuel
oil</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">83&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">175&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
<td colspan="3" height="16" valign="bottom">
<p><font size="1" face="Arial">Materials and supplies</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">131&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">129&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Prepaid expenses and
other</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">54&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">43&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Total current
assets</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">6,067&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">6,218&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="6" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Property, Plant and
Equipment</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Electric</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">21,689&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">21,519&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Gas</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">8,574&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">8,526&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Construction work in
progress</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">518&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">449&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Total property, plant and
equipment</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">30,781&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face=
"Arial">30,494&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Accumulated depreciation</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(11,715<b>)</b></font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(11,507)</font></p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Net property, plant and
equipment</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">19,066&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">18,987&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="6" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Other Noncurrent
Assets</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="19">
<td height="19" valign="bottom"></td>
<td colspan="5" height="19" valign="bottom">
<p><font size="1" face="Arial">Regulatory assets</font></p>
</td>
<td colspan="2" height="19" valign="bottom">
<p align="right"><font size="1" face=
"Arial">6,412&nbsp;</font></p>
</td>
<td height="19" valign="bottom"></td>
<td colspan="2" height="19" valign="bottom">
<p align="right"><font size="1" face="Arial">6,526&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Nuclear decommissioning
funds</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,627&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,629&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="5" height="16" valign="bottom">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">892&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">942&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top">
  <p align="left"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top">
  <p align="left"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="4" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Total other noncurrent
assets</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">8,931&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">9,097&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="5" height="1" valign="bottom"></td>
<td height="1" valign="bottom"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="6" height="16" valign="bottom">
<p><b><font size="1" face="Arial">TOTAL ASSETS</font></b></p>
</td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="16" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">34,064&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="16" valign="bottom">
<p align="right" style="border-bottom-style: double"><font size="1" face=
"Arial">34,302&nbsp;</font></p>
</td>
</tr>

<tr height="8">
<td colspan="11" height="8" valign="bottom">
  <p style="border-bottom-style: solid"></td>
</tr>
</table>
</div>

<p align="center"><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>

<p><font size="1" face="Arial"></font></p>
</div>

<hr>

<font size="1" face="Arial"><br clear="all" />
</font>

<div>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr height="16">
<td colspan="3" height="16" valign="bottom">
<font size="1" face="Arial"><b>PG&amp;E Corporation</b>
</font>

<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</td>
<td colspan="5" height="16" valign="top"></td>
</tr>

<tr height="16">
<td colspan="3" height="16" valign="bottom" style="border-top-style: solid">
<p><b><font size="1" face="Arial">Table 17 (continued):&nbsp;
Pacific Gas and Electric Company</font></b></p>
</td>
<td colspan="5" height="16" valign="top" style="border-top-style: solid"></td>
</tr>

<tr height="16">
<td colspan="3" height="16" valign="bottom">
<p style="border-bottom-style: solid; border-bottom-width: 1" align="left"><b><font size="1" face="Arial">Condensed Consolidated Balance
Sheets</font></b></p>
</td>
<td colspan="5" height="16" valign="top">
  <p align="left"></td>
</tr>

<tr height="25">
<td colspan="3" height="25" valign="bottom"></td>
<td colspan="5" height="25" valign="bottom">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">Balance
At</font></b></p>
</td>
</tr>

<tr height="40">
<td colspan="3" height="40" valign="bottom">
<p><b><font size="1" face="Arial">(in millions)</font></b></p>
</td>
<td colspan="2" height="40" valign="top">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">March 31,<br />
 2005<br />
 (Unaudited)</font></b></p>
</td>
<td height="40" valign="bottom"></td>
<td colspan="2" height="40" valign="top">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial"><br>
|<br>
December 31,
2004</font></b></p>
</td>
</tr>

<tr height="16">
<td colspan="3" height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="top"></td>
</tr>

<tr height="16">
<td colspan="3" height="16" valign="bottom">
<p><b><font size="1" face="Arial">LIABILITIES AND SHAREHOLDERS'
EQUITY</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="16">
<td colspan="3" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Current
Liabilities</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Short term borrowings</font></p>
</td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">300&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Long-term debt, classified as
current</font></p>
</td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">457&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">757&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<pre><font size="1" face=
"Arial">Rate reduction bonds, classified as current</font></pre>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">290&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">290&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<pre><font size="1" face=
"Arial">Energy recovery bonds, classified as current</font></pre>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">197&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Accounts payable:</font></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<pre><font size="1" face="Arial">Trade creditors</font></pre>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">500&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">762&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p><font size="1" face="Arial">Disputed claims and customer
refunds</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">2,142&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">2,142&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p><font size="1" face="Arial">Related parties</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">20&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">20&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p><font size="1" face="Arial">Regulatory balancing
accounts</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">574&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">369&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">484&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">337&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Interest payable</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">426&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">461&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Income taxes payable</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">322&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">102&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Deferred income taxes</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">351&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">377&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">741&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">869&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="3" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p><b><font size="1" face="Arial">Total current
liabilities</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">6,504&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">6,786&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="3" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="16">
<td colspan="3" height="16" valign="bottom">
<p><b><font size="1" face="Arial">Noncurrent
Liabilities</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Long-term debt</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">6,442&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">7,043&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Rate reduction bonds</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">506&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">580&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Energy recovery bonds</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,691&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Regulatory liabilities</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">3,869&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">4,035&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Asset retirement
obligations</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,325&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,301&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Deferred income taxes</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">3,587&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">3,629&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Deferred tax credits</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">119&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">121&nbsp;</font></p>
</td>
</tr>

<tr height="48">
<td height="48" valign="top"></td>
<td colspan="2" height="48" valign="top">
<pre><font size="1" face=
"Arial">Preferred stock with mandatory redemption provisions
   (redeemable, 6.30% and 6.57%, outstanding 4,800,000 shares,
   due 2005-2009)</font></pre>
</td>
<td colspan="2" height="48" valign="bottom">
<p align="right"><font size="1" face="Arial">120&nbsp;</font></p>
</td>
<td height="48" valign="top"></td>
<td colspan="2" height="48" valign="bottom">
<p align="right"><font size="1" face="Arial">122&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Other</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">1,625&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">1,555&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td colspan="3" height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p><b><font size="1" face="Arial">Total noncurrent
liabilities</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">19,284&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face=
"Arial">18,386&nbsp;</font></p>
</td>
</tr>

<tr height="25">
<td colspan="3" height="25" valign="bottom">
<p><b><font size="1" face="Arial">Commitments and Contingencies
(Notes 1, 2 and 7)</font></b></p>
</td>
<td colspan="2" height="25" valign="bottom"></td>
<td height="25" valign="bottom"></td>
<td colspan="2" height="25" valign="bottom"></td>
</tr>

<tr height="24">
<td colspan="3" height="24" valign="bottom">
<h3><b><font size="1" face="Arial">Shareholders' Equity<a name=
"_Shareholders'_Equity"></a></font></b></h3>
</td>
<td colspan="2" height="24" valign="bottom"></td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24" valign="bottom"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Preferred stock without mandatory
redemption provisions:</font></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom">
<pre>
</pre>
</td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Nonredeemable, 5%
to 6%, outstanding 5,784,825 shares</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">145&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">145&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;Redeemable, 4.36%
to 7.04%, outstanding 5,973,456 shares</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">149&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">149&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Common stock, $5 par value,
authorized 800,000,000 shares,<br />
 </font></p>
</td>
<td colspan="2" height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom"></td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;issued 299,291,477
shares</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,496&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,606&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Common stock held by subsidiary, at
cost, 19,481,213 shares</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">(475)</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">(475)</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Additional paid-in
capital</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">1,900&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">2,041&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Reinvested earnings</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">5,066&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">5,667&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p><font size="1" face="Arial">Accumulated other comprehensive
loss</font></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(5)</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(3)</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p><b><font size="1" face="Arial">Total shareholders'
equity</font></b></p>
</td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">8,276&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td colspan="2" height="16" valign="bottom">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">9,130&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td colspan="3" height="16" valign="bottom">
<p><b><font size="1" face="Arial">TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY</font></b></p>
</td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="16" valign="bottom">
<p align="right" style="border-bottom-style: double"><font face="Arial" size="1">34,064&nbsp;</font></p>
</td>
<td height="16" valign="bottom"></td>
<td height="16" valign="bottom">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="16" valign="bottom">
<p align="right" style="border-bottom-style: double"><font face="Arial" size="1">34,302&nbsp;</font></p>
</td>
</tr>

<tr height="10">
<td colspan="8" height="10" valign="top">
  <p style="border-bottom-style: solid"></td>
</tr>
</table>
</div>

<p><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>
</div>

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

<div>
<table border="0" cellspacing="0" cellpadding="0" height="1553">
<tr height="15">
<td colspan="10" height="27" valign="bottom">
<b><font face="Arial" size="1">PG&amp;E Corporation</font></b><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</td>
</tr>

<tr height="15">
<td colspan="10" height="27" valign="bottom">
<p style="border-top-style: solid"><b><font size="1" face="Arial">Table 18:&nbsp; Pacific Gas and
Electric Company</font></b></p>
</td>
</tr>

<tr height="15">
<td colspan="4" height="20" valign="bottom">
<p><b><font size="1" face="Arial">Condensed Consolidated Statements
of Cash Flows</font></b></p>
</td>
<td colspan="6" height="20" valign="top"></td>
</tr>

<tr height="15">
<td colspan="10" height="26" valign="bottom">
<p style="border-bottom-style: solid; border-bottom-width: 1" align="left"><b><font size="1" face="Arial">(Unaudited)</font></b></p>
</td>
</tr>

<tr height="15">
<td colspan="4" height="26" valign="bottom">
</td>
<td colspan="6" height="26" valign="top">
</td>
</tr>

<tr height="14">
<td colspan="4" height="24" valign="bottom"></td>
<td colspan="6" height="24" valign="top">
<p align="center"><b><font size="1" face="Arial">Three Months
Ended</font></b></p>
</td>
</tr>

<tr height="15">
<td colspan="4" height="24" valign="bottom"></td>
<td colspan="6" height="24" valign="top">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face="Arial">March
31,</font></b></p>
</td>
</tr>

<tr height="1">
<td colspan="4" rowspan="2" valign="bottom" height="48">
<p><b><font size="1" face="Arial">(in millions)</font></b></p>
</td>
<td valign="top" height="24"></td>
</tr>

<tr height="15">
<td colspan="3" height="24">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">2005</font></b></p>
</td>
<td height="24"></td>
<td colspan="2" height="24">
<p align="center" style="border-bottom-style: solid; border-bottom-width: 1"><b><font size="1" face=
"Arial">2004</font></b></p>
</td>
</tr>

<tr height="26">
<td colspan="4" height="30" valign="bottom">
</td>
<td colspan="3" height="30" valign="top"></td>
<td height="30" valign="bottom"></td>
<td colspan="2" height="30"></td>
</tr>

<tr height="26">
<td colspan="4" height="30">
<h3><b><font size="1" face="Arial">Cash Flows From Operating
Activities</font></b></h3>
</td>
<td colspan="3" height="30" valign="top"></td>
<td height="30" valign="bottom"></td>
<td colspan="2" height="30"></td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Net income</font></p>
</td>
<td colspan="2" height="24" valign="top">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="24" valign="bottom">
<p align="right"><font size="1" face="Arial">223&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td height="24">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="24" valign="bottom">
<p align="right"><font size="1" face="Arial">3,074&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Adjustments to reconcile net income
to net cash provided by operating activities:</font></p>
</td>
<td colspan="3" height="24" valign="top"></td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24"></td>
</tr>

<tr height="15">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Depreciation, amortization and
decommissioning</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">385&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">311&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Recognition of regulatory
assets</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">(4,900)</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Deferred income taxes and tax
credits, net</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">(70)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">2,014&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="2" height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Other deferred charges and
noncurrent liabilities</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">(49)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">279&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="2" height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Gain on sale of assets</font></p>
</td>
<td colspan="3" height="24" valign="top">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">(16)</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Net effect of changes in operating
assets and liabilities:</font></p>
</td>
<td colspan="3" height="24" valign="top"></td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24"></td>
</tr>

<tr height="15">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Decrease (increase) in restricted
cash</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">97&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">(126)</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Accounts receivable</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">169&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">353&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Inventories</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">90&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">82&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Accounts payable</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">(115)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">(256)</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Accrued taxes</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">220&nbsp;</font></p>
</td>
<td height="24" valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">98&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Regulatory balancing accounts,
net</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">254&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">(53)</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24">
<p><font size="1" face="Arial">Other working capital</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">(179)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">253&nbsp;</font></p>
</td>
</tr>

<tr height="27">
<td height="31"></td>
<td colspan="3" height="31">
<p><font size="1" face="Arial">Payments authorized by the
bankruptcy court on amounts classified as liabilities subject to
compromise</font></p>
</td>
<td colspan="3" height="31">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="31" valign="bottom"></td>
<td colspan="2" height="31">
<p align="right"><font size="1" face="Arial">(20)</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Other, net</font></p>
</td>
<td colspan="3" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">10&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(84<b>)</b></font></p>
</td>
</tr>

<tr height="1">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td colspan="2" height="24"></td>
<td height="24"></td>
<td height="24" valign="bottom"></td>
<td height="24"></td>
<td height="24" valign="top"></td>
</tr>

<tr height="14">
<td colspan="4" height="24">
<p><b><font size="1" face="Arial">Net cash provided by operating
activities</font></b></p>
</td>
<td colspan="3" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">1,035&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">1,009&nbsp;</font></p>
</td>
</tr>

<tr height="1">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td colspan="2" height="24" valign="top"></td>
<td height="24" valign="bottom"></td>
<td height="24" valign="bottom"></td>
<td height="24"></td>
<td height="24" valign="top"></td>
</tr>

<tr height="14">
<td colspan="4" height="24">
<p><b><font size="1" face="Arial">Cash Flows From Investing
Activities</font></b></p>
</td>
<td colspan="3" height="24" valign="top"></td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24"></td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Capital expenditures</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">(349)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">(342)</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Net proceeds from sale of
assets</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">11&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">18&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Decrease (increase) in restricted
cash</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">26&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">(6,917)</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Other, net</font></p>
</td>
<td colspan="3" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">26&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(65)</font></p>
</td>
</tr>

<tr height="15">
<td colspan="4" height="26">
<p><b><font size="1" face="Arial">Net cash used in investing
activities</font></b></p>
</td>
<td colspan="3" height="26">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font face="Arial" size="1">(286)</font></p>
</td>
<td height="26" valign="bottom"></td>
<td colspan="2" height="26">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(7,306</font>)</p>
</td>
</tr>

<tr height="1">
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td height="24"></td>
<td colspan="2" height="24" valign="top"></td>
<td height="24" valign="bottom"></td>
<td height="24" valign="bottom"></td>
<td height="24"></td>
<td height="24" valign="top"></td>
</tr>

<tr height="16">
<td colspan="4" height="24">
<p><b><font size="1" face="Arial">Cash Flows From Financing
Activities</font></b></p>
</td>
<td colspan="3" height="24" valign="top"></td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24"></td>
</tr>

<tr height="13">
<td height="28"></td>
<td colspan="3" height="28">
<pre><font size="1" face=
"Arial">Net repayments under credit facilities and short-term borrowings</font></pre>
</td>
<td colspan="3" height="28">
<p align="right"><font size="1" face="Arial">(300)</font></p>
</td>
<td height="28" valign="bottom"></td>
<td colspan="2" height="28">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr>
<td height="28"></td>
<td colspan="3" height="28">
<pre><font size="1" face=
"Arial">Proceeds from issuance of long-term debt, net of issuance costs of $153 million in 2004</font></pre>
</td>
<td colspan="3" height="28">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td valign="bottom" height="28"></td>
<td colspan="2" height="28">
<p align="right"><font size="1" face="Arial">6,547</font><font
size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr>
<td height="35"></td>
<td colspan="3" height="35">
<pre><font size="1" face=
"Arial">Proceeds from issuance of energy recovery bonds, net of issuance costs of $14 million
 in 2005</font></pre>
</td>
<td colspan="3" height="35">
<p align="right"><font size="1" face="Arial">1,874&nbsp;</font></p>
</td>
<td valign="top" height="35"></td>
<td colspan="2" height="35">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Long-term debt matured, redeemed or
repurchased</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">(900)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">(310)</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Rate reduction bonds
matured</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">(74)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">(74)</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Common stock dividends
paid</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">(110)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><b><font size="1" face="Arial">-</font></b><font
size="1" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Preferred dividends paid</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">(4)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Preferred stock with mandatory
redemption provisions redeemed</font></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">(2)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Common stock repurchased</font></p>
</td>
<td colspan="3" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">(960)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td colspan="4" height="24">
<p><b><font size="1" face="Arial">Net cash (used in) provided by
financing activities</font></b></p>
</td>
<td colspan="3" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font face="Arial" size="1">(476)</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font face="Arial" size="1">6,163&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td colspan="4" height="24">
<p><b><font size="1" face="Arial">Net change in cash and cash
equivalents</font></b></p>
</td>
<td colspan="3" height="24">
<p align="right"><font size="1" face="Arial">273&nbsp;</font></p>
</td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24">
<p align="right"><font size="1" face="Arial">(134)</font></p>
</td>
</tr>

<tr height="15">
<td colspan="4" height="24">
<b><font size="1" face=
"Arial">Cash and cash equivalents at January 1</font></b>
</td>
<td colspan="3" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font face="Arial" size="1">783</font>
</td>
<td height="24"></td>
<td colspan="2" height="24">
<p align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font size="1" face="Arial">2,979</font>
</td>
</tr>

<tr height="15">
<td colspan="4" height="24">
<p><b><font size="1" face="Arial">Cash and cash equivalents at
March 31</font></b></p>
</td>
<td colspan="2" height="24">
<p align="right"><b><font size="1" face="Arial">$</font></b></p>
</td>
<td height="24">
<p align="right" style="border-bottom-style: double"><font face="Arial" size="1">1,056&nbsp;</font></p>
</td>
<td height="24"></td>
<td height="24">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="24">
<p align="right" style="border-bottom-style: double"><font face="Arial" size="1">2,845&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td colspan="4" height="24">
<p><b><font size="1" face="Arial">Supplemental disclosures of cash
flow information</font></b></p>
</td>
<td colspan="3" height="24"></td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24"></td>
</tr>

<tr height="15">
<td height="24"></td>
<td colspan="3" height="24">
<p><font size="1" face="Arial">Cash received for:</font></p>
</td>
<td colspan="3" height="24"></td>
<td height="24" valign="bottom"></td>
<td colspan="2" height="24"></td>
</tr>

<tr height="15">
<td height="23"></td>
<td height="23"></td>
<td colspan="2" height="23">
<p><font size="1" face="Arial">Reorganization interest
income</font></p>
</td>
<td height="23">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td colspan="2" height="23">
<p align="right"><font size="1" face="Arial">6&nbsp;</font></p>
</td>
<td height="23" valign="bottom"></td>
<td height="23">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="23" valign="bottom">
<p align="right"><font size="1" face="Arial">8&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="23"></td>
<td colspan="3" height="23">
<p><font size="1" face="Arial">Cash paid for:</font></p>
</td>
<td colspan="3" height="23"></td>
<td height="23" valign="bottom"></td>
<td colspan="2" height="23"></td>
</tr>

<tr height="15">
<td height="23">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td height="23"></td>
<td colspan="2" height="23">
<p><font size="1" face="Arial">Interest (net of amounts
capitalized)</font></p>
</td>
<td colspan="3" height="23">
<p align="right"><font size="1" face="Arial">169&nbsp;</font></p>
</td>
<td height="23"></td>
<td colspan="2" height="23">
<p align="right"><font size="1" face="Arial">175&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="23">
<p><font size="1" face="Arial">&nbsp;</font></p>
</td>
<td height="23"></td>
<td colspan="2" height="23">
<p><font size="1" face="Arial">Income taxes paid, net</font></p>
</td>
<td colspan="3" height="23" valign="top">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="23" valign="bottom"></td>
<td colspan="2" height="23">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="23"></td>
<td height="23"></td>
<td colspan="2" height="23">
<p><font size="1" face="Arial">Reorganization professional fees and
expenses</font></p>
</td>
<td colspan="3" height="23" valign="top">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="23" valign="bottom"></td>
<td colspan="2" height="23">
<p align="right"><font size="1" face="Arial">5&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td colspan="4" height="23">
<p><b><font size="1" face="Arial">Supplemental disclosures of
noncash investing and financing activities</font></b></p>
</td>
<td colspan="3" height="23" valign="top"></td>
<td height="23" valign="bottom"></td>
<td colspan="2" height="23"></td>
</tr>

<tr height="16">
<td colspan="4" height="23">
<p><font size="1" face="Arial">Equity contribution for settlement
of POR payable</font></p>
</td>
<td height="23" valign="top"></td>
<td colspan="2" height="23" valign="bottom">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="23" valign="bottom"></td>
<td colspan="2" height="23">
<p align="right"><font size="1" face="Arial">(128)</font></p>
</td>
</tr>

<tr height="24">
<td height="54"></td>
<td colspan="3" height="54">
<pre><font size="1" face=
"Arial">Transfer of liabilities and other payables subject to compromise to operating assets and liabilities</font></pre>
</td>
<td height="54" valign="top">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td colspan="2" height="54" valign="top">
<p align="right"><font size="1" face="Arial">-&nbsp;</font></p>
</td>
<td height="54" valign="bottom"></td>
<td height="54" valign="top">
<p align="right"><font size="1" face="Arial">$</font></p>
</td>
<td height="54" valign="top">
<p align="right"><font size="1" face="Arial">(257)</font></p>
<p align="right">&nbsp;</p>
</td>
</tr>

<tr height="24">
<td height="12" style="border-bottom-style: solid" colspan="10">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

</table>

<p><font size="1" face="Arial"></font></p>

<p><font size="1" face="Arial">Source:&nbsp; PG&amp;E
Corporation&rsquo;s and Pacific Gas and Electric Company&rsquo;s
Condensed Consolidated Financial Statements and Notes thereto
included in PG&amp;E Corporation and Pacific Gas and Electric
Company's Quarterly Report on Form 10-Q for the quarter ended March
31, 2005.</font></p>
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