<SUBMISSION>
<ACCESSION-NUMBER>0001004980-05-000184
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20050803
<ITEMS>2.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20050803
<DATE-OF-FILING-DATE-CHANGE>20050803
<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>05994287
</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>final8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
<title>Form 8-K Quarterly Earnings</title>
</head>
<body link="blue" vlink="purple">
<div>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="5" valign="top">
<p align="center"><b>UNITED STATES</b></p>
</td>
</tr>

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

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

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

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

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

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

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

<tr>
<td colspan="5" valign="top">
<p align="center"><b>Date of Report: August 3, 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>1-12609</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>94-3234914</u></b></p>
</td>
</tr>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<hr>

<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
August 3, 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 June 30,
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 June 30, 2005 to be filed by PG&amp;E Corporation and the
Utility with the Securities and Exchange Commission (SEC) 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 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, the
second series of energy recovery bonds is issued in November 2005
in the approximate amount of $800 million,&nbsp; the Utility makes
certain capital expenditures, and PG&amp;E Corporation repurchases
additional shares of its common
stock.<b><i>&nbsp;&nbsp;&nbsp;</i></b> 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 type="disc">
<li>Unanticipated changes in operating expenses or capital
expenditures, which may affect the Utility&rsquo;s ability to earn
its authorized rate of return;</li>
</ul>

<ul type="disc">
<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;</li>
</ul>

<ul type="disc">
<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;</li>
</ul>

<ul type="disc">
<li>The impact of current and future ratemaking actions of the
California Public Utilities Commission (CPUC) and the Federal
Energy Regulatory Commission (FERC), including the risk of material
differences between forecasted costs used to determine rates and
actual costs incurred;</li>
</ul>

<ul type="disc">
<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;</li>
</ul>

<ul type="disc">
<li>The extent to which the CPUC or the FERC delays or denies
recovery of the Utility&rsquo;s costs, including electricity
purchase costs, from customers due to a regulatory determination
that such costs were not reasonable or prudent or for other
reasons, resulting in write-offs of regulatory balancing
accounts;</li>
</ul>

<ul type="disc">
<li>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;</li>
</ul>

<ul type="disc">
<li>The impact of future legislative or regulatory actions or
policies;</li>
</ul>

<ul type="disc">
<li>The timing and resolution of the pending appeal of the
bankruptcy court&rsquo;s confirmation of the Utility&rsquo;s plan
of reorganization;</li>
</ul>

<ul type="disc">
<li>The outcome of regulatory proceedings pending at the CPUC and
the FERC, including the Utility&rsquo;s request for a revenue
requirement to fund pension contributions that may be required in
the future;<br>
</li>
<li>The outcome of the litigation pending against the Utility in
California state court involving allegations of injury allegedly
caused by exposure to chromium at certain of the Utility's gas
compressor stations and other pending litigation;</li>
</ul>

<ul type="disc">
<li>Increased competition; and</li>
</ul>

<ul type="disc">
<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 August 3, 2005</p>

<p>Exhibit 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Supplemental Financial Information</p>

<br clear="all" />


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

<p>&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center">SIGNATURE</p>
</td>
</tr>

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

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

<table border="0" cellspacing="0" cellpadding="0" width="643">
<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;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>PG&amp;E CORPORATION</p>
</td>
</tr>

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

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

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

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

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

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

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

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

<p></p>

<p></p>

<p>Dated:&nbsp; August 3, 2005</p>

<hr>


<p align="center"><b><br>
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 August 3, 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>earningspressreleasewtables.htm
<DESCRIPTION>PG&E CORPORATION PRESS RELEASE DATED AUGUST 3, 2005
<TEXT>
<HTML>
<HEAD>
<TITLE>TITLE</TITLE>
<META NAME="Template" CONTENT="C:\Documents and Settings\bxh1\Application Data\Microsoft\Templates\TEST PHASE - Press Release.dot">
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<TABLE BORDER="1" CELLSPACING=1 CELLPADDING=7 WIDTH=954>
<TR><TD WIDTH="234" VALIGN="TOP" HEIGHT=102>
<I><FONT FACE="Arial" SIZE=4><P>PG&amp;E CORPORATION</I></FONT></TD>
<TD WIDTH="17" VALIGN="TOP" HEIGHT=102>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="183" VALIGN="TOP" HEIGHT=102>
<FONT SIZE=3><P>Corporate Communications<BR>
One Market, Spear Tower<BR>
Suite 2400<BR>
San Francisco, CA  94105<BR>
1-800-743-6397<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="9" VALIGN="TOP" HEIGHT=102>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8" VALIGN="TOP" HEIGHT=102>
<B><FONT SIZE=4><P>NEWS</B></FONT></TD>
<TD WIDTH="391" VALIGN="TOP" COLSPAN=2 HEIGHT=102>
<B><FONT SIZE=2><P>Exhibit 99.1</B></FONT></TD>
</TR>
<TR><TD WIDTH="434" VALIGN="TOP" COLSPAN=3 HEIGHT=40>
<B><P>FOR IMMEDIATE RELEASE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD WIDTH="194" VALIGN="TOP" COLSPAN=3 HEIGHT=40>
<FONT SIZE=2><P>August 3, 2005</FONT></TD>
<TD WIDTH="232" VALIGN="TOP" HEIGHT=40><P></P></TD>
</TR>
</TABLE>

<P>CONTACT: PG&amp;E Corporation</P>
<FONT SIZE=2><P><BR>
</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=645>
<TR><TD VALIGN="TOP">
<B><U><FONT SIZE=4><P>PG&amp;E CORPORATION REPORTS SECOND QUARTER FINANCIAL PERFORMANCE<BR>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
</TR>
</TABLE>


<UL>
<LI>Net income for PG&amp;E Corporation was $0.70 per share, compared with $0.88 per share in the same quarter of 2004. (All "per share" amounts in this release are common shares on a diluted basis.)  <BR>
</LI></UL>


<UL>
<LI>Earnings from operations for PG&amp;E Corporation were $0.69 per share, compared with $0.70 per share in the same quarter of 2004.<br>
  <BR>
</LI>
<LI>Guidance for 2005 earnings from operations is raised by $0.05 per share to a range of $2.20-$2.30 per share.  Guidance for 2006 earnings from operations is also raised by $0.05 per share to a range of $2.35-$2.45 per share.<BR>
</LI></UL>

<P style="line-height: 150%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(San Francisco) -- PG&amp;E Corporation's (NYSE: PCG) consolidated net income reported in accordance with generally accepted accounting principles (GAAP) was $267 million, or $0.70 per share, in the second quarter of 2005.  In the same period last year, consolidated net income was $372 million, or $0.88 per share.  The difference in quarterly results is primarily attributable to the effects of a delayed final decision in Pacific Gas and Electric Company's General Rate Case (GRC) for 2003.  Because the 2003 GRC decision was not issued until May 2004, the company's second quarter results last year included
several quarters worth of revenues primarily for its electric and gas distribution business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Second quarter results put PG&amp;E in a solid position at the mid-year mark," said Peter A. Darbee, PG&amp;E Corporation President and CEO. "PG&amp;E's sound financial health and stable business climate continue to provide an excellent platform for the company to deliver value to customers and shareholders alike.  We look forward to solid results for the year and taking further steps to invest in our infrastructure and people with the goal of strengthening service and ensuring a reliable energy future for California."<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE=2>&nbsp;Page 1 of 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><B><FONT FACE="Arial" SIZE=2>-MORE-<br>
</P>
<hr>
</FONT>
<U><P style="line-height: 150%">EARNINGS FROM OPERATIONS<BR>
</U>
</B><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On a non-GAAP basis, PG&amp;E Corporation's earnings from operations were $262 million, or $0.69 per share in the second quarter of 2005, compared with $298 million, or $0.70 per share in the same period last year.<br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Earnings from operations excludes certain non-operating income and expenses reported in GAAP net income (see "Items Impacting Comparability" on the accompanying financial tables, which reconcile earnings from operations with consolidated net income in accordance with GAAP).  For the second quarter, these items totaled $0.01 per share.<br>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>As disclosed in the Corporation's Form 10-Q, accounting for stock options as an expense in the quarter would have reduced earnings by $0.01 per share.   <BR>
  </P>
<B><U><P>QUARTER-OVER-QUARTER COMPARISON</P>
</B></U><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Earnings from operations for the second quarter of 2005 were $0.01 per share below levels for the same period in 2004 reflecting the net impact of a number of factors.  <BR>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Specifically, second quarter results for 2005 are $0.16 per share lower by comparison due to the impact of the 2003 GRC decision on second quarter results last year, which included the cumulative year-to-date revenue increases authorized in the decision.  Second quarter 2005 results are also lower by $0.07 per share compared with second quarter 2004 due to the earnings impact associated with the elimination of the regulatory asset established under the settlement resolving Pacific Gas and Electric Company's Chapter 11 case.  The regulatory asset was refinanced in February 2005 in order to deliver as much as $1 billion in savings to customers.<BR>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Offsetting the absence of these items in the second quarter of 2005 were $0.08 per share reflecting the positive effects of share repurchases over the last year; $0.04 per share reflecting lower expenses at the Diablo Canyon power plant, which underwent a refueling outage in the second quarter of last year; $0.03 per share of earnings related to settlements between the utility and certain wholesale customers resolving outstanding disputes over electric transmission contracts; $0.02 per share of additional equity earnings on rate base, resulting from the increase of the utility's equity ratio from 49 percent to 52 percent; $0.02 per share reflecting lower interest expense at the holding company; and $0.03 of other items.<br>
<BR>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 2 of 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><B><FONT FACE="Arial" SIZE=2>-MORE-</B></FONT><FONT SIZE=2><BR>
</P>
<hr>
</FONT><B><U><P>EARNINGS GUIDANCE </P>
</B></U>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>PG&amp;E Corporation is raising its previously issued 2005 guidance for earnings from operations by $0.05 per share. Guidance for 2005 is increased to a range of $2.20-$2.30 per share, reflecting the positive impacts of the electric transmission-related items referenced above in combination with solid year-to-date financial performance.  PG&amp;E Corporation is also raising its previously issued guidance for 2006 earnings from operations to a range of $2.35-$2.45 per share.  <BR>
<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>PG&amp;E Corporation bases guidance on "earnings from operations" 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. <BR>
</P>
<P ALIGN="CENTER">###</P>
<B><FONT SIZE=3><P>Supplemental Financial Information:  <BR>
</P>

<UL>

<UL>
</B><LI>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's website (www.pgecorp.com).  <BR>
</LI></UL>
</UL>

<B><P>Conference Call with the Financial Community to Discuss Second Quarter Results:</P>


<UL>

<UL>
</B><LI>Today's call at 2:00 p.m. Eastern time is open to the public on a listen-only basis via webcast.  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 August 10, 2005, by dialing 877-690-2094. International callers may dial 402-220-0649.</LI></UL>
</UL>

</FONT>
<FONT SIZE=2><P>This press release and the attachment contain forward-looking statements regarding 2005 and 2006 guidance for earnings from operations per 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.   These statements are necessarily subject to various risks and uncertainties.  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 in the approximate amount of $800 million, the Utility makes certain capital expenditures, and that PG&amp;E Corporation repurchases additional shares of its common stock) prove to be inaccurate, factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include:</P>
<P><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 3 of 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><B><FONT FACE="Arial" SIZE=2>-MORE-</B></FONT><FONT SIZE=2><BR>
</P>

<hr>

<UL>
<LI>Unanticipated changes in operating expenses or capital expenditures, which may affect the Utility's ability to earn its authorized rate of return;<br>
 <BR>
</LI>
<LI>The level and volatility of wholesale electricity and natural gas prices and supplies, the Utility'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>
 <BR>
</LI>
<LI>The operation of the Utility's Diablo Canyon nuclear power plant, which exposes the Utility to potentially significant environmental costs and capital expenditure outlays;<br>
 <BR>
</LI>
<LI>The impact of current and future ratemaking actions of the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC), including the risk of material differences between forecasted costs used to determine rates and actual costs incurred;<br>
 <BR>
</LI>
<LI>Whether the assumptions and forecasts underlying the Utility'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's electricity purchase contracts or the California Department of Water Resources' contracts allocated to the Utility's customers affects the Utility's ability to meet its obligations or to recover its costs;<br>
 <BR>
</LI>
<LI>The extent to which the CPUC or the FERC delays or denies recovery of the Utility'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>
 <BR>
</LI>
<LI>How the CPUC administers the capital structure, stand-alone dividend, and first priority conditions of the CPUC's decisions permitting the establishment of holding companies for the California investor-owned electric utilities;<br>
 <BR>
</LI>
<LI>The impact of future legislative or regulatory actions or policies;<br>
 <BR>
</LI>
<LI>The timing and resolution of the pending appeal of the bankruptcy court's confirmation of the Utility's plan of reorganization;<br>
 <BR>
</LI>
<LI>The outcome of regulatory proceedings pending at the CPUC and the FERC, including the Utility's request for a revenue requirement to fund pension contributions that may be required in the future;<br>
 <BR>
</LI>
<LI>The outcome of the litigation pending against the Utility in California state court involving allegations of injury allegedly caused by exposure to chromium at certain of the Utility's gas compressor stations and other pending litigation;<br>
 <BR>
</LI>
<LI>Increased competition; and<br>
 <BR>
</LI>
<LI>Other factors discussed in PG&amp;E Corporation's SEC reports.</LI></UL>


<P ALIGN="CENTER"><BR>
###<BR>
</P>
<P><BR>
<BR>
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 4 of 4</P>

<B><P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P>PG&amp;E Corporation <BR>
Condensed Consolidated Statements of Income<BR>
(Unaudited)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=2><P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=604>
<TR><TD WIDTH="44%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="54%" VALIGN="TOP" COLSPAN=11 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=2><P>(in millions, except per share amounts)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">Three Months Ended</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">Six Months Ended</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">June 30,</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">June 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=2><P>Operating Revenues</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Electric</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">1,780&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">2,063&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">3,439&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">3,851&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Natural gas</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">718&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">686&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">1,727&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">1,617&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2>&nbsp;&nbsp;Total operating revenues</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">2,498&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">2,749&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">5,166&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">5,468&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=2><P>Operating Expenses</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Cost of electricity </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">487&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">685&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">884&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">1,254&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Cost of natural gas </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">347&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">278&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">967&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">857&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Operating and maintenance</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">670&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">757&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">1,436&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">1,576&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Recognition of regulatory assets</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">(4,900)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Depreciation, amortization and &nbsp;&nbsp;&nbsp;decommissioning</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">454&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">353&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">839&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">651&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Reorganization professional fees and expenses</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">4&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">6&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating (gain) expenses</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">1,958&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">2,077&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">4,126&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">(556)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=2><P>Operating Income </B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">540&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">672&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">1,040&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">6,024&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Reorganization interest income</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">8&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Interest income </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">16&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">25&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">37&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">31&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">(131)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">(176)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">(292)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">(406)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Other expense, net</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">(2)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">(14)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">(3)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">(41)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=2><P>Income Before Income Taxes</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">423&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">507&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">782&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">5,616&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;Income tax provision</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">156&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">135&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">297&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">2,211&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=2><P>Net Income </B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">267&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">372&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">485&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">3,405&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=2><P>Weighted Average Common Shares Outstanding, Basic</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">370&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">397&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">379&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">395&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=2><P>Net Earnings Per Common Share, Basic</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">0.70&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">0.89&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">1.25&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">8.22&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Net Earnings Per Common Share, Diluted</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">0.70&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">0.88&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">1.23&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">8.03&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=2><P>Dividends Declared Per Common Share</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">0.30&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">0.60&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=13 HEIGHT=16><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=2></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P><BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=604>
<TR><TD VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2>
<P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P>Earnings Summary<BR>
Second Quarter and Year-to-Date, 2005 vs. 2004<BR>
(in millions, except per share amounts)</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=2></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=760>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=30><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=30><P></P></TD>
<TD WIDTH="37%" VALIGN="BOTTOM" COLSPAN=11 HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="CENTER">Three months ended June 30,</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=30><P></P></TD>
<TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=11 HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="CENTER">Six months ended June 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=11 BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="38%" VALIGN="TOP" COLSPAN=11 BGCOLOR="#c0c0c0" HEIGHT=1>
<B><FONT SIZE=1><P>&#9;</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=34><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=34><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Earnings (Loss)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Earnings (Loss) per <BR>
Common Share <BR>
(Diluted)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Earnings (Loss)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Earnings (Loss) per<BR>
Common Share <BR>
(Diluted)</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=53>
<B><FONT SIZE=1><P>Pacific Gas and Electric Company and Holding Company <SUP>1</B></SUP></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P>&nbsp;&nbsp;Pacific Gas and Electric <BR>
&nbsp;&nbsp;&nbsp;&nbsp;Company</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">266&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">307&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">0.70&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">0.72&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">494&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">488&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">1.25&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">1.15&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;Holding Company</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(4)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(9)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.01)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.02)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(6)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(14)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.01)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.03)</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Earnings from Operations</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">262&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">298&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.69&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.70&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">488&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">474&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1.24&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1.12&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=31>
<B><FONT SIZE=1><P>Items Impacting<BR>
Comparability <SUP>2</B></SUP></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;Implementation of Electric <BR>
&nbsp;&nbsp;&nbsp;&nbsp;Industry Restructuring</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">2,950&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">6.96&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;2003 GRC Settlement</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">120&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.28&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">120&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.28&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;Energy Crisis/ Chapter 11<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Interest Costs</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">5&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(26)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">0.01&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(0.06)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(3)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(83)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(0.01)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(0.20)</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;Dividend Participation Rights</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(20)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.04)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(39)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.09)</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(17)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.04)</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;Total</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">74&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.01&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.18&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(3)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,931&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.01)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6.91&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=32>
<B><FONT SIZE=1><P>PG&amp;E Corporation Earnings on a GAAP basis</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">267&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">372&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">0.70&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">0.88&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">485&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">3,405&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">1.23&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">8.03&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=2><P><BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=2>
<P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=661>
<TR><TD WIDTH="3%" VALIGN="TOP">
<SUP><FONT SIZE=2><P>1</SUP></FONT></TD>
<TD WIDTH="97%" VALIGN="TOP">
<FONT SIZE=1><P>Earnings from operations exclude items impacting comparability as noted in the following discussion.</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">
<SUP><FONT SIZE=2><P>2</SUP></FONT></TD>
<TD WIDTH="97%" VALIGN="TOP">
<FONT SIZE=1><P>Items impacting comparability reconcile earnings from operations with consolidated net income as reported in accordance with generally accepted accounting principles, or GAAP.</FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P><BR>
DISCUSSION ON EARNINGS SUMMARY TABLE:<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=762>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P>1.</FONT></TD>
<TD WIDTH="97%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Earnings from operations for PG&amp;E Corporation excludes items impacting comparability, as discussed below.  On a GAAP basis, PG&amp;E Corporation earned $267 million for the three months ended June 30, 2005 and $372 million for the three months ended June 30, 2004.  For the six months ended June 30, 2005, the Corporation earned $485 million on a GAAP basis and $3,405 million for the six months ended June 30, 2004.<BR>
<BR>
On a GAAP basis, the Utility earned $272 million for the three months ended June 30, 2005 and $408 million for the three months ended June 30, 2004.  For the six months ended June 30, 2005, the Utility earned $491 million on a GAAP basis and $3,474 million for the six months ended June 30, 2004.</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P>2.</FONT></TD>
<TD WIDTH="97%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Items impacting comparability for the three months ended June 30, 2005 include the recovery of net incremental interest costs incurred by the Utility after February 10, 2005, the date of issuance of the first series of Energy Recovery Bonds, of approximately $5 million ($0.01 per common share), after-tax, related to remaining generator disputed claims in the Utility's Chapter 11 proceeding.  These costs are now recoverable as a result of a California Public Utilities Commission, or CPUC, decision on May 4, 2005.</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P>3.</FONT></TD>
<TD WIDTH="97%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Items impacting comparability for the three months ended June 30, 2004 include:</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">a)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=2><P>The Utility's recognition of a gain of approximately $120 million ($0.28 per common share), after-tax, related to the 2003 impact and regulatory asset recognition resulting from the CPUC decision in the Utility's 2003 General Rate Case, or GRC decision, on May 27, 2004;</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">b)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=2><P>The net effect of incremental interest costs of $20 million ($0.05 per common share), after-tax,  from the increased amount and cost of debt resulting from the California energy crisis and the Utility's Chapter 11 filing;</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">c)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=2><P>Increased costs of $6 million ($0.01 per common share), after-tax, related to the Chapter 11 filings of the Utility and National Energy &amp; Gas Transmission, Inc., or NEGT.  These costs generally consist of external legal consulting fees, financial advisory fees and other related costs and payments; and</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">d)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=2><P>A change in the market value of non-cumulative dividend participation rights of $20 million ($0.04 per common share), after-tax, related to the Holding Company's $280 million of 9.5% Convertible Subordinated Notes.</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P>4. </FONT></TD>
<TD WIDTH="97%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Items impacting comparability for the six months ended June 30, 2005 include the net effect of incremental interest costs of approximately $3 million ($0.01 per common share), after-tax incurred by the Utility through February 10, 2005 and related to generator disputed claims in the Utility's Chapter 11 proceeding, which are not considered recoverable.</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=2><P>5.</FONT></TD>
<TD WIDTH="97%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Items impacting comparability for the six months ended June 30, 2004 include:<B><BR>
</B></FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">a)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=2><P>The Utility's recognition of a gain of approximately $2,950 million ($6.96 per common share), after-tax, 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;</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">b)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=2><P>The Utility's recognition of a gain of approximately $120 million ($0.28 per common share), after-tax, related to the 2003 impact and regulatory asset recognition resulting from the CPUC decision in the Utility's 2003 GRC decision on May 27, 2004;</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">c)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=2><P>The net effect of incremental interest costs of $73 million ($0.17 per common share), after-tax, from the increased amount and cost of debt resulting from the California energy crisis and the Utility's Chapter 11 filing;</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">d)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=2><P>Increased costs of $10 million ($0.03 per common share), after-tax, related to the Chapter 11 filings of the Utility and National Energy &amp; Gas Transmission, Inc., or NEGT.  These costs generally consist of external legal consulting fees, financial advisory fees and other related costs and payments;</P>
<B></B></FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">e)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=2><P>A change in the market value of non-cumulative dividend participation rights of $39 million ($0.09 per common share), after-tax, related to the Holding Company's $280 million of 9.5% Convertible Subordinated Notes; and</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">f)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=2><P>The Utility's recognition of $17 million ($0.04 per common share), after-tax, in charges related to obligations to invest in clean energy technology and donate land, included in the Settlement Agreement.</FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=2></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P>2005 Earnings per Common Share Guidance<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=2></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=475>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">Low</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">High</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P>Total EPS from Operations</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">$2.20&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">$2.30&nbsp;</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P>Estimated Items Impacting Comparability:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=2><P>Incremental interest expense </FONT><SUP><FONT SIZE=1>1</SUP></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=2><P ALIGN="CENTER">(0.01)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=2><P ALIGN="CENTER">(0.01)</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="53%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="53%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT SIZE=2><P>Total EPS on a GAAP Basis</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">$2.19&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=2><P ALIGN="CENTER">$2.29&nbsp;</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=2></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=2><P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=480>
<TR><TD WIDTH="5%" VALIGN="TOP">
<SUP><FONT SIZE=1><P ALIGN="RIGHT">1</SUP></FONT></TD>
<TD WIDTH="95%" VALIGN="TOP">
<FONT SIZE=1><P>The net effect of incremental interest costs incurred by the Utility through February 10, 2005 and related to generator disputed claims in the Utility's Chapter 11 proceeding, which are not considered recoverable.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=2><P><BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=2><P>2006 Earnings per common Share Guidance<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=2></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=484>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Low</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">High</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P>Total EPS from Operations</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">$2.35</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">$2.45</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P>Estimated Items Impacting Comparability:</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">0.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">0.00</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=5>
<FONT SIZE=2><P>Total EPS on a GAAP Basis</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=5>
<B><FONT SIZE=2><P ALIGN="CENTER">$2.35</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=5>
<B><FONT SIZE=2><P ALIGN="CENTER">$2.45</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=2></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=2><P><BR>
<BR>
</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=672>
<TR><TD VALIGN="TOP" HEIGHT=154>
<FONT SIZE=2><P>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.  These statements are necessarily subject to various risks and uncertainties.  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
November 2005 in the approximate amount of $800 million, that the Utility makes certain capital
expenditures, and that PG&amp;E Corporation repurchases additional shares of its
common stock) prove to be inaccurate, many factors could cause actual results to differ materially from those contemplated by the forward-looking statements.  These factors are noted in PG&amp;E Corporation's and Pacific Gas and Electric Company's Current Report on Form 8-K dated August 3, 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 June 30, 2005.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<FONT SIZE=2>
<P>&nbsp;</P></FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>earningsables2q05.htm
<DESCRIPTION>ADDITIONAL SUPPLEMENTAL FINANCIAL INFORMATION
<TEXT>
<HTML>
<HEAD>
<TITLE>PG&amp;E Corporation</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<B><FONT SIZE=1><P align="right">Exhibit 99.2
</P><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 1: Earnings Summary<BR>
Second Quarter and Year-to-Date, 2005 vs. 2004<BR>
(in millions, except per share amounts)</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=760>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=30><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=30><P></P></TD>
<TD WIDTH="37%" VALIGN="BOTTOM" COLSPAN=11 HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="CENTER">Three months ended June 30,</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=30><P></P></TD>
<TD WIDTH="38%" VALIGN="BOTTOM" COLSPAN=11 HEIGHT=30>
<B><FONT SIZE=2><P ALIGN="CENTER">Six months ended June 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="37%" VALIGN="TOP" COLSPAN=11 BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="38%" VALIGN="TOP" COLSPAN=11 BGCOLOR="#c0c0c0" HEIGHT=1>
<B><FONT SIZE=1><P>&#9;</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="TOP" HEIGHT=34><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=34><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Earnings (Loss)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Earnings (Loss) per <BR>
Common Share <BR>
(Diluted)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Earnings (Loss)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Earnings (Loss) per<BR>
Common Share <BR>
(Diluted)</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=53>
<B><FONT SIZE=1><P>Pacific Gas and Electric Company and Holding Company <SUP>1</B></SUP></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=53><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P>&nbsp;&nbsp;Pacific Gas and Electric <BR>
&nbsp;&nbsp;&nbsp;&nbsp;Company</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">266&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">307&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">0.70&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">0.72&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">494&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">488&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">1.25&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31>
<FONT SIZE=1><P ALIGN="RIGHT">1.15&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;Holding Company</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(4)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(9)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.01)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.02)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(6)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(14)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.01)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.03)</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Earnings from Operations</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">262&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">298&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.69&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.70&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">488&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">474&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1.24&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1.12&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=31>
<B><FONT SIZE=1><P>Items Impacting<BR>
Comparability <SUP>2</B></SUP></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=31><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;Implementation of Electric <BR>
&nbsp;&nbsp;&nbsp;&nbsp;Industry Restructuring</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">2,950&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">6.96&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;2003 GRC Settlement</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">120&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.28&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">120&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.28&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;Energy Crisis/ Chapter 11<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Interest Costs</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">5&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(26)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">0.01&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(0.06)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(3)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(83)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(0.01)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(0.20)</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;Dividend Participation Rights</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(20)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.04)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(39)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.09)</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(17)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.04)</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;Total</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">74&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.01&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.18&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(3)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,931&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.01)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6.91&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=32>
<B><FONT SIZE=1><P>PG&amp;E Corporation Earnings on a GAAP basis</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">267&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">372&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">0.70&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">0.88&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">485&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">3,405&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">1.23&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">8.03&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1><P><BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1>
<P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=661>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT FACE="Times" SIZE=1><P><sup>1</sup></FONT></TD>
<TD WIDTH="97%" VALIGN="TOP">
<FONT SIZE=1><P><sub>Earnings from operations exclude items impacting comparability as noted in the following discussion.</sub></FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT FACE="Times" SIZE=1><P><sup>2</sup></FONT></TD>
<TD WIDTH="97%" VALIGN="TOP">
<FONT SIZE=1><P><sub>Items impacting comparability reconcile earnings from operations with consolidated net income as reported in accordance with generally accepted accounting principles, or GAAP.</sub></FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>PG&amp;E Corporation<BR>
<BR>
<BR>
DISCUSSION ON TABLE 1:<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=762>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=1><P>1.</FONT></TD>
<TD WIDTH="97%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P>Earnings from operations for PG&amp;E Corporation excludes items impacting comparability, as discussed below.  On a GAAP basis, PG&amp;E Corporation earned $267 million for the three months ended June 30, 2005 and $372 million for the three months ended June 30, 2004.  For the six months ended June 30, 2005, the Corporation earned $485 million on a GAAP basis and $3,405 million for the six months ended June 30, 2004.<BR>
<BR>
On a GAAP basis, the Utility earned $272 million for the three months ended June 30, 2005 and $408 million for the three months ended June 30, 2004.  For the six months ended June 30, 2005, the Utility earned $491 million on a GAAP basis and $3,474 million for the six months ended June 30, 2004.</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=1><P>2.</FONT></TD>
<TD WIDTH="97%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P>Items impacting comparability for the three months ended June 30, 2005 include the recovery of net incremental interest costs incurred by the Utility after February 10, 2005, the date of issuance of the first series of Energy Recovery Bonds, of approximately $5 million ($0.01 per common share), after-tax, related to remaining generator disputed claims in the Utility's Chapter 11 proceeding.  These costs are now recoverable as a result of a California Public Utilities Commission, or CPUC, decision on May 4, 2005.</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=1><P>3.</FONT></TD>
<TD WIDTH="97%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P>Items impacting comparability for the three months ended June 30, 2004 include:</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">a)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=1><P>The Utility's recognition of a gain of approximately $120 million ($0.28 per common share), after-tax, related to the 2003 impact and regulatory asset recognition resulting from the CPUC decision in the Utility's 2003 General Rate Case, or GRC decision, on May 27, 2004;</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">b)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=1><P>The net effect of incremental interest costs of $20 million ($0.05 per common share), after-tax,  from the increased amount and cost of debt resulting from the California energy crisis and the Utility's Chapter 11 filing;</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">c)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=1><P>Increased costs of $6 million ($0.01 per common share), after-tax, related to the Chapter 11 filings of the Utility and National Energy &amp; Gas Transmission, Inc., or NEGT.  These costs generally consist of external legal consulting fees, financial advisory fees and other related costs and payments; and</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">d)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=1><P>A change in the market value of non-cumulative dividend participation rights of $20 million ($0.04 per common share), after-tax, related to the Holding Company's $280 million of 9.5% Convertible Subordinated Notes.</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=1><P>4. </FONT></TD>
<TD WIDTH="97%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P>Items impacting comparability for the six months ended June 30, 2005 include the net effect of incremental interest costs of approximately $3 million ($0.01 per common share), after-tax incurred by the Utility through February 10, 2005 and related to generator disputed claims in the Utility's
Chapter 11 proceeding, which are not considered recoverable.</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">
<FONT SIZE=1><P>5.</FONT></TD>
<TD WIDTH="97%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P>Items impacting comparability for the six months ended June 30, 2004 include:<B><BR>
</B></FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">a)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=1><P>The Utility's recognition of a gain of approximately $2,950 million ($6.96 per common share), after-tax, 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;</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">b)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=1><P>The Utility's recognition of a gain of approximately $120 million ($0.28 per common share), after-tax, related to the 2003 impact and regulatory asset recognition resulting from the CPUC decision in the Utility's 2003 GRC decision on May 27, 2004;</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">c)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=1><P>The net effect of incremental interest costs of $73 million ($0.17 per common share), after-tax, from the increased amount and cost of debt resulting from the California energy crisis and the Utility's Chapter 11 filing</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">d)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=1><P>Increased costs of $10 million ($0.03 per common share), after-tax, related to the Chapter 11 filings of the Utility and National Energy &amp; Gas Transmission, Inc., or NEGT.  These costs generally consist of external legal consulting fees, financial advisory fees and other related costs and payments;</P>
<B></B></FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">e)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=1><P>A change in the market value of non-cumulative dividend participation rights of $39 million ($0.09 per common share), after-tax, related to the Holding Company's $280 million of 9.5% Convertible Subordinated Notes; and</P>
</FONT></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">f)</FONT></TD>
<TD WIDTH="93%" VALIGN="TOP">
<FONT SIZE=1><P>The Utility's recognition of $17 million ($0.04 per common share), after-tax, in charges related to obligations to invest in clean energy technology and donate land, included in the Settlement Agreement.</FONT></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 2: Earnings Per Common Share from Operations<BR>
Second Quarter 2005 vs. Second Quarter 2004<BR>
($/Share)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>&nbsp;</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=458>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Q2 2004 EPS from Operations </B></FONT><SUP><FONT SIZE=1>1</SUP></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>$</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="RIGHT">0.70&nbsp;</B></FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>2004 Diablo Canyon refueling outage</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.04&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Higher equity earnings on rate base<SUP> 2</SUP></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.02&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Fewer shares outstanding</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.08&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Lower interest and other expenses at Holding Company</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.02&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Electric transmission contract settlements </FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.03&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Miscellaneous items </FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.03&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.22&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Prior-period portion of 2003 GRC and 2004 attrition </FONT><SUP><FONT SIZE=1>3</SUP></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.16)</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Elimination of earnings on the settlement regulatory asset <SUP>4</SUP></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.07)</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.23)</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P>Q2 2005 EPS from Operations </B></FONT><SUP><FONT SIZE=1>1</SUP></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>$</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="RIGHT">0.69&nbsp;</B></FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P><BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 3: Earnings Per Common Share from Operations<BR>
Year-to-Date 2005 vs. Year-to-Date 2004<BR>
($/Share)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>&nbsp;</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=461>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P>Q2 2004 YTD EPS from Operations </B></FONT><SUP><FONT SIZE=1>1</SUP></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="RIGHT">$</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="RIGHT">1.12&nbsp;</B></FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>2004 Diablo Canyon refueling outage</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.05&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Higher equity earnings on rate base<SUP> 2</SUP></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.05&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Fewer shares outstanding</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.09&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Lower interest and other expenses at Holding Company</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.03&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Electric transmission contract settlements</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.03&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>Miscellaneous items</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.03&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.28&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Prior-period portion of 2003 GRC and 2004 attrition </FONT><SUP><FONT SIZE=1>3</SUP></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.01)</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Elimination of earnings on the settlement regulatory asset <SUP>4</SUP></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.12)</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Increased estimate of environmental remediation</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.03)</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(0.16)</FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P>Q2 2005 YTD EPS from Operations </B></FONT><SUP><FONT SIZE=1>1</SUP></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="RIGHT">$</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="RIGHT">1.24&nbsp;</B></FONT></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="77%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>&nbsp;</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=536>
<TR><TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT"><sup>1.</sup></FONT></TD>
<TD WIDTH="96%" VALIGN="TOP">
<FONT SIZE=1><P><sub>See Table 1 for a reconciliation of earnings per common share, or EPS, from operations to EPS on a GAAP basis.</sub></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT"><sup>2.</sup></FONT></TD>
<TD WIDTH="96%" VALIGN="TOP">
<FONT SIZE=1><P><sub>The Utility's equity ratio reached its authorized level of 52% in January 2005, compared to approximately 48% and 49% during the first and second quarters of 2004, respectively.</sub></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT"><sup>3.</sup></FONT></TD>
<TD WIDTH="96%" VALIGN="TOP">
<FONT SIZE=1><P><sub>The CPUC issued a final decision in May 2004 that was retroactive to 2003.  As a result, second quarter earnings from operations in 2004 included two quarters of 2003 GRC and 2004 attrition revenues.</sub></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT"><sup>4.</sup></FONT></TD>
<TD WIDTH="96%" VALIGN="TOP">
<FONT SIZE=1><P><sub>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 two full quarters in 2004.</sub></FONT></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 4: Share Statistics<BR>
Second Quarter 2005 vs. Second Quarter 2004<BR>
(shares in millions, except per share amounts)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>&nbsp;</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=710>
<TR><TD WIDTH="48%" VALIGN="TOP" COLSPAN=2 HEIGHT=37><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=37><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=37>
<B><FONT SIZE=1><P ALIGN="CENTER">Second Quarter 2005</B></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=37><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=37>
<B><FONT SIZE=1><P ALIGN="CENTER">Second Quarter 2004</B></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=37><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=37>
<B><FONT SIZE=1><P ALIGN="CENTER">% Change</B></FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P>Common Stock Data</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P>Book Value per share - end of period <SUP>1</SUP></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">21.64</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">19.30</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">12.12%</FONT></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P>Weighted Average common shares outstanding, basic</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">370</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">397</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-6.80%</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Employee share-based compensation and warrants <SUP>2</SUP></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">9</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-55.55%</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P>Weighted average common shares outstanding, diluted</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">374</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">406</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-7.88%</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>9.5% Convertible Subordinated Notes<BR>
(participating securities)</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">19</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">19</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="48%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P>Weighted average common shares outstanding and participating securities, diluted</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">393</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">425</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-7.53%</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="44%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="44%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="44%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>&nbsp;</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=722>
<TR><TD WIDTH="4%" VALIGN="TOP">
<SUP><FONT SIZE=1><P ALIGN="RIGHT">1.</SUP></FONT></TD>
<TD WIDTH="96%" VALIGN="TOP">
<FONT SIZE=1><P><sub>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.</sub></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">
<SUP><FONT SIZE=1><P ALIGN="RIGHT">2.</SUP></FONT></TD>
<TD WIDTH="96%" VALIGN="TOP">
<FONT SIZE=1><P><sub>Includes a rounding reduction of approximately $1 million common shares.</sub></FONT></TD>
</TR>
</TABLE>
</CENTER>

<FONT SIZE=1><P><BR>
</P>
<P>Source:  PG&amp;E Corporation's Condensed Consolidated Financial Statements and the Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>

<P>.</P>
</FONT><B><FONT SIZE=1><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 5: Pacific Gas and Electric Company Operating Statistics<BR>
Second Quarter and Year-to-Date, 2005 vs. 2004</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>&nbsp;</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=661>
<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=25>
<B><FONT SIZE=1><P>&nbsp;&nbsp;</B></FONT></TD>
<TD WIDTH="26%" VALIGN="TOP" COLSPAN=3 HEIGHT=25>
<B><FONT SIZE=1><P ALIGN="CENTER">Three Months Ending <BR>
June 30</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=25><P></P></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 HEIGHT=25>
<B><FONT SIZE=1><P ALIGN="CENTER">Six Months Ending <BR>
June 30</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="26%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">&nbsp;&nbsp;</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><U><FONT SIZE=1><P>Electric Sales (in millions kWh)</B></U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Residential</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">6,633&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">6,544&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">14,075&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">13,966&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Commercial</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">7,827&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">7,849&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">15,293&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">15,326&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Industrial</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">3,712&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">3,809&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">7,167&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">7,164&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Agricultural</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">849&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,182&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,320&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,679&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;BART, public street and highway lighting</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">198&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">125&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">391&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">240&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Other electric utilities</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">13&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">20&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">6&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Sales from Energy Deliveries</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">19,232&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">19,511&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">38,266&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">38,381&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Total Electric Customers at June 30</FONT></B></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,972,895&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,899,119&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><U><FONT SIZE=1><P>Bundled Gas Sales (in millions MCF)</FONT></U> <FONT SIZE=1>&nbsp;</FONT> </B></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Residential</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">41&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</B></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">35&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">123&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">120&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Commercial</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">18&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">16&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">44&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">43&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Industrial</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp; </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Total Bundled Gas Sales</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">59&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">51&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">167&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">163&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Transportation Only </B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">101&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">131&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">234&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">275&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Total Gas Sales</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">160&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">182&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">401&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">438&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Total Gas Customers at June 30</FONT></B></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,142,460&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,067,498&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><U><FONT SIZE=1><P>Sources of Electric Energy (in millions kWh)</B></U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Utility Generation</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Nuclear</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,774&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2,786&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">9,427&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">7,108&nbsp; </FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Hydro (net)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">3,693&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2,462&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">6,640&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">5,557&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Fossil</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">324&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">215&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">566&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">439&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Total Utility Generation</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">8,791&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">5,463&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">16,633&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">13,104&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Purchased Power</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Qualifying Facilities</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,585&nbsp; </FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,633&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">8,939&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">9,306&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Irrigation Districts</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,504&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,230&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2,002&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2,286&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Other Purchased Power</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">257&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">203&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">411&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">375&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Spot Market Purchases/Sales, net</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">(1,192)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">3,028&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">(1,211)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,221&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;Total Purchased Power</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">5,154&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">9,094&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">10,141&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">16,188&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Delivery from DWR</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,525&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,503&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">9,569&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">9,064&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Delivery to Direct Access Customers</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2,224&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">2,291&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,326&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4,391&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Others (includes energy loss)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">(1,462)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">(1,840)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">(2,403)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">(4,366)</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>Total Electric Energy Delivered</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">19,232&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">19,511&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">38,266&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">38,381&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<B><U><FONT SIZE=1><P>Diablo Canyon Performance</B></U></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Overall capacity factor (including refuelings)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">101%</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">59%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">100%</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">75%</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Refueling outage period</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">None&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">4/1-6/7&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">None&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">3/22-6/7&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Refueling outage duration during the period (days)</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">
  <p align="right">&nbsp;<font size="1">None&nbsp;</font></p>
  </TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">68.5&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
  <p align="right"><font size="1">&nbsp;None&nbsp;</font></p>
  </TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">77.5&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
</TABLE>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P><BR>
</P></FONT>
<P ALIGN="CENTER"><CENTER>
</CENTER>

<B><FONT SIZE=1>
<P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 6: 2005 Earnings per Common Share Guidance<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=475>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">Low</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">High</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P>Total EPS from Operations</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">$2.20&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">$2.30&nbsp;</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P>Estimated Items Impacting Comparability:</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="53%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Incremental interest expense </FONT><SUP><FONT SIZE=1>1</SUP></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="CENTER">(0.01)</FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="CENTER">(0.01)</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="53%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="53%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P>Total EPS on a GAAP Basis</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">$2.19&nbsp;</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">$2.29&nbsp;</B></FONT></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="57%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P>
<P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=480>
<TR><TD WIDTH="5%" VALIGN="TOP">
<SUP><FONT SIZE=1><P ALIGN="RIGHT">1</SUP></FONT></TD>
<TD WIDTH="95%" VALIGN="TOP">
<font size="1"><sub>The net </sub><sub>effect</sub><sub> of incremental interest
costs incurred by the Utility through February 10, 2005 and related to </sub><sub>generator</sub><sub>
disputed claims </sub><sub>in the</sub><sub> Utility's Chapter 11 proceeding,
which are not considered recoverable.</sub></font></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1><P><BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 7: 2006 Earnings per common Share Guidance<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=484>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Low</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">High</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=1><P>Total EPS from Operations</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">$2.35</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">$2.45</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=1><P>Estimated Items Impacting Comparability:</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">0.00</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">0.00</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=5>
<FONT SIZE=1><P>Total EPS on a GAAP Basis</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=5>
<B><FONT SIZE=1><P ALIGN="CENTER">$2.35</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=5><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=5>
<B><FONT SIZE=1><P ALIGN="CENTER">$2.45</B></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P><BR>
<BR>
</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=672>
<TR><TD VALIGN="TOP" HEIGHT=154>
<FONT SIZE=1><P>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.  These statements are necessarily subject to various risks and uncertainties.  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
November 2005 in the approximate amount of $800 million, that the Utility makes certain capital
expenditures, and that PG&amp;E Corporation repurchases additional shares of its
common stock) prove to be inaccurate, many factors could cause actual results to differ materially from those contemplated by the forward-looking statements.  These factors are noted in PG&amp;E Corporation's and Pacific Gas and Electric Company's Current Report on Form 8-K dated August 3, 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 June 30, 2005.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<FONT SIZE=1>
<P>&nbsp;</P>
<B><P>PG&amp;E Corporation<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 8: Rate Base - Pacific Gas and Electric Company <BR>
(in billions)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=490>
<TR><TD WIDTH="39%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">2006</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Recorded</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Estimated</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="CENTER">Estimated</B></FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">Total Weighted Average Rate Base</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="CENTER">$14.8</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="CENTER">$15.2</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="CENTER">$16.0</FONT></TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="39%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<B><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 9: General Earnings Sensitivities for 2005<BR>
PG&amp;E Corporation and Pacific Gas and Electric Company</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=652>
<TR><TD WIDTH="25%" VALIGN="BOTTOM" HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Variable</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="50%" VALIGN="BOTTOM" HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Description of Change</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=34><P></P></TD>
<TD WIDTH="20%" VALIGN="BOTTOM" HEIGHT=34>
<B><FONT SIZE=1><P ALIGN="CENTER">Estimated Earnings Impact</B></FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" BGCOLOR="#c0c0c0" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>Rate base</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>+/- $100 million change in rate base </FONT><SUP><FONT SIZE=1>1</SUP></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>+/- $6 million</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>Return on equity (ROE)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>+/- 0.1% change in earned ROE</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>+/- $8 million</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>Share count</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>+/- 1% change in average shares</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>-/+ $0.02 per share</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=28>
<FONT SIZE=1><P>Revenues</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=28><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=28>
<FONT SIZE=1><P>+/- $7 million change in revenues (pre-tax), including <BR>
Electric Transmission and California Gas Transmission</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=28><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=28>
<FONT SIZE=1><P>+/- $0.01 per share</FONT></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="25%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="50%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="20%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=652>
<TR><TD WIDTH="3%" VALIGN="TOP">
<SUP><FONT SIZE=1><P>1</SUP></FONT></TD>
<TD WIDTH="97%" VALIGN="TOP">
<FONT SIZE=1><P><sub>Assumes earning 11.22% on equity portion (52%).</sub></FONT></TD>
</TR>
</TABLE>
</CENTER>

<FONT SIZE=1><P ALIGN="CENTER"></P>
<P>&nbsp;</P>
<B><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 10: Cash Flow Sources and Uses<BR>
Year-to-Date 2005 <BR>
PG&amp;E Corporation Consolidated</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=502>
<TR><TD WIDTH="76%" VALIGN="TOP">
<B><FONT SIZE=1><P>Cash and Cash Equivalents, January 1, 2005</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="RIGHT">$</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="RIGHT">972</B></FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP">
<B><FONT SIZE=1><P>Sources of Cash</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Cash from operations</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=1><P ALIGN="RIGHT">1,583</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Debt issued</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">451</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Common stock issued</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">190</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Decrease in restricted cash</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">321</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Net proceeds from sale of assets</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">17</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Proceeds from issuance of energy recovery bonds, net</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">1,874</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">12</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="19%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="RIGHT">$</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="RIGHT">4,448</B></FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP">
<B><FONT SIZE=1><P>Uses of Cash</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Capital expenditures</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="RIGHT">803</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Repayments under credit facilities and short-term borrowings  </FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">300</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Long-term debt matured, redeemed, or repurchased</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">1,356</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Rate reduction bonds matured</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">141</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Energy recovery bonds matured</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">14</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Preferred stock with mandatory redemption provisions redeemed</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">122</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Common stock repurchased</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">1,065</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Preferred dividends paid</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">8</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Common stock dividends paid</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">111</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM">
<FONT SIZE=1><P>Other, net</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=1><P ALIGN="RIGHT">6</FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="RIGHT">$</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="RIGHT">3,926</B></FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP">
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP">
<B><FONT SIZE=1><P>Cash and Cash Equivalents, June 30, 2005</B></FONT></TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="RIGHT">$</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><FONT SIZE=1><P ALIGN="RIGHT">1,494</B></FONT></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="76%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P><BR>
</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=640>
<TR><TD VALIGN="TOP">
<FONT SIZE=1><P>Source:  PG&amp;E Corporation's Condensed Consolidated Statements of Cash Flows included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<FONT SIZE=1>
<P>&nbsp;</P>
<P>&nbsp;</P>
<B><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 11: Consolidated Cash Position<BR>
2005 vs. 2004<BR>
(in millions)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=718>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=5 HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 HEIGHT=9>
<B><FONT SIZE=1><P ALIGN="CENTER">Change</B></FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9>
<B><FONT SIZE=1><P>Cash Flow from Operating Activities (YTD June 30)</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding Company</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">(21)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">91</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">(112)</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas and Electric Company</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">1,604&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">527</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">1,077&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">1,583&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">618</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">965&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9>
<B><FONT SIZE=1><P>Consolidated Cash Balance (at June 30)</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding Company</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">354&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">867</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">(513)</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas and Electric Company</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">1,140&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">553</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">587&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">1,494&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">1,420</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">74&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9>
<B><FONT SIZE=1><P>Consolidated Restricted Cash Balance (at June 30)</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holding Company</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">361</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">(361)</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=9>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Gas and Electric Company</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">1,659&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">2,144</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">(485)</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">1,659&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">2,505</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">(846)</FONT></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#808080" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P><BR>
</P>
</B><P>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>

<P>&nbsp;</P>
<B><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 12: Long-Term Debt<BR>
Second Quarter 2005 vs. Year-End 2004<BR>
(in millions)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=619>
<TR><TD WIDTH="71%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="29%" VALIGN="BOTTOM" COLSPAN=6>
<B><FONT SIZE=1><P ALIGN="CENTER">Balance At</B></FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="29%" VALIGN="BOTTOM" COLSPAN=6 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM">
<B><FONT SIZE=1><P>(in millions)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30, 2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3>
<B><FONT SIZE=1><P ALIGN="CENTER">December 31, 2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<B><FONT SIZE=1><P>PG&amp;E Corporation</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Convertible subordinated notes, 9.50%, due 2010</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">280&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">280&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other long-term debt</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">1&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Less: current portion</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">(1)</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">280&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">280&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<B><FONT SIZE=1><P>Utility</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;First mortgage bonds/senior notes</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60% to 6.05% bonds, due 2006-2034</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">5,300&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">6,200&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized discount, net of premium</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">(17)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">(17)</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total first mortgage bonds/senior notes</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">5,283&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">6,183&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Pollution control bond loan agreements, variable rates, due 2026</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">614 &nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">614&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Pollution control bond loan agreement, 5.35%, due 2016</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">200&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">200&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Pollution control bond loan agreements, 3.50%, due 2007</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">345&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">345&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Pollution control bond loan agreements, variable rates, due 2016-2026</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">454&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Pollution control bond reimbursement obligations, variable rates, due 2005</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">454&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">3&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">4&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Less: current portion</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">(202)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=14><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">(757)</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">6,697&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=9><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=9>
<FONT SIZE=1><P ALIGN="RIGHT">7,043&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=14>
<B><FONT SIZE=1><P>Total consolidated long-term debt, net of current portion</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">6,977&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=14><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=14>
<FONT SIZE=1><P ALIGN="RIGHT">7,323&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="71%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P><BR>
<BR>
<BR>
</B>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>

<P>&nbsp;</P>
<B><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 13: Repayment Schedule and Interest Rates  -- Long-Term Debt, Energy Recovery Bonds and Rate Reduction Bonds <BR>
(in millions, except interest rates)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=694>
<TR><TD WIDTH="24%" VALIGN="TOP">
<B><FONT SIZE=1><P>(in millions)</B></FONT></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=1><P ALIGN="CENTER">2006</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=1><P ALIGN="CENTER">2007</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=3>
<B><FONT SIZE=1><P ALIGN="CENTER">2008</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=1><P ALIGN="CENTER">2009</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=1><P ALIGN="CENTER">Thereafter</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=3>
<B><FONT SIZE=1><P ALIGN="CENTER">Total</B></FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=3 HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=9><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=9><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" COLSPAN=3 HEIGHT=9><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Long-term debt:</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>PG&amp;E Corporation</B></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Average fixed interest rate</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">9.50%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">9.50%</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Fixed rate obligations</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">280&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">280&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Utility</B></FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Average fixed interest rate</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3.50%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3.60%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5.56%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5.22%</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Fixed rate obligations</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">345&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">600&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,683&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,628&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P>Variable interest rate as of<BR>
&nbsp;&nbsp;&nbsp;June 30, 2005</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">3.82%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">2.33%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">2.57%</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Variable rate obligations</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">200&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;     </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,068&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,268&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Other</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;     </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=28>
<B><FONT SIZE=1><P>Total consolidated long-term<BR>
&nbsp;&nbsp;&nbsp;debt</B></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">202&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">1&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">345&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">600&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">6,031&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=28>
<FONT SIZE=1><P ALIGN="RIGHT">7,179&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP" COLSPAN=6 HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="TOP" COLSPAN=6 HEIGHT=15>
<B><FONT SIZE=1><P>Energy Recovery Bonds &amp; Rate Reduction Bonds:</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="TOP" COLSPAN=2 HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=15>
<B><FONT SIZE=1><P>Utility</B></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P>Average fixed interest rate </FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">6.42%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">6.44%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">6.48%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">6.45%</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P>Rate reduction bonds</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">149&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">290&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">290&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">729&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Average fixed interest rate</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3.32%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3.55%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3.87%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3.87%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4.05%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4.35%</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4.03%</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P>Energy recovery bonds</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">126&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">221&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">230&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">239&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">248&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">810&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">1,874&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="7%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P><BR>
<BR>
</B>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>

<P>&nbsp;</P>
<B><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 14: PG&amp;E Corporation <BR>
Condensed Consolidated Statements of Income <BR>
(Unaudited)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=604>
<TR><TD WIDTH="44%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="54%" VALIGN="TOP" COLSPAN=11 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>(in millions, except per share amounts)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">Three Months Ended</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">Six Months Ended</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30,</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="26%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Operating Revenues</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Electric</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,780&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,063&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,439&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,851&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Natural gas</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">718&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">686&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,727&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,617&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,498&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,749&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,166&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,468&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Operating Expenses</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Cost of electricity </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">487&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">685&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">884&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,254&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Cost of natural gas </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">347&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">278&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">967&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">857&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Operating and maintenance</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">670&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">757&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,436&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,576&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Recognition of regulatory assets</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(4,900)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Depreciation, amortization and&nbsp;decommissioning</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">454&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">353&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">839&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">651&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Reorganization professional fees and expenses</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating (gain) expenses</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,958&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,077&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,126&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(556)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Operating Income </B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">540&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">672&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,040&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,024&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Reorganization interest income</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Interest income </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">16&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">25&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">37&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">31&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Interest expense</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(131)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(176)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(292)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(406)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other expense, net</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(2)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(14)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(3)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(41)</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Income Before Income Taxes</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">423&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">507&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">782&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,616&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Income tax provision</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">156&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">135&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">297&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,211&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Net Income </B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">267&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">372&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">485&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,405&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Weighted Average Common Shares Outstanding, Basic</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">370&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">397&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">379&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">395&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Net Earnings Per Common Share, Basic</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.70&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.89&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1.25&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8.22&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Net Earnings Per Common Share, Diluted</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.70&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.88&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1.23&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8.03&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=8 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Dividends Declared Per Common Share</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.30&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">0.60&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=13 HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P><BR>
</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=604>
<TR><TD VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1>
<P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 15: PG&amp;E Corporation<BR>
Condensed Consolidated Balance Sheets</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=586>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">Balance At</B></FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>(in millions)</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30,</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">December 31, </B></FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005<BR>
(Unaudited)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>ASSETS</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Current Assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,494&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">972&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,659&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,980&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Accounts receivable:</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customers (net of allowance for doubtful accounts of $91 million<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in 2005 and $93 million in 2004)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,029&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,085&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory balancing accounts</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">859&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,021&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Inventories:</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas stored underground</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">175&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">175&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">137&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">129&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Prepaid expenses and other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">72&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">46&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,425&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,408&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Property, Plant and Equipment</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Electric</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">21,975&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">21,519&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Gas</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8,663&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8,526&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Construction work in progress</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">533&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">449&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">15&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">15&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">31,186&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">30,509&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Accumulated depreciation </FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(11,891)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(11,520)</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net property, plant and equipment</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">19,295&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">18,989&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Other Noncurrent Assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Regulatory assets</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,236&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,526&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Nuclear decommissioning funds</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,659&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,629&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">802&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">988&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other noncurrent assets</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8,697&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">9,143&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>TOTAL ASSETS</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">34,417&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">34,540&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P><BR>
</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=586>
<TR><TD VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>
<P ALIGN="CENTER"></FONT></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1><P>&nbsp;</P>
<P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 15 (continued): PG&amp;E Corporation<BR>
Condensed Consolidated Balance Sheets</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>&nbsp;</P></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=600>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=16><P></P></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">Balance At</B></FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="47%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="34%" VALIGN="TOP" COLSPAN=6 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>(in millions, except share amounts)</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30,</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">December 31, </B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=28><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=3 HEIGHT=28>
<B><FONT SIZE=1><P ALIGN="CENTER">2005<BR>
(Unaudited)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=28><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=28>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>LIABILITIES AND SHAREHOLDERS' EQUITY</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>Current Liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Short-term borrowings</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">300&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Long-term debt, classified as current</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">202&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">758&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Rate reduction bonds, classified as current</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">290&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">290&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Energy recovery bonds, classified as current </FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">232&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Accounts payable:</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade creditors</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">488&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">762&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disputed claims and customer refunds</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,810&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,142&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory balancing accounts</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,150&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">369&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">420&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">352&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Interest payable</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">427&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">461&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">339&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">185&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">357&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">394&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">856&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">905&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,571&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,918&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>Noncurrent Liabilities </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Long-term debt</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,977&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">7,323&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Rate reduction bonds</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">439&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">580&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Energy recovery bonds</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,642&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Regulatory liabilities</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,797&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,035&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Asset retirement obligations</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,347&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,301&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,457&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,531&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Deferred tax credits</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">117&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">121&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=52>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Preferred stock of subsidiary with mandatory redemption provisions<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(redeemable, 6.30% and 6.57%, no shares outstanding at June 30, 2005, <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,925,000 shares outstanding at December 31, 2004)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=52>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=52><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=52>
<FONT SIZE=1><P ALIGN="RIGHT">122&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,720&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,690&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Total noncurrent liabilities </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">19,496&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">18,703&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>Commitments and Contingencies </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>Preferred Stock of Subsidiaries</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">286&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">286&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>Preferred Stock</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=33>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Preferred stock, no par value, 80,000,000 shares, $100 par value,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000 shares, none issued</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=33>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=33><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=33>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>Common Shareholders' Equity</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=48>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Common stock, no par value, authorized 800,000,000 shares, <BR>
&nbsp;&nbsp;&nbsp;issued 396,118,663 common and 1,390,388 restricted shares in 2005 <BR>
&nbsp;&nbsp;&nbsp;and 417,014,431 common and 1,601,710 restricted shares in 2004</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=48>
<FONT SIZE=1><P ALIGN="RIGHT">6,282&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=48><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=48>
<FONT SIZE=1><P ALIGN="RIGHT">6,518&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Common stock held by subsidiary, at cost, 24,665,500 shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(718)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(718)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Unearned compensation</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(28)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(26)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Accumulated earnings </FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,533&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,863&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(5)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(4)</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Total common shareholders' equity</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8,064&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8,633&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">34,417&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">34,540&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=3 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="66%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=11 HEIGHT=9><P></P></TD>
</TR>
</TABLE>
</CENTER>

<FONT SIZE=1><P>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>
<B>
<P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 16: PG&amp;E Corporation<BR>
Condensed Consolidated Statement of Cash Flows <BR>
(Unaudited)</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1></B></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=587>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4>
<B><FONT SIZE=1><P>(in millions)</B></FONT></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=1><P ALIGN="CENTER">Six Months Ended</B></FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=5>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="32%" VALIGN="TOP" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<B><FONT SIZE=1><P>Cash Flows From Operating Activities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Net income</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">485&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,405&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net cash provided by operating activities:</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and decommissioning</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">839&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">651&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognition of regulatory assets</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(4,900)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and tax credits, net</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(115)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,053&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred charges and noncurrent liabilities</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(75)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">12&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax benefit on employee stock options exercises</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">37&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of assets</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(18)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Net effect of changes in operating assets and liabilities:</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(6)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">56&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(8)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(8)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(221)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">170&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">153&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">284&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory balancing accounts, net </FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">565&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(440)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other working capital</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(164)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">560&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="TOP" COLSPAN=4 HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Payments authorized by the bankruptcy court on amounts classified as&nbsp;liabilities subject to compromise</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(1,022)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other, net</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">37&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(134)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<B><FONT SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,583&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">618&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="61%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<B><FONT SIZE=1><P>Cash Flows From Investing Activities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Capital expenditures</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(803)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(737)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Net proceeds from sale of assets</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">17&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">25&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Decrease (increase) in restricted cash</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">321&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(1,741)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other, net</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">12&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(54)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<B><FONT SIZE=1><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(453)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(2,507)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<B><FONT SIZE=1><P>Cash Flows From Financing Activities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Repayments under credit facilities and short-term <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;borrowings</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(300)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=27>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt, net of issuance costs of $3 <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million in 2005 and $153 million in 2004</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=27>
<FONT SIZE=1><P ALIGN="RIGHT">451&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=27><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=27>
<FONT SIZE=1><P ALIGN="RIGHT">6,892&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Proceeds from issuance of energy recovery bonds, net of issuance<BR>
&nbsp;&nbsp;&nbsp;costs of $14 million in 2005</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,874&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Long-term debt matured, redeemed or repurchased</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(1,356)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(7,098)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Rate reduction bonds matured</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(141)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(141)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Energy recovery bonds matured</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(14)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Preferred stock with mandatory redemption provisions redeemed</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(122)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(11)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Common stock issued</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">190&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">97&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Common stock repurchased</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(1,065)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Preferred dividends paid</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(8)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(88)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Common stock dividends paid</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(111)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(6)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<B><FONT SIZE=1><P>Net cash used in financing activities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(608)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(349)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<B><FONT SIZE=1><P>Net change in cash and cash equivalents</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">522&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(2,238)</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<B><FONT SIZE=1><P>Cash and cash equivalents at January 1</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">972&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,658&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=16>
<B><FONT SIZE=1><P>Cash and cash equivalents at June 30</B></FONT></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,494&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,420&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" COLSPAN=4 HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 16 (continued): PG&amp;E Corporation<BR>
Condensed Consolidated Statement of Cash Flows <BR>
(Unaudited)</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=587>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Supplemental disclosures of cash flow information</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Cash received for:</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization interest income</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">11&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Cash paid for:</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (net of amounts capitalized)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">217&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">351&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid, net</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">241&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">48&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization professional fees and expenses</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">17&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=33>
<B><FONT SIZE=1><P>Supplemental disclosures of noncash investing and financing<BR>
&nbsp;&nbsp;&nbsp;activities</B></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=33><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=33><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=33><P></P></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Common stock dividends declared but not yet paid</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">112&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=33>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of liabilities and other payables subject to compromise<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to operating assets and liabilities</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=33>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=33><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=33>
<FONT SIZE=1><P ALIGN="RIGHT">(2,877)&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="68%" VALIGN="BOTTOM" HEIGHT=33>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of disputed claims and customer refunds and interest payable<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to accounts payable - regulatory balancing accounts</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=33><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=33>
<FONT SIZE=1><P ALIGN="RIGHT">(378)</FONT></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=33><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=33>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 HEIGHT=5><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6>&nbsp;</TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P><BR>
</P>
</B><P>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>
<B>
<P>&nbsp;</P>
<P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 17: Pacific Gas and Electric Company<BR>
Condensed Consolidated Statements of Income</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=660>
<TR><TD WIDTH="45%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="53%" VALIGN="TOP" COLSPAN=11 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">Three Months Ended</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">Six Months Ended</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>(in millions)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30,</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30,</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="25%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Operating Revenues</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Electric </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,780&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,063&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,439&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,851&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Natural gas</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">718&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">686&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,727&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,617&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P><A NAME="_Total_operating_revenues"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating revenues</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,498&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,749&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,166&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,468&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Operating Expenses</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Cost of electricity</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">487&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">685&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">884&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,254&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Cost of natural gas</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">347&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">278&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">967&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">857&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Operating and maintenance</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">670&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">748&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,441&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,557&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Recognition of regulatory assets</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(4,900)</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Depreciation, amortization and decommissioning</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">454&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">352&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">839&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">650&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Reorganization professional fees and expenses</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating (gain) expenses</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,958&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,067&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,131&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(576)</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Operating Income </B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">540&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">682&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,035&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,044&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Reorganization interest income</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Interest income</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">20&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">23&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">39&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">26&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Interest expense </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(124)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(158)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(278)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(372)</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other income, net</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">24&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">12&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">38&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Income Before Income Taxes</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">442&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">571&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">808&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,744&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Income tax provision </FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">166&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">159&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">309&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,258&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Net Income </B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">276&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">412&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">499&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,486&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Preferred dividend requirement</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">12&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Income Available for Common Stock</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">272&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">408&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">491&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,474&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="9%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=13 HEIGHT=16><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=13 HEIGHT=16><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P><BR>
</P>
</B><P>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>
<B>
<P>&nbsp;</P>
<P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 18: Pacific Gas and Electric Company<BR>
Condensed Consolidated Balance Sheets<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=575>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">Balance At</B></FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="35%" VALIGN="TOP" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>(in millions)</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30,</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">(Unaudited)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>ASSETS</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Current Assets</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Cash and cash equivalents</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,140&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">783&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Restricted cash</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,659&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,980&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Accounts receivable:</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customers (net of allowance for doubtful accounts of <BR>
</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$91 million in 2005 and $93 million in 2004)</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,029&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,085&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related parties</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory balancing accounts</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">859&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,021&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Inventories:</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas stored underground and fuel oil</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">175&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">175&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">137&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">129&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Prepaid expenses and other</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">68&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">43&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,069&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,218&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Property, Plant and Equipment</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Electric</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">21,975&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">21,519&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Gas</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8,663&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8,526&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Construction work in progress</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">533&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">449&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment </B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">31,171&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">30,494&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Accumulated depreciation </FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(11,877)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(11,507)</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net property, plant and equipment</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">19,294&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">18,987&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Other Noncurrent Assets</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Regulatory assets</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,236&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,526&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Nuclear decommissioning funds</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,659&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,629&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">755&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">942&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other noncurrent assets</B></FONT></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8,650&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">9,097&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>TOTAL ASSETS</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">34,013&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">34,302&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="17%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="65%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="10%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 HEIGHT=16><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=6 HEIGHT=16><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>&nbsp;</P>
</B><P>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>
<B>
<P>&nbsp;</P>
<P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 18 (continued): Pacific Gas and Electric Company<BR>
Condensed Consolidated Balance Sheets<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=564>
<TR><TD WIDTH="67%" VALIGN="TOP" COLSPAN=5 HEIGHT=16><P></P></TD>
<TD WIDTH="33%" VALIGN="BOTTOM" COLSPAN=6 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">Balance At</B></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="51%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=6 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>(in millions, except share amounts)</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30,</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">December 31,</B></FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">(Unaudited)</B></FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="TOP" COLSPAN=3 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="TOP" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>LIABILITIES AND SHAREHOLDERS' EQUITY</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>Current Liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Short term borrowings</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">300&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Long-term debt, classified as current</FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">202&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">757&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Rate reduction bonds, classified as current</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">290&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">290&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Energy recovery bonds, classified as current</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">232&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Accounts payable:</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade creditors</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">488&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">762&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disputed claims and customer refunds</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,810&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,142&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related parties</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">28&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">20&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory balancing accounts</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,150&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">369&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">408&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">337&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Interest payable</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">427&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">461&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Income taxes payable</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">290&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">102&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">334&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">377&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">714&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">869&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,373&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,786&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>Noncurrent Liabilities </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Long-term debt</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">6,697&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">7,043&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Rate reduction bonds</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">439&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">580&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Energy recovery bonds</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,642&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Regulatory liabilities</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,797&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">4,035&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Asset retirement obligations</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,347&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,301&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Deferred income taxes</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,573&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,629&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Deferred tax credits</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">117&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">121&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Preferred stock with mandatory redemption provisions<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(redeemable, 6.30% and 6.57%, no shares outstanding)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">122&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,589&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,555&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total noncurrent liabilities </B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">19,201&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">18,386&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>Commitments and Contingencies</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P><A NAME="_Shareholders'_Equity"></A>Shareholders' Equity</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Preferred stock without mandatory redemption provisions:</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=15>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonredeemable, 5% to 6%, outstanding 5,784,825 shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">145&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=15><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=15>
<FONT SIZE=1><P ALIGN="RIGHT">145&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemable, 4.36% to 7.04%, outstanding 5,973,456 shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">149&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">149&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Common stock, $5 par value, authorized 800,000,000 shares,<BR>
</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued 299,291,477 shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,496&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,606&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Common stock held by subsidiary, at cost, 19,481,213 shares</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(475)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(475)</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Additional paid-in capital</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,901&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,041&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Reinvested earnings</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,228&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5,667&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(5)</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(3)</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity</B></FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">8,439&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">9,130&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</B></FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">34,013&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">34,302&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="15%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="BOTTOM" COLSPAN=5 HEIGHT=1><P></P></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=11 HEIGHT=9><P></P></TD>
</TR>
<TR><TD VALIGN="BOTTOM" COLSPAN=11 HEIGHT=14><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P>
<P>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>
<B>
<P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 19: Pacific Gas and Electric Company<BR>
Condensed Consolidated Statement of Cash Flows <BR>
(Unaudited)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=596>
<TR><TD WIDTH="72%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=5 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="TOP" HEIGHT=16>
<B><FONT SIZE=1><P>(in millions)</B></FONT></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">Six Months Ended</B></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="TOP" HEIGHT=16><P></P></TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=5 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">June 30, </B></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" ROWSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=5 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2005</B></FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="CENTER">2004</B></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P><A NAME="_Cash_Flows_From"></A>Cash Flows From Operating Activities</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Net income </FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">499&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">3,486&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating activities:</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and decommissioning</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">839&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">650&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognition of regulatory assets</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(4,900)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes and tax credits, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(103)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,105&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other deferred charges and noncurrent liabilities</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(83)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">79&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of assets</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(1)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(18)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Net effect of changes in operating assets and liabilities:</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">56&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(35)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(8)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">5&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(222)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">170&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">188&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">288&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory balancing accounts, net </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">565&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(440)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other working capital</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(144)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">287&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Payments authorized by the bankruptcy court on amounts<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;classified as liabilities subject to compromise </FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(1,022)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">18&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(128)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Net cash provided by operating activities</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,604&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">527&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Cash Flows From Investing Activities</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Capital expenditures</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(803)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(737)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Net proceeds from sale of assets</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">17&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">25&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Decrease (increase) in restricted cash</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">321&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(1,741)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Other, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">12&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(54)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Net cash used in investing activities</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(453)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(2,507)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Cash Flows From Financing Activities</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Repayments under credit facilities and short-term<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;borrowings</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(300)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt, net of issuance costs of<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3 million in 2005 and $153 million in 2004</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">451&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">6,892&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Proceeds from issuance of energy recovery bonds, net of issuance <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;costs of $14 million in 2005</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">1,874&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Long-term debt matured, redeemed or repurchased</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(1,354)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(7,098)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Rate reduction bonds matured</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(141)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(141)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Energy recovery bonds matured</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(14)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</B></FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Common stock dividends paid</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(220)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<B><FONT SIZE=1><P ALIGN="RIGHT">-</B>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Preferred dividends paid</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(8)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(88)&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Preferred stock with mandatory redemption provisions redeemed</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(122)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(11)&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Common stock repurchased</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(960)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Net cash used in financing activities</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(794)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(446)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Net change in cash and cash equivalents</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">357&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(2,426)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Cash and cash equivalents at January 1</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">783&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">2,979&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Cash and cash equivalents at June 30</B></FONT></TD>
<TD WIDTH="6%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">1,140&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">553&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="13%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="12%" VALIGN="TOP" COLSPAN=2 HEIGHT=1><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=1><P></P></TD>
<TD WIDTH="6%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
<TD WIDTH="3%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="4%" VALIGN="TOP" HEIGHT=1><P></P></TD>
<TD WIDTH="8%" VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1><P>PG&amp;E Corporation<BR>
<BR>
</P></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P>Table 19 (continued): Pacific Gas and Electric Company<BR>
Condensed Consolidated Statement of Cash Flows <BR>
(Unaudited)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<FONT SIZE=1><P>&nbsp;</P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 WIDTH=596>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Supplemental disclosures of cash flow information</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Cash received for:</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization interest income</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">11&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;Cash paid for:</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (net of amounts capitalized)</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">204&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">315&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid, net</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">237&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization professional fees and expenses</FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">17&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<B><FONT SIZE=1><P>Supplemental disclosures of noncash investing and financing activities</B></FONT></TD>
<TD WIDTH="13%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" COLSPAN=2 HEIGHT=16><P></P></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity contribution for settlement of POR payable</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=16><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">$</FONT></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=16>
<FONT SIZE=1><P ALIGN="RIGHT">(128)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of liabilities and other payables subject to compromise <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to operating assets and liabilities</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(2,877)</FONT></TD>
</TR>
<TR><TD WIDTH="72%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer of disputed claims and customer refunds and interest payable<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to accounts payable - regulatory balancing accounts</FONT></TD>
<TD WIDTH="5%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">(378)</FONT></TD>
<TD WIDTH="3%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="4%" VALIGN="BOTTOM" HEIGHT=32><P></P></TD>
<TD WIDTH="8%" VALIGN="BOTTOM" HEIGHT=32>
<FONT SIZE=1><P ALIGN="RIGHT">-&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<B><FONT SIZE=1></B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=734>
<TR><TD VALIGN="TOP" BGCOLOR="#000000" HEIGHT=1><P></P></TD>
</TR>
</TABLE>

<B><FONT SIZE=1><P><BR>
</P>
</B><P>Source:  PG&amp;E Corporation's and Pacific Gas and Electric's Condensed Consolidated Financial Statements and Notes thereto included in PG&amp;E Corporation's and Pacific Gas and Electric Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.</P>
</FONT></BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
