    1

    Exhibit 99

    This presentation is not complete without the accompanying statements made by management on  April 4, 2007. A replay is
    available on PG&E Corporation’s homepage at www.pge-corp.com.

    PG&E Corporation:

         Preparing For the Future

    Investor Conference

    April 4, 2007

    New York, NY

    2

    This presentation contains forward-looking statements regarding management’s guidance for PG&E Corporation’s 2007 and 2008 earnings per share from operations, targeted average
    annual growth rate for earnings per share from operations, projected cash available for dividends, anticipated dividend growth, and liquidity targets, as well as management’s projections
    regarding Pacific Gas and Electric Company’s (Utility) capital expenditures, rate base and rate base growth, costs and savings anticipated to result the implementation of business
    transformation initiatives, future electricity resources, energy efficiency funding levels, and forecasted electricity and natural gas sales over the 2007 to 2011 period. These statements
    are based on current expectations and various assumptions which management believes are reasonable, including that substantial capital investments are made in Utility business over
    the 2007-2011 period, and that the Utility earns an authorized return on equity of 11.35%.  These statements and assumptions are necessarily subject to various risks and uncertainties
    the realization or resolution of which are outside of management's control. Actual results may differ materially. Factors that could cause actual results to differ materially include:

    •
                the Utility’s ability to timely recover costs through rates;

    •
                the outcome of regulatory proceedings, including ratemaking proceedings pending at the CPUC and the FERC;

    •
                the adequacy and price of electricity and natural gas supplies, and the ability of the Utility to manage and respond to the volatility of the electricity and natural gas markets;

    •
                the effect of weather, storms, earthquakes, fires, floods, disease, other natural disasters, explosions, accidents, mechanical breakdowns, acts of terrorism, and other events or
          hazards that could affect the Utility’s facilities and operations, its customers and third parties on which the Utility relies;

    •
                the potential impacts of climate change on the Utility’s electricity and natural gas operations;

    •
                changes in customer demand for electricity and natural gas resulting from unanticipated population growth or decline, general economic and financial market conditions,
          changes in technology, including the development of alternative energy sources, or other reasons;

    •
                operating performance of the Utility’s Diablo Canyon nuclear generating facilities (Diablo Canyon), the occurrence of unplanned outages at Diablo Canyon, or the temporary
          or permanent cessation of operations at Diablo Canyon;

    •
                the ability of the Utility to recognize benefits from its initiatives to improve its business processes and customer service;

    •
                the ability of the Utility to timely complete its planned capital investment projects;

    •
                the impact of changes in federal or state laws, or their interpretation, on energy policy and the regulation of utilities and their holding companies;

    •
                the impact of changing wholesale electric or gas market rules, including the California Independent System Operator’s (CAISO), new rules to restructure the California
          wholesale electricity market;

    •
                how the CPUC administers the conditions imposed on PG&E Corporation when it became the Utility’s holding company;

    •
                the extent to which PG&E Corporation or the Utility incurs costs in connection with pending litigation that are not recoverable through rates, from third parties, or through
          insurance recoveries;

    •
                the ability of PG&E Corporation and/or the Utility to access capital markets and other sources of credit;

    •
                the impact of environmental laws and regulations and the costs of compliance and remediation;

    •
                the effect of municipalization, direct access, community choice aggregation, or other forms of bypass; and

    •
                other factors discussed in PG&E Corporation’s SEC reports.

    Cautionary Statement Regarding Forward-Looking
    Information

    3

    Preparing For the Future

    Peter Darbee

    Chairman, CEO and President

    PG&E Corporation

    4

    Key Takeaways From Today’s Discussion

    •
                PG&E’s strategy is positioned for success

    •
                We have a high-performance management team
       with a competitive mindset

    •
                PCG is a core utility holding that is delivering strong
       growth at low risk

    5

    Agenda For Today

    •
                Setting the stage for the future

    •   Core and emerging growth strategies

       Q&A and Break

    •   Operational excellence and investment

    •   Providing attractive shareholder returns

    •   Conclusion

        Q&A

    6

    We act with integrity and communicate honestly and openly.

    We are passionate about meeting our customers’ needs

    and delivering for our shareholders.

    We are accountable for all of our own actions: these include

    safety, protecting the environment, and supporting our communities.

    We work together as a team and are committed to excellence and innovation.

    We respect each other and celebrate our diversity.

    The
    leading
    utility in the
    United States

Delighted Energized Rewarded
customers employees shareholders

    Our values

    Operational excellence
    Transformation

    Our strategies

    Our goals

    Our vision

    PG&E Vision

    7

    Our Business Strategy

    •
                Competitive customer focus

    •
                Operational excellence

    •
                Regulatory alignment

    •
                Environmental leadership

    •
                Community involvement

    8

    Business Priorities For 2006 And 2007:

    •
                Advance business transformation

    •
                Provide attractive shareholder returns

    •
                Increase investment in utility infrastructure

    •
                Implement an effective energy procurement plan

    •
                Improve reputation through more effective
       communications

    •
                Evaluate the evolving industry and related investment
       opportunities

    9

P | Transformation | • Strategic sourcing • Resource Management Centers • PG&E Tomorrow
P | Infrastructure investment | • Distribution and transmission infrastructure • SmartMeterTM project • 2007 GRC decision
P | Energy procurement | • RPS contracts • New conventional resources
P | Improve reputation | • NRDC Award • J.D. Power improvement • Media
P | Shareholder returns | • 2006 financial results • Stock price performance

    Delivering On Our Promises

    10

    Experienced leaders joined the team in 2006:

    Hyun Park

    SVP & General Counsel

    PG&E Corporation

    Jack Keenan

    SVP, Generation & Chief Nuclear Officer

    Pacific Gas and Electric Company

    Helen Burt

    SVP & Chief Customer Officer

    Pacific Gas and Electric Company

    Bill Morrow

    President & Chief Operating Officer

    Pacific Gas and Electric Company

    A Diverse Leadership Team

    11

    Core And Emerging Growth
    Strategies

    Tom King

    Chief Executive Officer

    Pacific Gas and Electric Company

    12

    Well-Positioned For Growth

    •
                Constructive regulatory environment and a record of
       accomplishment

    •
                Strong core investment opportunities

    •
                Emerging growth strategies

    13

    Recent Regulatory Accomplishments

    Positive results and foundation for growth:

    •
                2007 General Rate Case

    •
                SmartMeterTM system approval

    •
                $1.3 billion of new utility-owned generation cap ex

    •
                PPAs for renewable and conventional resources

    •
                Electric transmission rate cases - TO8 & TO9

    •
                Core gas hedging

    14

    •
                Strategic view of supply and long-term contracts

    •
                Long-term hedging for winter price protection

    •
                Additional gas transportation and storage capacity

    •
                Proposed Gas Accord IV for rate stability from 2008
       to 2010

    Strategy For Natural Gas Stability

    15

    Preferred Loading Order

    PG&E’s resource investment strategy is aligned with
    California’s Energy Action Plans:

    1.
                 Energy Efficiency

    2.
                 Demand Response

    3.
                 Renewable Resources

    4.
                 Distributed Generation

    5.
                 Conventional Resources

    16

    Over the past 30 years, California per capita energy use has remained relatively
    flat compared to the 50% increase in US per capita energy use.

    Source: California Energy Commission

    California’s Success With Energy Efficiency

    -

    2,000

    4,000

    6,000

    8,000

    10,000

    12,000

    14,000

    1960

    1965

    1970

    1975

    1980

    1985

    1990

    1995

    2000

    US

    CA

    Western Europe

    17

    Keys To Energy Efficiency Success

    •
                Decoupled revenue and sales

    •
                Commitment by and involvement of utilities, regulators,
        customers, and other stakeholders to improve the environment

    •
                Aggressive efficiency improvements in building codes and
       appliance standards

    •
                Manufacturers and distributors included in efficiency efforts

    18

    •
                About half of expected load growth will be met by energy efficiency

    •
                PG&E’s budget and goals for 2006-2008:

    §
                Overall energy efficiency budget             $975 million

    §
                PG&E filed goals                                    613 MW; 3,063 GWh; 47 MM therms

    GWh Savings:  Historic and Target

    PG&E’s Energy Efficiency Programs

    19

    MWs

    Demand response impacts expected to double from 2007

    Actual and Projected Capacity Savings from Demand Response Programs

    Demand Response Programs

    20

    * 2008 to 2011 estimates are based on forecasted construction schedules and
      additional contracted resources

    Projected Deliveries Plus Contracts*

    2006 deliveries comprised of:

    •
                Renewable Portfolio Standard target is 20% by 2010

    Renewable Resource Procurement

    21

    *Over  20% of total retail sales expected to be eligible renewable resources coming from
      utility-owned, QFs, Irrigation Districts, and other sources.

    ** May include utility-owned resources.

    * Approximately 13% of total retail sales expected to be eligible renewable resources
      coming from utility-owned, QFs, Irrigation Districts and other sources.

    2007 Projected Sources of Energy

    85,500 GWh

    2012 Projected Sources of Energy

    89,900 GWh

    •
                Energy efficiency expected to meet half of future load growth

    •
                Growth in renewable resources and resources with operating flexibility

    •
                Growth in utility ownership

    Long-Term Electric Resources

    22

PPAs Counterparty/Facility | Size (MW) | Target Operational Date | Contract Term (years)
Calpine Hayward | 601 | 2010 | 10
EIF Firebaugh | 399 | 2009 | 20
Starwood Firebaugh | 118 | 2009 | 15
EIF Fresno | 196 | 2009 | 20
Tierra Energy Hayward | 116 | 2009 | 20
Total | 1,430 |  |

Facility | Size (MW) | Status | Target Operational Date | Estimated Capital Costs
Gateway | 530 | broken ground | 2009 | $370 million
Humboldt Bay | 163 | permitting | 2009 | $239 million
Colusa | 657 | permitting | 2010 | $673 million
Total | 1,350 |  |  | $1,282 million

    New Generation Resources: Utility-Owned &
    Conventional Power Purchase Agreements

    23

Date | Action | Phase
Dec 2006 | PG&E files Long-Term Procurement Plan | Planning (1 year)
2007 | CPUC decision approving plan |
TBD | PG&E issues Long-Term Request for Offers (LTRFO) | Procurement and Approval (1½ years)
| PG&E files selected contracts for CPUC approval |
| CPUC approves contracts |
2011-2014 | Projects begin operation | Development and Construction (2½ to 3½ years)

    PG&E requested authorization to procure up to 2,300 MW of new
    generation resources starting in 2011.

    2006 Long-Term Procurement Plan

    24

    Core Growth Opportunities

    •
                Electric resource requirements

    •
                Pipelines to access gas supplies

    •
                Storage opportunities for emerging LNG supply
       sources

    •
                Electric transmission growth to reach renewable
       resources

    25

    Changing Legislative Environment for GHG

    Recent greenhouse gas legislation:

    •
                California global warming legislation enacted in 2006

    •
                Federal legislation expected in 2 to 4 years

    PG&E supports:

    •
                Mandatory market-based approach

    •
                Encouraging action before full regulatory implementation

    •
                Recognition of investments made

    •
                Pursuit of all cost-effective reductions in greenhouse gases

    •
                International cooperation

    26

    *   Comparison companies selected by Innovest.  Data include emissions of regulated and unregulated plants.
    2004 is the most recent data available.

    2004 CO2 Emissions and Emission Rates*

    Source:  Innovest

    Relative Generation CO2 Emissions Rates

    27

    Emerging Growth Opportunities

    PG&E is looking ahead to the future of utility services

    •
                Clean/renewable fuel technologies

    •
                Smart Energy Web

    •
                Plug-in anywhere technologies

    •
                Sustainable Energy Communities

    28

    Home is:          Downloading

    Personal PV:    5 kW

    Grid Choice:    Green

    E Rate:            5 kW/hr

    $ Rate:             $1.00/hr

    Backup:   100% (72 hours)

    Change Options?

    Car

    Sum.

    Mix

    Home

    New Utility Services:  Personal, Portable, Clean

    29

    Focus On Growth

    •
                Maintain a constructive regulatory environment

    •
                Track record of delivery on commitments

    •
                Pursue growth opportunities

    30

    Operational Excellence

    Bill Morrow

    President and Chief Operating Officer

    Pacific Gas and Electric Company

    31

    Improve
    processes,
    capabilities, and
    systems that
    increase our
    agility and
    timeliness; and
    do it right the first
    time

    EASY

    RELIABLE

    VALUE

    ENVIRONMENT

    EXECUTION

    Easy to do
    business with
    PG&E as a
    preferred
    provider of
    energy
    services

    Ensure the
    reliability of our
    services to
    meet customer
    needs

    Reduce our cost
    structure and
    enhance
    services to
    bring better
    value to
    customers and
    shareholders

    Deploy alternative
    energy sources
    and practices that
    protect our
    environment

    Disciplined And Focused Approach To Excellence

    32

    •
                Industry-leading culture

    •
                Leadership skills

    •
                Management
       disciplines

    •
                Streamlined systems

    EASY

    RELIABLE

    VALUE

    ENVIRONMENT

    EXECUTION

    •
                Customer
       segmentation

    •
                Account
      management

    •
                Bill redesign

    •
                Payment
       channels and
       options

    •
                Product
       management
       and development

    •
                New gas-fired
       generation

    •
                Gas hedging

    •
                Electric operations
       centralization and
       automation

    •
                Distribution and
       transmission
       infrastructure
       investment

    •
                Restoration
       management

    •
                Asset optimization

    •
                Strategic sourcing

    •
                SmartMeterTM Project

    •
                Time of use tariffs

    •
                Regulatory
       relationships

    •
                Customer Energy
       Efficiency

    •
                Renewable energy
       contracts

    •
                Stewardship of land,
       vegetation and water
       resources

    Building From Transformation

    33

    Operational Results Delivered

    •
                Customer satisfaction - J.D. Power Associates surveys

    §
                Electric Business Customer Satisfaction improved from 4th quartile to 1st quartile (2nd
        in the nation)

    §
                Gas Business Customer Satisfaction improved from 4th quartile to 1st quartile (4th in
        the nation)

    •
                Environment

    §
                National Resources Defense Council (NRDC) Environmental Leadership award

    §
                Best practices in vegetation management

    §
                Exceeded our energy efficiency goals

    •
                Operational excellence in generation

    §
                Diablo Canyon record-setting generation year - about 18,500 gigawatt hours

    §
                Improved hydro system safety by 60% - safest year in recent history

    •
                Supply chain management

    §
                Over $100 million in run-rate savings

    §
                Exceeded our supplier diversity goal of over 20%

    34

| Percentage weight | 2007 Targets
Earnings from Operations ($M) (Measurement of earnings from ongoing core operations) | 50% | See note 1
J.D. Power Customer Satisfaction Index (Composite of J. D. Power residential and business customer surveys) | 20% | 676
Business Transformation Performance (Composite of various Transformation metrics) | 20% | 1.0
Employee Satisfaction Survey (Measurement of employee engagement at PG&E) | 5% | 66%
Safety Performance (Measurement of occupational injury or illness based on OSHA Recordables) | 5% | 4.50

    1 Internal target is not publicly reported but is consistent with our public guidance for 2007 EPS from operations.

    2007 employee incentive plan is aligned with our goals:

    Delighted Customers, Energized Employees and Rewarded Shareholders

    2007 Incentive Plan Metrics

    35

    Providing Attractive Shareholder
    Returns

    Chris Johns

    Senior Vice President and CFO

    PG&E Corporation

    36

    Financial Objectives

    •
                First quartile EPS growth

    •
                Invest in needed infrastructure

    •
                Generate strong cash flow

    •
                Ensure adequate liquidity

    37

    Financial Drivers And Assumptions

    •
                Utility earns at least its 11.35% authorized return on equity;
        electric transmission earns at least 12%

    •
                Ratemaking capital structure is maintained at 52% equity

    •
                A “baseline” level of Transformation savings have been
        included in our projections

    •
                Resolution of FERC Generator Claims could result in additional
        financing requirements

    •
                Capital expenditure forecast reflects projects that are highly
        likely or already approved

    38

    Capital Expenditure Outlook

    39

    * Projected 2007-2011 rate base is not adjusted for the impact of the carrying cost credit that primarily results from
    the second series of the Energy Recovery Bonds.   Earnings will be reduced by an amount equal to the deferred tax
    balance associated with the Energy Recovery Bonds regulatory asset, multiplied by the utility's equity ratio and by its
    equity return.  The carrying cost credit declines to zero when the taxes are fully paid in 2012.

    Rate Base Growth

    40

Year | Gross Costs | Gross Benefits | Percentage
2005 | $125 MM | $20 MM | 15%
2006 | $265 MM | $175 MM | 65%

    •
                2006 benefits result from initiatives that were
        implemented in 2005 and 2006

    •
                Net benefits anticipated as early as 2008 and
        beyond

    Business Transformation Progress

    Benefits from Transformation are increasingly
    offsetting the costs:

    41

| Net Cost Range |  | Net Benefit Range

    Projected Transformation Net Expense Savings ($MM)

    Transformation Expense Savings

    42

| Net Cost Range |  | Net Benefit Range

    Projected Transformation Net Capital Expenditure Savings ($MM)

    Transformation Capital Expenditure Savings

    43

    * Reg G reconciliation to GAAP for 2006 EPS from Operations and 2007 and 2008
      EPS Guidance available in Appendix and at www.pge-corp.com

    EPS from Operations*

    EPS Guidance

    EPS from Operations*:    2007 guidance of $2.70-$2.80 per share
                                          2008 guidance of $2.90-$3.00 per share

                               8%

    44

    Survey of analyst estimates of EPS growth:

    Source:  Thomson IBIS long-term EPS Growth Consensus Estimate Median

    EPS Growth - Comparator Group

    EPS from operations annual growth targeted to average 8% for
    2007 - 2011

    45

    Reg G reconciliation to GAAP for Cash Available for Dividends/Repurchases available in the Appendix
    and at www.pge-corp.com.

    Projected Cash Available for Dividends/Repurchases

    (after Cap Ex)

    46

    Dividend Policy

    •
                Objectives:

    §
                Flexibility

    §
                Sustainability

    §
                Comparability

    •
                Payout ratio range of 50% - 70%

    •
                Growth balanced with funding for additional investment
        opportunities

    •
                Dividend growth is expected to be generally in line with the
        growth in EPS from Operations

    47

    Summary

    •
                Approved infrastructure investment

    •
                Transformation upside

    •
                First quartile EPS growth

    48

    Conclusion

    Peter Darbee

    49

    PG&E is raising the bar and setting aggressive goals
    to achieve its objective to be the leading utility in the
    United States with:

    •
                a business strategy positioned for success

    •
                a high performance team with a competitive
       mindset

    •
                strong growth at low risk

    The Future is Now

    50

    Speaker Biographies

    51

    Speaker Biographies

    PETER A. DARBEE

    Chairman of the Board, Chief Executive Officer and President

    PG&E Corporation

    Peter Darbee, a veteran of the energy, telecommunications, and investment banking industries, is
    Chairman of the Board, Chief Executive Officer, and President of PG&E Corporation.  Based in San
    Francisco, PG&E Corporation is a $34 billion energy-based holding company that owns Pacific Gas
    and Electric Company, one of the largest combination natural gas and electric utilities in the United
    States. The utility serves 15 million people throughout a 70,000-square-mile service area in Northern
    and Central California.

    Darbee, 54, joined PG&E Corporation in 1999 as Senior Vice President and Chief Financial Officer.
    Prior to that, he was Vice President and Chief Financial Officer of Advance Fibre Communications Inc.
    (AFC), a telecommunications manufacturer of digital loop carrier systems. Before joining AFC, he was
    Vice President, Chief Financial Officer, and Controller of Pacific Bell.

    Darbee previously was an investment banker with Goldman Sachs, where he was Vice President and
    co-head of the company's energy and telecommunications group. He also held positions at Salomon
    Brothers and AT&T.

    Darbee earned his bachelor's degree in economics from Dartmouth College and an M.B.A. from the
    Amos Tuck School of Business at Dartmouth. He has also successfully completed the Nuclear Reactor
    Technology Program at the Massachusetts Institute of Technology.

    Darbee is a Director of PG&E Corporation and Pacific Gas and Electric Company. He also is active in
    numerous civic and community organizations, including The Business Council, the California Business
    Roundtable, the California Commission for Jobs and Economic Growth, the San Francisco committee
    on JOBS, and the Board of Governors of the San Francisco Symphony.

    52

    Speaker Biographies

    THOMAS B. KING

    Chief Executive Officer

    Pacific Gas and Electric Company

    Tom King is Chief Executive Officer of Pacific Gas and Electric Company. Before joining the utility in
    2003, King served as Senior Vice President of PG&E Corporation, and as President of PG&E National
    Energy Group.

    King, 45, has more than 20 years of experience in the energy industry. He joined PG&E Gas
    Transmission as president in 1998, and prior to coming to PG&E, served as president and chief
    operating officer of Kinder Morgan Energy Partners, L.P. He previously spent eight years with Enron
    Corporation in a series of senior operating positions with its affiliates, Enron Liquid Services
    Corporation, Northern Natural Gas Company, Transwestern Pipeline Company and Northern Border
    Pipeline Company. He also held positions at Cabot Corporation’s natural gas unit, Cabot Transmission
    Corporation, and the Panhandle Eastern Corporation.

    King earned a bachelor’s degree in business administration from Louisiana State University and is a
    graduate of the University of Michigan’s executive management program. King also attended the
    Nuclear Reactor Technology Program at the Massachusetts Institute of Technology.

    King sits on the Boards of the American Gas Association, Accenture Energy Advisory Board, Nuclear
    Energy Institute and the Museum of the African Diaspora, San Francisco.  He also serves as a Director
    for the California Chamber of Commerce and the Bay Area Council.

    53

    Speaker Biographies

    WILLIAM T. MORROW

    President and Chief Operating Officer

    Pacific Gas and Electric Company

    Bill Morrow is President and Chief Operating Officer of Pacific Gas and Electric Company.

    Morrow, 47, has more than 26 years of management experience in the telecommunications industry.
    Prior to joining PG&E in 2006, Morrow spent more than a decade as a senior executive with Vodafone
    working on three different continents, where he served as CEO of Vodafone’s Europe region, President
    of Vodafone Japan, CEO of Vodafone UK, and President of Japan Telecom.

    Morrow began his career with a 15-year tenure at AT&T (then Pacific Telephone and later Pacific Bell).
    He began as a technician climbing telephone poles and quickly advanced through the management
    ranks, successfully leading various engineering and operational organizations.  His final position at
    Pacific Bell was Director of Data Products, where he managed the statewide operations that provided
    the backbone for California’s information superhighway.

    Morrow’s leadership style and management experience have earned him a strong reputation for
    successfully turning around large companies, executing significant mergers and acquisitions, and
    using innovation to deliver results in challenging environments.

    Morrow earned an electrical engineering degree as well as a business administration degree from
    National University.  He has also completed several executive management programs including
    certificates from Duke University and Wharton Business School.

    54

    Speaker Biographies

    CHRISTOPHER P. JOHNS
    Senior Vice President, Chief Financial Officer and Treasurer

    PG&E Corporation and Pacific Gas and Electric Company

    Chris Johns is Senior Vice President, Chief Financial Officer and Treasurer for both PG&E Corporation
    and Pacific Gas and Electric Company.

    Johns, 46, oversees the financial activities of the $34 billion company including accounting, treasury,
    tax, business and financial planning, and investor relations.

    Johns joined Pacific Gas and Electric Company in 1996 as Vice President and Controller, and became
    Controller of PG&E Corporation when it was formed in January 1997. Later that year, he was promoted
    to Vice President and Controller. Johns was named Senior Vice President and Controller in September
    2001 and elected Chief Financial Officer in January 2005.  He assumed his current position in October
    2005.

    Before joining PG&E Corporation, Johns was a partner in KPMG Peat Marwick LLP.

    Johns earned a bachelor’s degree in accounting from the University of Notre Dame. He has also
    successfully completed the Nuclear Reactor Technology Program at the Massachusetts Institute of
    Technology.

    He is a Certified Public Accountant in the states of California and Florida, and is a member of the
    Financial Executives Institute.  He also serves on the Board of Trustees for the San Francisco Ballet.

    55

    Additional Biographies

    THOMAS E. BOTTORFF

    Senior Vice President, Regulatory Relations

    Pacific Gas and Electric Company

    Tom Bottorff is Senior Vice President, Regulatory Relations, at Pacific Gas and Electric Company. He
    oversees the following areas:  Energy Revenue Requirements, Operations Revenue Requirements,
    Rates and Tariffs, Regulatory Relations, Electric Transmission Rates, Regulatory Strategy and
    Analysis, and the strategic planning components of the utility’s Local Office Transformation initiative.

    Bottorff is responsible for developing, coordinating and managing policy with state and regulatory
    agencies, including the California Public Utilities Commission (CPUC), the Federal Energy Regulatory
    Commission (FERC), and the Independent System Operator (ISO). He also is responsible for
    developing and filing rate proposals with the CPUC and FERC, and for oversight of the company’s gas
    and electric tariffs.

    Bottorff joined PG&E in 1982 and has served in a number of regulatory, rates, and customer service
    areas prior to his current assignment. Before joining the utility, he was a power supply analyst for the
    Nuclear Regulatory Commission in Washington, D.C. He has also developed and built over 25 new
    homes in Northern California.

    Bottorff received a Bachelor of Science degree in Electrical Engineering from the University of
    California, Berkeley, and a Master of Science degree in Engineering Economic Systems from Stanford
    University. He holds both general building and engineering contractor licenses in the state of
    California.

    56

    HELEN A. BURT

    Senior Vice President and Chief Customer Officer

    Pacific Gas and Electric Company

    Helen Burt is Senior Vice President and Chief Customer Officer of Pacific Gas and Electric Company.

    Burt is responsible for all marketing and customer care functions at PG&E.  Organizational responsibility
    includes marketing and customer insight, product development, sales and services as well as all call
    center, credit and billing operations, meter reading and credit operations, and field gas and electric
    services.  She is also responsible for the company’s $1.47 billion SmartMeter™ project, designed to
    deploy 10 million advanced meter devices, as well as the company’s energy efficiency, solar and
    demand response portfolio.

    Burt is an experienced customer executive with 27 years of experience at TXU (previously known as
    Texas Utilities). She began her career at TXU as a customer service representative and concluded it as
    Vice President, Customer Billing and Operations at TXU Energy, with responsibility for all gas and
    electric customer service and a 2,000-person organization. Most recently, she worked with Bass and
    Company Management Consultants assisting energy and water industries with business process
    re-engineering, large-scale organizational change and technology integration to improve customer
    points of contact.

    Burt holds a bachelor’s degree in biology from Midwestern State University in Wichita Falls, Texas.  She
    is active in numerous community and professional organizations.  She has also been active in non-profit
    support for urban education and is a 2004 Fellow in the Broad Urban Superintendents Academy.

    Additional Biographies

    57

    ROY KUGA

    Vice President, Energy Supply

    Pacific Gas and Electric Company

    Roy Kuga oversees the commercial transactions related to the procurement of gas and electricity
    commodities for PG&E's core gas and bundled electric service customers.  Commercial
    transactions include short, medium and/or long-term power purchase agreements for new
    renewables, new natural gas fired resources and existing resources, and the development or
    acquisition of new utility-owned generation.  His responsibilities include the procurement of
    supporting services such as gas storage, gas transportation, electric transmission rights, reserves,
    ancillary services and financial hedges.  Kuga also oversees the daily dispatch and scheduling of
    resources and the implementation of the California Independent System Operator's proposed
    Market Redesign and Technical Update.

    Kuga first joined PG&E in 1978 and has spent much of his career at the utility in the resource
    planning, generation, power contracting and strategic planning fields.  Prior to his current role,
    Kuga was responsible for retail and wholesale market redesign and integrated demand and supply
    side planning to ensure reliable supplies of gas and electricity for the future, and was Lead Director
    for Gas and Electric Supply for four years.  He was previously with Chevron and GTE.

    Kuga received a Bachelors of Science degree in electrical engineering and a Bachelor of Arts
    degree in math both from the University of Hawaii, and a Master of Science degree in operations
    research from Stanford University.  He is a registered professional engineer in the state of
    California.  Kuga also serves as a board member for the Chabot Space and Science Center in
    Oakland, California.

    Additional Biographies

    58

    HYUN PARK

    Senior Vice President and General Counsel

    PG&E Corporation

    Hyun Park is Senior Vice President and General Counsel for PG&E Corporation.

    Park is responsible for leading and directing the legal function for PG&E Corporation and its businesses,
    including its principal subsidiary, Pacific Gas and Electric Company. Park’s major responsibilities
    include oversight of all regulatory and securities law compliance, litigation strategy, and all legal matters
    related to significant corporate transactions, as well as corporate governance and the corporate
    secretary functions.

    Prior to joining PG&E Corporation in 2006, he was Vice President, General Counsel and Secretary at
    Allegheny Energy, Inc., in Greensburg, Pennsylvania.  Park previously served as Senior Vice President,
    General Counsel, and Secretary of Sithe Energies, Inc., in New York, New York. He also was a partner
    with the law firm of Latham & Watkins, where he specialized in corporate transactions and finance.

    Park is a graduate of Harvard Law School. In addition, he holds a graduate degree in economics from
    Oxford University and a bachelor’s degree in economics from Columbia College. He is a member of the
    State Bar of California.

    Additional Biographies

    59

    Additional Biographies

    GABRIEL B. TOGNERI

    Vice President, Investor Relations

    PG&E Corporation

    Gabe Togneri is Vice President, Investor Relations for PG&E Corporation. With more than 25 years of
    experience in energy and finance, Togneri is responsible for providing the investment community with
    information about the Corporation and its performance.

    Togneri joined Pacific Gas and Electric Company, the Corporation's utility unit, in 1977 and has held a
    number of positions in the areas of sales forecasting, corporate planning, financial planning, financing,
    and cash management. He was named Assistant Treasurer in 1994 and joined PG&E Corporation in
    1997. He assumed his current position as Vice President, Investor Relations in 2000.

    Togneri received a bachelor's degree in mathematics from the University of California, Davis, and holds
    master's degrees in statistics, operations research, and business administration from the University of
    California, Berkeley. He is a member of the Board of Directors of the National Investor Relations
    Institute's San Francisco Chapter.

    60

    Appendix

    Investor Conference

    April 4, 2007

    New York, NY

    2

    This presentation contains forward-looking statements regarding management’s guidance for PG&E Corporation’s 2007 and 2008 earnings per share from operations, targeted average
    annual growth rate for earnings per share from operations, projected cash available for dividends, anticipated dividend growth, and liquidity targets, as well as management’s projections
    regarding Pacific Gas and Electric Company’s (Utility) capital expenditures, rate base and rate base growth, costs and savings anticipated to result the implementation of business
    transformation initiatives, future electricity resources, energy efficiency funding levels, and forecasted electricity and natural gas sales over the 2007 to 2011 period. These statements
    are based on current expectations and various assumptions which management believes are reasonable, including that substantial capital investments are made in Utility business over
    the 2007-2011 period, and that the Utility earns an authorized return on equity of 11.35%.  These statements and assumptions are necessarily subject to various risks and uncertainties
    the realization or resolution of which are outside of management's control. Actual results may differ materially. Factors that could cause actual results to differ materially include:

    •
                the Utility’s ability to timely recover costs through rates;

    •
                the outcome of regulatory proceedings, including ratemaking proceedings pending at the CPUC and the FERC;

    •
                the adequacy and price of electricity and natural gas supplies, and the ability of the Utility to manage and respond to the volatility of the electricity and natural gas markets;

    •
                the effect of weather, storms, earthquakes, fires, floods, disease, other natural disasters, explosions, accidents, mechanical breakdowns, acts of terrorism, and other events or
          hazards that could affect the Utility’s facilities and operations, its customers and third parties on which the Utility relies;

    •
                the potential impacts of climate change on the Utility’s electricity and natural gas operations;

    •
                changes in customer demand for electricity and natural gas resulting from unanticipated population growth or decline, general economic and financial market conditions,
          changes in technology, including the development of alternative energy sources, or other reasons;

    •
                operating performance of the Utility’s Diablo Canyon nuclear generating facilities (Diablo Canyon), the occurrence of unplanned outages at Diablo Canyon, or the temporary
          or permanent cessation of operations at Diablo Canyon;

    •
                the ability of the Utility to recognize benefits from its initiatives to improve its business processes and customer service;

    •
                the ability of the Utility to timely complete its planned capital investment projects;

    •
                the impact of changes in federal or state laws, or their interpretation, on energy policy and the regulation of utilities and their holding companies;

    •
                the impact of changing wholesale electric or gas market rules, including the California Independent System Operator’s (CAISO), new rules to restructure the California
          wholesale electricity market;

    •
                how the CPUC administers the conditions imposed on PG&E Corporation when it became the Utility’s holding company;

    •
                the extent to which PG&E Corporation or the Utility incurs costs in connection with pending litigation that are not recoverable through rates, from third parties, or through
          insurance recoveries;

    •
                the ability of PG&E Corporation and/or the Utility to access capital markets and other sources of credit;

    •
                the impact of environmental laws and regulations and the costs of compliance and remediation;

    •
                the effect of municipalization, direct access, community choice aggregation, or other forms of bypass; and

    •
                other factors discussed in PG&E Corporation’s SEC reports.

    Cautionary Statement Regarding Forward-Looking
    Information

    3

    Pacific Gas and Electric Company (PG&E)

    •
                Provides energy to nearly 1 in 20 people in the U.S.

    •
                70,000 square-mile service territory

    •
                Four main operational units:

    §
                Electric and gas distribution

    §
                Electric transmission

    §
                Gas transmission

    §
                Electric generation

    4

    (1)    Authorized revenues = operating costs + (rate of return x rate base)
            Rate base = net plant ± adjustments to approximate invested capital

    Electric And Gas Distribution

    Business Scope

    •
                Retail electricity and natural gas distribution service (construction, operations
         and maintenance)

    •
                Customer services (call centers, meter reading, billing)

    •
                5.1 million electric and 4.2 million gas customer accounts

    •
                Service territory covers 70,000 square miles and 47 counties

    Primary Assets

    •
                $10.3 billion of rate base (2006 wtd. avg.)

    Revenues/Margins

    •
                California state regulation (CPUC)

    •
                Cost of service ratemaking (1)

    •
                Revenues stabilized by sales balancing accounts

    5

    Existing
    500 kV

    18,640 circuit miles of electric
    transmission lines

    Electric Transmission

    Business Scope

    •
                Wholesale electric transmission services (construction,
          maintenance)

    •
                Operation by CA Independent System Operator

    Primary Assets

    •
                $2.3 billion of rate base (2006 wtd. avg.)

    Revenues/Margins

    •
                Federal regulation (FERC)

    •
                Cost of service ratemaking

    •
                Revenues vary with system load

    6

    •  6,138 miles of backbone transportation import capacity
       of 2.0 BCF/day Canadian gas
       1.1 BCF/day Southwest gas

    •  Three storage facilities with 42.0 BCF cycle capacity

    Malin

    , OR

    Topock

    Burney

    Tionesta

    Gerber

    Delevan

    Bethany

    Panoche

    Kettleman

    Kern River Station

    Hinkley

    C

    C

    C

    C

    S

    C

    S

    Los

    Medanos

    McDonald Island

    Milpitas

    C

    C

    C

    Antioch

    Malin

    , OR

    Topock

    Burney

    Tionesta

    Gerber

    Delevan

    Bethany

    Panoche

    Kettleman

    Kern River Station

    Hinkley

    C

    C

    C

    C

    C

    C

    C

    C

    S

    S

    C

    C

    S

    S

    Los

    Medanos

    McDonald Island

    Milpitas

    C

    C

    C

    C

    C

    C

    Antioch

    Natural Gas Transmission

    Gas Transmission Business Scope

    •
                Natural gas transportation, storage, parking and
         lending services

    •
                Customers: PG&E’s natural gas distribution and
         electric generation businesses, industrial customers, California
         electric generators, and marketers

    Primary Assets

    •
                $1.5 billion of rate base (2006 wtd. avg.)

    Revenues/Margins

    •
                California state regulation (CPUC)

    •
                Incentive ratemaking framework (“Gas Accord”)

    •
                Revenues vary with throughput

    7

    Helms
    Pumped
    Storage

    Humboldt

    Diablo Canyon

    Nuclear Plant

    Conventional
    Hydroelectric facilities

    Electric Procurement And Owned Generation

    Business Scope

    •
                Electricity and ancillary services from owned and controlled
         resources

    •
                Energy procurement program

    Primary Assets

    •
                Diablo Canyon nuclear power plant (2,240 MW)

    •
                Largest privately owned hydro system (3,896 MW)

    •
                $1.8 billion rate base (2006 wtd. avg.)

    •
                Funded nuclear plant decommissioning trusts of $1.8 billion

    Revenues/Margins

    •
                Cost of service ratemaking for utility-owned generation

    •
                Pass through of power procurement costs

    8

    Gas Customers

    (836 Bcf delivered)

    Electric Customers

    (84,310 GWh delivered)

    2006 Customer Profiles - % by Sales

    9

    Electric Sales Outlook

    Electric sales growth forecasted to average 1.1% during 2007 -
    2011

    10

    Gas Sales Outlook

    Gas sales growth forecasted to average 1.4% during
    2007-2011

    11

    *Approximately 12% of total retail sales are supplied by eligible
      renewable resources coming from utility-owned, QF, Irrigation Districts,
      and other sources.

    PG&E: Existing Resource Mix

    Owned generation
                Type           Net Capacity (MW)      Percent

    §
                Diablo Canyon                          Nuclear          2,240                           36%

    §
                Hydroelectric facilities                Hydro            3,896                           62%

    §
                Humboldt                                  Fossil               135                             2%

    §
                Total                                                              6,271                          100%

    2006 sources of electric energy*

    12

    Comparative Energy Procurement Costs

    13

Proceeding | Docket No. | Status
2007 General Rate Case | A.05-12-002 | • Final decision on March 15, 2007
2007 Renewable Resources Solicitation (Renewable Portfolio Standards) | R.06-05-027 D.07-02-011 | • 2007 RPS solicitation approved • Expect contracts executed by 2007 year end
2006 Long-Term Procurement Plan (Electric resource needs for 2007-2016) | R.06-02-013 | • LTPP filed in December 2006 • Final decision expected mid-2007 or later
FERC TO9 (2007 electric transmission rates) | ER06-1325-000 | • Settlement filed February 2007 • Final decision expected May 2007
Gas Accord IV (Post-2007 gas transmission and storage rates) | A.07-03-012 | • Settlement filed March 15, 2007 • Final decision expected by 2007 year end

    Key Regulatory Proceedings

    14

    2007 General Rate Case Decision

    •
                Increases 2007 revenues by $213 million (4.5% over 2006 authorized
        revenues)

    •
                Provides annual attrition increases of $125 million each year 2008 -
        2010, and a one-time increase of $35 million in 2009 for second Diablo
        Canyon refueling

    •
                Supports forecasted infrastructure investments for reliability and
        customer growth

    •
                No earnings sharing mechanism:  the upside benefits and downside risk
        of Transformation savings and costs accrue fully to PG&E

    15

      4,714             4,927             5,052            5,212              5,302

    * On August 24, 2006, the CPUC approved a waiver of the 2007 cost of capital filing, maintaining
       the authorized ROE at 11.35% and the authorized equity at 52% through at least 2007.

    2007 GRC: Revenue Requirement

    16

    •
                July 2006 CPUC decision on full deployment issued with full recovery of
        projected costs

    •
                Roughly 10 million meters planned to be installed
        by the end of 2011

    •
                Proven technology to lower meter reading costs, improve outage
        management, improve demand response

    •
                Over $900 million in vendor contracts signed

    •
                Meter installation has begun

    PG&E SmartMeterTM Program Investment

    17

Due Date | Action Required
1/30/2007 | Adopt list of discrete “early action” GHG emission reduction measures to go into effect 1/1/2010
1/1/2009 | Adopt “scoping plan” on sources and categories of sources to meet 2020 statewide emissions “cap”
1/1/2011 | GHG emission limits and measures go into effect 1/1/2012 and apply to individual sources and categories of sources to achieve 2020 statewide GHG limits
1/1/2011 | Air Resources Board may adopt system of “market-based” declining annual aggregate emission limits applicable from 2012 to 12/31/2020

    California Greenhouse Gas Reduction Act (AB 32)

    •
                “1990 levels by 2020” and mandates GHG reductions from multiple sectors

    •
                Creates path for market-based approach

    •
                “Safety valve” to balance potential economic impacts

    •
                Schedule for adopting specific emissions limits:

    18

    Estimated Average Deferred Tax Balances and Carrying Cost Credit Impacts ($MM)

| 2007 | 2008 | 2009 | 2010 | 2011 | 2012
Rate Reduction Bond and Energy Recovery Bond Average Deferred Tax Balance | $854 | $683 | $542 | $396 | $243 | $82
Estimated After-tax Carrying Cost Credit* | $(50) | $(40) | $(32) | $(23) | $(14) | $(5)

    *  Rate Reduction Bonds are fully retired at the end of 2007.

       Estimated carrying cost credits assume a utility equity ratio of 52% and ROE at 11.35%.

    Carrying Cost Credit Impacts

    19

($MM) | 2007 | 2008 | 2009 | 2010 | 2011 | 2012
Annual ERB Amortization | $340 | $354 | $369 | $386 | $404 | $423
End-of-year ERB balance | $1,936 | $1,582 | $1,213 | $827 | $423 | -

    ERB Amortization Schedule

    20

| Utility | Holding Company
Credit Facility Size | $2 billion | $200 million
Target Minimum Unused Borrowing Capacity | $800 million | $100 million
Target Cash Balance | $0 | $40 million

    Liquidity Availability and Targets

    21

    Credit Profile

    •
                Current Ratings

    §
                Utility issuer rating:  BBB (S&P) and Baa1 (Moody’s)

    §
                Utility unsecured debt:  BBB (S&P) and Baa1 (Moody’s)

    •
                Average Utility Metrics (2007-2011)*

    §
                S&P Business Profile Rating:  5

    §
                Total Debt to capitalization (EOY):  53.6%

    §
                Funds from Operations Cash Interest Coverage:  5.1x

    §
                Funds from Operations to Average Total Debt:  22%

    *
                Metrics include debt equivalents for long-term power purchase contracts

    22

    *  Earnings per share from operations is a non-GAAP measure.  This non-GAAP measure is used
       because it allows investors to compare the core underlying financial performance from one period to
       another, exclusive of items that do not reflect the normal course of operations

    2006 EPS - Reg G Reconciliation

    2006 EPS on an Earnings from Operations Basis*                                           $2.57

    Items Impacting Comparability:

    Scheduling Coordinator Cost Recovery                                                      0.21
    Environmental Remediation Liability                                                          (0.05)

    Recovery of Interest on PX Liability                                                           0.08

    Severance Costs                                                                                    (0.05)

    2006 EPS on a GAAP Basis                                                                           $2.76

    23

    EPS Guidance - Reg G Reconciliation

    2007

                Low           High

    EPS Guidance on an Earnings from Operations Basis*               $2.70            $2.80

    Estimated Items Impacting Comparability                                     0.00              0.00

    EPS Guidance on a GAAP Basis                                               $2.70            $2.80

    2008

                Low           High

    EPS Guidance on an Earnings from Operations Basis*                $2.90            $3.00

    Estimated Items Impacting Comparability                                      0.00              0.00

    PS Guidance on a GAAP Basis                                                  $2.90            $3.00

    * Earnings per share from operations is a non-GAAP measure.  This non-GAAP measure is used because it allows investors
       to compare the core underlying financial performance from one period to another, exclusive of items that do not reflect the
       normal course of operations.

    24

    Cash Available For Dividends/Repurchases (After Cap Ex)
    - Reg G Reconciliation

    2007                                                                                         Low           High

    ($MM)

    Estimated Cash Available for Dividends/Repurchases*                                   $  400                $  550

    Estimated Net Cash Used in Investing Activities                                                      3,220                 3,020

    Less: Estimated Change in Net Debt and Preferred, and
             Preferred Dividends                                                                             1,080                   980

    Estimated Net Cash Provided by Operating Activities                                              $2,540               $2,590

    2008                                                                                          Low           High

     Estimated Cash Available for Dividends/Repurchases*                                           $    (50)               $  100

    Estimated Net Cash Used in Investing Activities                                                       3,330                 3,130

    Less: Estimated Change in Net Debt and Preferred, and
              Preferred Dividends                                                                              (690)                  (590)

    Estimated Net Cash Provided by Operating Activities                                              $2,590               $2,640

    * Cash available for dividends/repurchases is a non-GAAP measure. This non-GAAP measure is used because it allows
       investors to consider the amount of cash generated by operations and available after investing activities and debt service to
       pay dividends, as well as fund stock repurchases, if any.

    25

    * Cash available for dividends/repurchases is a non-GAAP measure. This non-GAAP measure is used
       because it allows investors to consider the amount of cash generated by operations and available after
       investing activities and debt service to pay dividends, as well as fund stock repurchases, if any.

    Cash Available For Dividends/Repurchases (After Cap Ex)
    - Reg G Reconciliation

    2009                                                                                        Low           High

    ($MM)

    Estimated Cash Available for Dividends/Repurchases*                                           $  250                $  450

    Estimated Net Cash Used in Investing Activities                                                     2,640                 2,420

    Less: Estimated Change in Net Debt and Preferred, and
             Preferred Dividends                                                                               510                    410

    Estimated Net Cash Provided by Operating Activities                                              $2,380               $2,460

    2010                                                                           Low           High

    Estimated Cash Available for Dividends/Repurchases*                                            $  150                $  400

    Estimated Net Cash Used in Investing Activities                                                      3,230                 2,980

    Less: Estimated Change in Net Debt and Preferred, and
             Preferred Dividends                                                                           $   590               $   490

    Estimated Net Cash Provided by Operating Activities                                              2,790                 2,890

    26

    Cash Available For Dividends/Repurchase (After Cap Ex) -
    Reg G Reconciliation

    2011                                                                                         Low           High

    ($MM)

    Estimated Cash Available for Dividends/Repurchases*                                           $  800                $1,100

    Estimated Net Cash Used in Investing Activities                                                      2,440                 2,100

    Less: Estimated Change in Net Debt and Preferred, and
             Preferred Dividends                                                                                 60                   (100)

    Estimated Net Cash Provided by Operating Activities                                              $3,180               $3,300

    * Cash available for dividends/repurchases is a non-GAAP measure. This non-GAAP measure is used because it allows
       investors to consider the amount of cash generated by operations and available after investing activities and debt service to
       pay dividends, as well as fund stock repurchases, if any.