    1

Exhibit 99

    PG&E Corporation:

         Creating A Sustainable Future

    Investor Package

    42nd Edison Electric Institute Financial Conference

    Orlando, Florida

    November 5-6, 2007

    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, as well as management’s projections regarding Pacific Gas and Electric Company’s (Utility) capital expenditures, rate base, future electricity
    resources, and potential investments in transmission, generation and renewable energy resources. These statements are based on current expectations and various assumptions which
    management believes are reasonable, including that substantial capital investments are made in the Utility business over the 2007-2011 period, Utility rate base averages $16.9 billion in 2007
    and $18.7 billion in 2008, that the Utility earns at least its authorized rate of return on equity, that the Utility’s ratemaking capital structure is maintained at 52 percent equity, and that the Utility
    is successful in implementing its initiatives to become more efficient and reduce costs. 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 California Public Utilities Commission (CPUC) and the Federal Energy Regulatory
        Commission;

    •
                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 business;

    •
                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;

    •
                whether the Utility’s planned capital investment projects are completed within authorized cost amounts;

    •
                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 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 incur costs and liabilities 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 risks and factors disclosed in PG&E Corporation’s SEC reports.

    Cautionary Statement Regarding
    Forward-Looking Information

    3

    Key Takeaways From Today’s Discussion

    PG&E is:

    •      A strong utility holding, delivering 1st quartile
          earnings growth in a positive regulatory
          environment

    •      Innovating in our core business to create
          competitive advantage

    •
                Creating a sustainable future for California

    4

    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 Customers
    Energized Employees

    Rewarded Shareholders

    Our values

    Operational excellence
    Transformation

    Our strategies

    Our goals

    Our vision

    PG&E Vision

    5

Business Unit | 2006 Rate Base ($B)
Electric and gas distribution (CPUC) | $10.3
Electric generation (CPUC) | $1.8
Gas transmission (CPUC) | $1.5
Electric transmission (FERC) | $2.3
PCG Total Business | $15.9

    Pacific Gas and Electric Company (PG&E)

    •
                $12.5 B in Revenues

    •
                $34.8 B in Assets

    •
                5.1 MM Electric/4.2 MM Gas Customers

    •
                $17 B+ Market Capitalization

    6

    Core Business Investment Opportunities

    •
                Electric and gas distribution

    -
                Advanced metering technology

    •
                Electric transmission

    -
                System reliability and generation substitutes

    -
                Growth to reach renewable resources

    •
                Natural gas transmission and storage

    •
                Electric resource requirements

    -
                Energy efficiency

    -
                Conventional generation

    -
                Renewables

    7

    ∗
                Reg G reconciliation to GAAP for 2006 EPS from Operations and 2007 and 2008 EPS Guidance
         available in Appendix and at www.pgecorp.com

    EPS from Operations*

    EPS Guidance

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

    Targeted Growth Rate: 8%
        Assumes success in cost saving efforts
        Energy efficiency incentives and broader operational savings may be needed
        Review of 3-year operating plan underway
        Update planned for Q1 2008

8%

    8

Investment Driver | Cap Ex | Notable Projects
Common Plant | ~$1.3 Billion | • Building Investment • Technology Infrastructure • General Use Fleet
Electric and Gas Transmission | ~$3.8 Billion | • Central California Clean Energy Transmission Line ( formerly Midway-Gregg) • Line Upgrades for Renewables • McDonald Island Gas Storage Pipeline
Generation | ~$2.9 Billion | • Gateway Generating Station • Humboldt Power Plant • Colusa Power Plant • DCPP Steam Generator Replacement
Distribution | ~$6.2 Billion | • Distribution maintenance and upgrades • New Customer Connections • AMI

    2007-2011 Estimated CapEx totals more than $14 B* (~$2.8 B/yr.)

    * CapEx projections for 2007-2011 last affirmed in October 2007.  CapEx projections for 2008-2012 currently in development.

    Capital Expenditures Drive Core Growth

    9

    State Energy Policy Supports Business Strategy

    PG&E’s resource investment strategy is aligned with
    California’s Energy Action Plan “preferred loading order”:

    1.
                 Energy Efficiency

    2.
                 Demand Response

    3.
                 Renewable Resources

    4.
                 Distributed Generation

    5.
                 Conventional Resources

    10

    Source: California Energy Commission

    EE is California’s Least-Cost Resource

    -

    2,000

    4,000

    6,000

    8,000

    10,000

    12,000

    14,000

    1960

    1965

    1970

    1975

    1980

    1985

    1990

    1995

    2000

    kWh

    US

    CA

    Western Europe

    Per Capita Energy Usage - California, US and Europe

Resource Type | 2006 Cost (kWh)*
Energy Efficiency | $.025
Diablo Canyon | $.039
Utility, Irrigation Districts, Other Wholesale | $.048
QFs and Renewables | $.084
DWR | $.085

    * Costs represent 2006 average price per kilowatt hour

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    *All amounts are pre-tax and cumulative for the three-year cycle

    $180 MM Cap

    ($180) MM Cap

    Constructive Policy with Measurement/ Evaluation Issues to be Resolved

    Energy Efficiency Decision

    •
                Symmetrical “risk/reward” mechanism
           with $180 MM cap

    •
                Effective for 2006-2008 and 2009-
           2011 EE program cycles

    •
                Currently discussing measurement
           and evaluation issues with CPUC

    •
                Joint petition to resolve technical
           issues filed October 31, 2007

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    Energy Efficiency Savings: Goals and Achievements*

    *Energy Efficiency goals are annual; YTD is through 9/30/07

    GWh

    MW

    Therms

    Goal

    Goal

    Goal

    Goal

    Goal

    Goal

    Year

     End

    YTD

    YTD

    YTD

    Year

    End

    Year

     End

    PG&E’s Recent Energy Efficiency Performance

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    *SmartMeterTM Program Upgrade subject to results of bid evaluation, successful field testing, and obtaining any necessary CPUC approval.

    SmartMeter is a trademark of SmartSynch, Inc. and is used by permission.

    2008  and beyond

    2007

    July 2007:

    RFP Issued

    Q4 2007 - Q2 2008:

    Field Testing

    Aug 2007:

    Bids Submitted

    Q4 2011:

    Initial deployment complete

    Approximate timeline for SmartMeter Program Upgrade*

    2011

    •
                RFP Responses received

    •
                Two vendors selected for initial pilot tests

    •
                Next Step: CPUC approval (possible deployment as early as 2009)

    SmartMeterTM Project Upgrade Timeline

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    Today

    Near-Term

    Future

    •
                Smart Meters

    •
                HAN Energy
         Management

    •
                PHEV
         SmartCharge

    •
                Vehicle to Grid

    •
                Distributed storage and
         generation

    2007

    20??

    •
                Electric Field Vehicles

    Innovating for the Future: Smart Energy Web

    15

    2004 CO2 Emissions and Emission Rates*

    *Source:  Innovest, based on most recent data available

    PG&E’s Stance on Climate Change

    •
                Global climate change is serious and requires immediate action

    •
                Energy sector is among the largest contributors to U.S. GHG emissions

    •
                PG&E has an obligation to find solutions to global climate change

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    Changing Legislative Environment for GHG

    Recent Legislative Action:

    •
                California global warming legislation enacted in 2006

    •
                Comprehensive federal legislation expected in 2 to 4 years

    •
                Pending near-term “energy independence” measures

    -
                Federal energy efficiency standards

    -
                Favorable tax treatment for renewable generation and AMI technology

    -
                Federal renewable portfolio standard

    -
                Support for clean fuels development (Plug-in Hybrids, Electric and Natural Gas Vehicles)

    PG&E Supports:

    •
                Mandatory market-based approach

    •
                Encouraging early action toward goals before full regulatory implementation

    •
                Recognition of prior actions

    •
                Pursuit of all cost-effective reductions in greenhouse gases

    •
                International cooperation

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Year Signed | Project | Max GWh/yr | Technology
Pre 2002 | Various Projects | ~7500** | Various
2002 | Calpine Geysers 13 & 20 | 722 | Geothermal
2002 | Wheelabrator #4 | 25 | Biomass
2003 | CBEA Projects (3) | 305 | Biomass
2004 | Big Valley Lumber | 41 | Biomass
2004 | Diablo Winds | 65 | Wind
2005 | FPL Energy-Montezuma Winds | 102 | Wind
2005 | Buena Vista Energy LLC | 108 | Wind
2005 | Pacific Renewable Energy | 280 | Wind
2005 | Shiloh 1 Wind Project LLC | 225 | Wind
2006 | Military Pass Rd. | 840 | Geothermal
2006 | HFI Silvan | 142 | Biomass
2006 | Liberty Biofuels | 70 | Biofuels
2006 | Bottle Rock USRG | 385 | Geothermal
2006 | IAE Truckhaven | 366 | Geothermal
2006 | Global Common - Chowchilla | 72 | Biomass

Year Signed | Project | Max GWh/yr | Technology
2006 | Global Common - El Nido | 72 | Biomass
2006 | Newberry | 840 | Geothermal
2006 | Calpine Geysers | 922 | Geothermal
2006 | Tunnel Hydro | 2.1 | Hydro
2006 | Buckeye Hydro | 1.4 | Hydro
2006 | Eden Vale Dairy | 1.3 | Biogas
2006 | Microgy | TBD | Biogas
2006 | Bio_Energy LLC | TBD | Biogas
2006 | Palco | 36 | Biomass
2007 | Solel | 1388 | Solar Thermal
2007 | Western GeoPower | 212 | Geothermal
2007 | PPM-Klondike | 265 | Wind
2007 | CalRenew | 9 | PV
2007 | Green Volts | 5 | PV

    18% of Projected 2010 Load Currently Signed*

    *Based on contracts signed through August 2007

    ** Average delivered energy over multiple years: pre-RPS baseline

    PG&E’s Renewable Contracts Signed

    18

    Year

    18%

    15%

    12%

    19%

    Expected Deliveries From Contracts

    20%

    20%

    Renewable Portfolio Standard Target is 20% by 2010*

    * See Appendix for further description of RPS requirements

    PG&E’s RPS Compliance Outlook

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    PCG  Value Summary

    •    PG&E is a core utility holding with a record of delivering
        strong earnings growth in a constructive regulatory
        environment.

    •    Technology innovation and a clean energy portfolio are
         key parts of our overall strategy.

    •    We believe our actions will ensure the success of our
        shareholders and improve the communities we serve.

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    Conference Notes

    21

    Appendix

    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

    2006 EPS - Reg G Reconciliation

    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)

    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

    EPS 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

    Consensus of analyst estimates of EPS growth:

    Source:  Thomson IBIS long-term EPS Growth Consensus Estimate Median October 30, 2007

    EPS Growth - Comparator Group

    PG&E targets 1st quartile growth in a constructive regulatory
    environment

    25

Market | Example Initiatives
High Tech | Data Center Efficiency
Residential New Construction | New Solar Homes Partnership
Agricultural and Food Processing | Bio-Energy Recovery Systems
Schools and Colleges | University Research Center Efficiency
Large Commercial | “More-than-a-Million” Retro-commissioning Program
Other Programs, including mass market and third-party programs | Compact Fluorescent Bulbs, Appliances and Air Conditioning Equipment, Enhancements to New Buildings, etc.

    Energy Efficiency Target Markets and Initiatives

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Mandate | • Deliveries of 20% of load from eligible renewables by 2010. Large hydro (>30 MW) doesn’t qualify.
Purpose | • Fuel Diversity • GHG Reduction • Economic Development
Penalty | • $50/MWhr, up to $25 million per year
Exceptions | 1) Contract failure 2) Insufficient public goods funds 3) Insufficient offers 4) Lack of transmission
Flexible Compliance | • Allows shortfalls to be made up within following three years.

    California’s RPS Program

    27

    *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 Electricity Resources

    28

Transmission Line | Project / Estimated Total Cost
Central California Clean Energy Transmission Line | Proposed 500 KV line improving reliability and increasing access to renewables / $800 MM
Vaca Dixon - Contra Costa Upgrade | 230 kV path adding access to wind energy / $23 MM
California - Oregon Upgrade | Replacing substation / switchyard equipment to increase MW rating / $30 MM
Lakeville Sonoma Transmission Line | Adding reliability and capacity to Napa and Sonoma / $27 MM
B.C. Renewable Line (possible) | Proposed to bring British Columbia renewable resource energy to CA / $4-6B

    California Oregon Upgrade

    B.C.Renewable
            Line

    Wind

    Lakeville Sonoma

    Central California

    Clean Energy Line

     Vaca Dixon Contra
            Costa Upgrade

    New Transmission: Reliability and Renewables