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      Form 8-K dated March 28, 2006 Filed March 30, 2006
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
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        AND EXCHANGE COMMISSION</strong></font></div>
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        D.C.&#160; 20549</strong></font></div>
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        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of
        1934</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
        of Report: March 28, 2006</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Date
        of
        earliest event reported)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong><em>PG&amp;E
        Corporation</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        Name of Registrant as specified in Charter)</font></div>
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              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1-12609</strong></font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or other jurisdiction of </font></div>
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                  File Number)</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                  Employer Identification No.)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>One
        Market, Spear Tower, Suite 2400, San Francisco, California
        94105</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
        of principal executive offices, zip code)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
        Name or Former Address, if Changed Since Last Report)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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):</font></div>
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        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -36pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
        Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)</font></div>
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        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b)</font></div>
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        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))</font></div>
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      <div>
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      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01 - Entry Into a Material Definitive Agreement </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accelerated
        Share Repurchase Transaction</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        March
        28, 2006, PG&amp;E Corporation entered into a new share forward agreement with
        Goldman, Sachs &amp; Co. (GS&amp;Co.) to complete the share forward component of
        the accelerated share repurchase arrangement entered into on November 16,
        2005
        (the November 16, 2005 ASR) under which PG&amp;E Corporation repurchased
        31,650,300 shares of its outstanding common stock. PG&amp;E Corporation&#8217;s and
        GS&amp;Co.&#8217;s obligations with respect to the share forward component of the
        November 16, 2005 ASR were terminated on March 28, 2006, in connection with
        the
        PG&amp;E Corporation common stock dividend declared on February 15, 2006,
        payable on April 15, 2006 to shareholders of record on March 31, 2006. In
        connection with the termination, certain payments are required by both PG&amp;E
        Corporation and GS&amp;Co., including a price adjustment based on the difference
        between $34.75 per share, the forward price specified in the November 16,
        2005
        ASR, and the average of the daily volume weighted average price (VWAP) of
        PG&amp;E Corporation common stock from November 17, 2005 through March 28, 2006.
        PG&amp;E Corporation owes GS&amp;Co. approximately $58 million (net of amounts
        payable by GS&amp;Co. to PG&amp;E Corporation), which amount is payable on March
        31, 2006. PG&amp;E Corporation will record the payment as a reduction of Common
        Shareholders&#8217; Equity. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        the
        new share forward agreement, PG&amp;E Corporation and GS&amp;Co. will continue
        to be required to make certain payments, including a price adjustment with
        respect to the remaining 11,385,000 shares subject to the agreement based
        on the
        difference between the specified forward price of $34.75 per share and the
        average of the daily VWAP from March 29, 2006 through June 8, 2006. The
        aggregate amounts of&#160;the payments required of each of the parties,
        including the amount of the price adjustment based on the VWAP, cannot be
        determined until June 8, 2006. Any amounts that are due from PG&amp;E
        Corporation can be settled, at PG&amp;E Corporation&#8217;s option, in cash, in shares
        of its common stock, or a combination of the two. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GS&amp;Co.
        may terminate the new share forward agreement (i) in the event of a default
        by
        PG&amp;E Corporation (which would include the acceleration of certain other
        PG&amp;E Corporation indebtedness in a principal amount in excess of $100
        million), (ii) on the day before any ex-dividend date of a PG&amp;E Corporation
        dividend, and (iii) in certain other circumstances. In the event of termination
        in connection with an ex-dividend date, PG&amp;E Corporation and GS&amp;Co. may
        elect to enter into a further arrangement to complete the remaining share
        forward obligations, although the price adjustment based on the VWAP between
        March 29, 2006 and the day before the ex-dividend date and certain other
        amounts
        would become payable. Upon an early termination (other than when the termination
        event results from the declaration of a dividend and a further arrangement
        is
        executed), PG&amp;E Corporation would be required to compensate GS&amp;Co. for
        any losses it incurs in connection with the new share forward agreement.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
        shares that PG&amp;E Corporation issues in the future in connection with an
        early termination of the new share forward agreement or a further arrangement,
        or to compensate GS&amp;Co. for any additional amounts due, would increase the
        number of shares outstanding at the time of issuance. In addition, until
        the
        transaction is completed or terminated, generally accepted accounting principles
        require PG&amp;E Corporation to assume that it will issue shares to settle any
        remaining obligation to GS&amp;Co. PG&amp;E Corporation must calculate the
        number of shares that would be required to satisfy the obligation
        upon</font></div><br>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">1</font></div>
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          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">completion
        of the transaction based on the market price of PG&amp;E Corporation common
        stock at the end of a quarterly or year-end reporting period. The number
        of
        shares PG&amp;E Corporation must treat as having been issued to settle such
        obligation would be included in the number of shares outstanding for purposes
        of
        calculating PG&amp;E Corporation&#8217;s fully diluted earnings per share for that
        reporting period. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GS&amp;Co.
        and certain of its affiliates have engaged, and may in the future engage,
        in
        financial advisory, investment banking, and other services for PG&amp;E
        Corporation and its affiliates, including entering into previous accelerated
        share repurchase arrangements and acting as a lender under PG&amp;E
        Corporation&#8217;s credit agreement. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.02 - Termination of a Material Definitive Agreement </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        information set forth above in Item 1.01 regarding termination of the share
        forward obligations under the November 16, 2005 ASR is hereby incorporated
        into
        Item 1.02 by reference. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        2.03 - Creation of a Direct Financial Obligation or an Obligation under an
        Off-Balance Sheet Arrangement of a Registrant</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        information set forth above in Item 1.01 regarding the new share forward
        agreement entered into in connection with the November 16, 2005 ASR is hereby
        incorporated into Item 2.03(b) by reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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                  Linda Y.H. Cheng</font></div>
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[{"type": "8-K", "sequence": "1", "filename": "form8k032806.htm", "description": "FORM 8-K DATED MARCH 28, 2006 FILED MARCH 30, 2006", "secsgml_size_bytes": 32036}]
{"company-data": {"conformed-name": "PG&E CORP", "cik": "0001004980", "assigned-sic": "4931", "irs-number": "943234914", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12609", "film-number": "06723861"}, "business-address": {"street1": "ONE MARKET SPEAR TOWER", "street2": "SUITE 2400", "city": "SAN FRANCISCO", "state": "CA", "zip": "94105", "phone": "4152677000"}, "mail-address": {"street1": "ONE MARKET SPEAR TOWER", "street2": "SUITE 2400", "city": "SAN FRANCISCO", "state": "CA", "zip": "94105"}, "former-company": {"former-conformed-name": "PG&E PARENT CO INC", "date-changed": "19951214"}}
Form 8-K dated March 28, 2006 Filed March 30, 2006
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
Washington,
        D.C.  20549
FORM
        8-K
CURRENT
        REPORT
Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of
        1934
Date
        of Report: March 28, 2006
(Date
        of
        earliest event reported)
PG&E
        Corporation
(Exact
        Name of Registrant as specified in Charter)
California
1-12609
94-3234914
(State
                  or other jurisdiction of
incorporation)
(Commission
                  File Number)
(IRS
                  Employer Identification No.)
One
        Market, Spear Tower, Suite 2400, San Francisco, California
        94105
(Address
        of principal executive offices, zip code)
415-267-7000
(Registrant's
        Telephone Number, Including Area Code)
N/A
(Former
        Name or Former Address, if Changed Since Last Report)
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):
¨
Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)
¨
Soliciting
        Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)
¨
Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b)
¨
Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))
Item
        1.01 - Entry Into a Material Definitive Agreement
Accelerated
        Share Repurchase Transaction
On
        March
        28, 2006, PG&E Corporation entered into a new share forward agreement with
        Goldman, Sachs & Co. (GS&Co.) to complete the share forward component of
        the accelerated share repurchase arrangement entered into on November 16,
        2005
        (the November 16, 2005 ASR) under which PG&E Corporation repurchased
        31,650,300 shares of its outstanding common stock. PG&E Corporation's and
        GS&Co.'s obligations with respect to the share forward component of the
        November 16, 2005 ASR were terminated on March 28, 2006, in connection with
        the
        PG&E Corporation common stock dividend declared on February 15, 2006,
        payable on April 15, 2006 to shareholders of record on March 31, 2006. In
        connection with the termination, certain payments are required by both PG&E
        Corporation and GS&Co., including a price adjustment based on the difference
        between $34.75 per share, the forward price specified in the November 16,
        2005
        ASR, and the average of the daily volume weighted average price (VWAP) of
        PG&E Corporation common stock from November 17, 2005 through March 28, 2006.
        PG&E Corporation owes GS&Co. approximately $58 million (net of amounts
        payable by GS&Co. to PG&E Corporation), which amount is payable on March
        31, 2006. PG&E Corporation will record the payment as a reduction of Common
        Shareholders' Equity.
Under
        the
        new share forward agreement, PG&E Corporation and GS&Co. will continue
        to be required to make certain payments, including a price adjustment with
        respect to the remaining 11,385,000 shares subject to the agreement based
        on the
        difference between the specified forward price of $34.75 per share and the
        average of the daily VWAP from March 29, 2006 through June 8, 2006. The
        aggregate amounts of the payments required of each of the parties,
        including the amount of the price adjustment based on the VWAP, cannot be
        determined until June 8, 2006. Any amounts that are due from PG&E
        Corporation can be settled, at PG&E Corporation's option, in cash, in shares
        of its common stock, or a combination of the two.
GS&Co.
        may terminate the new share forward agreement (i) in the event of a default
        by
        PG&E Corporation (which would include the acceleration of certain other
        PG&E Corporation indebtedness in a principal amount in excess of $100
        million), (ii) on the day before any ex-dividend date of a PG&E Corporation
        dividend, and (iii) in certain other circumstances. In the event of termination
        in connection with an ex-dividend date, PG&E Corporation and GS&Co. may
        elect to enter into a further arrangement to complete the remaining share
        forward obligations, although the price adjustment based on the VWAP between
        March 29, 2006 and the day before the ex-dividend date and certain other
        amounts
        would become payable. Upon an early termination (other than when the termination
        event results from the declaration of a dividend and a further arrangement
        is
        executed), PG&E Corporation would be required to compensate GS&Co. for
        any losses it incurs in connection with the new share forward agreement.
Any
        shares that PG&E Corporation issues in the future in connection with an
        early termination of the new share forward agreement or a further arrangement,
        or to compensate GS&Co. for any additional amounts due, would increase the
        number of shares outstanding at the time of issuance. In addition, until
        the
        transaction is completed or terminated, generally accepted accounting principles
        require PG&E Corporation to assume that it will issue shares to settle any
        remaining obligation to GS&Co. PG&E Corporation must calculate the
        number of shares that would be required to satisfy the obligation
        upon
1
completion
        of the transaction based on the market price of PG&E Corporation common
        stock at the end of a quarterly or year-end reporting period. The number
        of
        shares PG&E Corporation must treat as having been issued to settle such
        obligation would be included in the number of shares outstanding for purposes
        of
        calculating PG&E Corporation's fully diluted earnings per share for that
        reporting period.
GS&Co.
        and certain of its affiliates have engaged, and may in the future engage,
        in
        financial advisory, investment banking, and other services for PG&E
        Corporation and its affiliates, including entering into previous accelerated
        share repurchase arrangements and acting as a lender under PG&E
        Corporation's credit agreement.
Item
        1.02 - Termination of a Material Definitive Agreement
The
        information set forth above in Item 1.01 regarding termination of the share
        forward obligations under the November 16, 2005 ASR is hereby incorporated
        into
        Item 1.02 by reference.
Item
        2.03 - Creation of a Direct Financial Obligation or an Obligation under an
        Off-Balance Sheet Arrangement of a Registrant
The
        information set forth above in Item 1.01 regarding the new share forward
        agreement entered into in connection with the November 16, 2005 ASR is hereby
        incorporated into Item 2.03(b) by reference.
2
SIGNATURE
Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
PG&E
                  CORPORATION
Dated:
                  March 30, 2006
By:
/s/
                  Linda Y.H. Cheng
LINDA
                  Y.H. CHENG
Vice
                  President, Corporate Governance and Corporate Secretary
3