<html>
<head>
<title>Form 8-K</title>
</head>
<body link="blue" vlink="purple">
<div>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="5" valign="top">
<p align="center"><b>UNITED STATES</b></p>
</td>
</tr>

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

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

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

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

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

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

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

<tr>
<td colspan="5" valign="top">
<p align="center"><b>Date of Report: May 27, 2005</b></p>

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

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

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

<tr>
<td valign="top">
<p align="center"><b><u>California</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>1-12609</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>94-3234914</u></b></p>
</td>
</tr>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<hr>

<b><br clear="all" />
</b>

<p><b>Item 1.01 &ndash; Entry Into a Material Definitive
Agreement</b></p>

<p>Accelerated Share Repurchase Transaction</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
reported below, on June 15, 2005, the Board of Directors of
PG&amp;E Corporation declared a cash dividend on PG&amp;E
Corporation common stock for the second quarter of 2005.&nbsp;
Under the share forward component of PG&amp;E Corporation&rsquo;s
arrangement with Goldman, Sachs &amp; Co. (GS&amp;Co.), under which
PG&amp;E Corporation repurchased approximately 29.5 million shares
of its outstanding common stock on March 4, 2005, the declaration
of such a dividend results in a termination event one day prior to
the ex-dividend date of June 28, 2005.&nbsp; On June 15, 2005,
PG&amp;E Corporation provided GS&amp;Co. the required notice that
the termination event would occur on June 27, 2005.&nbsp; The
occurrence of the terminating event does not affect the retirement
of the approximately 29.5 million shares previously repurchased
but, as described below, affects the timing and amount of payments
between the parties with respect to the share forward component of
the arrangement.</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the March 4, 2005 arrangement, certain payments are required by
both PG&amp;E Corporation and GS&amp;Co. upon termination of the
arrangement.&nbsp; Most significantly, PG&amp;E Corporation is to
receive from, or be required to pay to, GS&amp;Co. a price
adjustment with respect to the approximately 29.5 million
repurchased shares based on the difference between the amount
PG&amp;E Corporation paid for the repurchased shares, which was
$35.60 per share, exclusive of commissions, and the daily volume
weighted average price (VWAP) of PG&amp;E Corporation common stock
over an approximately 6-month intended period.&nbsp; Upon an early
termination, PG&amp;E Corporation is required to compensate
GS&amp;Co. for its losses in connection with the arrangement unless
the termination event results from the declaration of a dividend
and a new arrangement is executed to complete the March 4, 2005
arrangement.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 16, 2005, PG&amp;E Corporation entered into such a new share
forward transaction with GS&amp;Co. based on 11,430,000 shares to
complete the balance of the March 4, 2005 arrangement.&nbsp; As a
result, the March 4, 2005 arrangement only requires PG&amp;E
Corporation and GS&amp;Co. to settle the price adjustment with
respect to 18,059,400 shares based on the VWAP between March 7,
2005 and June 27, 2005.&nbsp; The aggregate amounts of&nbsp;the
payments required of each of the parties under the arrangement,
including the amount of the price adjustment based on the VWAP,
cannot be determined until June 27, 2005.&nbsp; All amounts are to
be paid in cash on June 30, 2005.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
June 16, 2005 arrangement is substantially identical to the March
4, 2005 arrangement, requiring certain payments by both PG&amp;E
Corporation and GS&amp;Co.&nbsp; As with the March 4, 2005
arrangement, the most significant of these payments is the price
adjustment with respect to the 11,430,000 shares based on the
difference between the $35.60 purchase price per share and the VWAP
over a period expected to extend to early September 2005.&nbsp; Any
payments that PG&amp;E Corporation may make under the June 16, 2005
arrangement can be settled, at PG&amp;E Corporation&rsquo;s option,
in cash, in shares of its common stock, or a combination of the
two.</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GS&amp;Co.
may terminate the June 16, 2005 arrangement (i) in the event of a
default by PG&amp;E Corporation under the June 16, 2005 arrangement
(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 that occurs after July 15, 2005, and (iii) in
certain other circumstances.&nbsp; 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 June 16, 2005 arrangement, although the price
adjustment based on the VWAP between June 28, 2005 and the day
before the ex-dividend date and certain other amounts would become
payable.&nbsp; 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 losses it incurred in
connection with the June 16, 2005 arrangement.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
shares that PG&amp;E Corporation issues in the future in connection
with an early termination of the June 16, 2005 arrangement 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.&nbsp; 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.&nbsp; PG&amp;E
Corporation must calculate the number of shares that would be
required to satisfy the obligation upon 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.&nbsp; 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&rsquo;s fully diluted earnings per share for
that reporting period.</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&rsquo;s credit
agreement.</p>

<p><b>Item 1.02 &ndash; Termination of a Material Definitive
Agreement<br />
 </b></p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth above in Item 1.01 regarding PG&amp;E
Corporation&rsquo;s termination of an accelerated repurchase
arrangement with GS&amp;Co. dated March 4, 2005, is hereby
incorporated into Item 1.02 by reference.&nbsp;</p>

<p><b>Item 2.03 &ndash; Creation of a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement of a
Registrant</b></p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth above in Item 1.01 regarding PG&amp;E
Corporation&rsquo;s entry into an arrangement with GS&amp;Co. dated
June 16, 2005 to complete an accelerated share repurchase
transaction is hereby incorporated into Item 2.03(b) by
reference.</p>

<p><b>Item 5.02 &ndash; Departure of Directors or Principal
Officers; Election of Directors; Appointment of Principal
Officers</b></p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 15, 2005, the Board of Directors of Pacific Gas and Electric
Company (Utility) appointed Thomas B. King, 43, as Executive Vice
President and Chief Operating Officer of the Utility, effective
July 1, 2005.&nbsp; During the past five years, Mr. King has held
the following positions at PG&amp;E Corporation, the Utility, or
other entities that were subsidiaries of PG&amp;E Corporation and
affiliates of the Utility at the time Mr. King held the
position:<br />
</p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>Executive Vice President and Chief of Utility Operations,
Pacific Gas and Electric Company</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>August&nbsp;2, 2004 to present</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>Senior Vice President and Chief of Utility Operations, Pacific
Gas and Electric Company</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>November&nbsp;1, 2003 to August&nbsp;1, 2004</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>Senior Vice President, PG&amp;E Corporation</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>January&nbsp;1, 1999 to October&nbsp;31, 2003</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>President, PG&amp;E National Energy Group,&nbsp;Inc.</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>November&nbsp;15, 2002 to July&nbsp;8, 2003</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>President and Chief Operating Officer, PG&amp;E Gas Transmission
Corporation</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>August&nbsp;27, 2002 to July&nbsp;8, 2003</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>President and Chief Operating Officer, Gas Transmission,
PG&amp;E National Energy Group,&nbsp;Inc.</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>August&nbsp;9, 2002 to November&nbsp;14, 2002</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>President and Chief Operating Officer, West Region, PG&amp;E
National Energy Group,&nbsp;Inc.</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>July&nbsp;1, 2000 to August&nbsp;8, 2002</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>President and Chief Operating Officer, PG&amp;E Gas Transmission
Corporation</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>November&nbsp;23, 1998 to September&nbsp;10, 2002</p>
</td>
</tr>
</table>
</div>

<p></p>

<p>Mr. King does not have any relationship or related transaction
with PG&amp;E Corporation or the Utility that would require
disclosure pursuant to Item 401(d) or Item 404(a) of Securities and
Exchange Commission Regulation S-K.</p>

<p><b>Item 5.03 -- Amendments to Articles of Incorporation or
Bylaws; Change in Fiscal Year</b></p>

<pre>
</pre>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 15, 2005, the Board of Directors of the Utility amended the
Utility Bylaws to modify the list of officers authorized to confer
a special title upon Vice Presidents of the Utility.&nbsp; This
amendment is effective June 15, 2005.&nbsp; The full text of the
amendment is attached to this filing as Exhibit 3 and is
incorporated by reference herein.</p>

<p></p>

<p><b>Item 8.01 &ndash; Other Events</b></p>

<p>Advanced Metering Infrastructure Application</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 16, 2005, the Utility filed an application with the California
Public Utilities Commission (CPUC) requesting approval of its plan
to deploy an advanced metering infrastructure (AMI) to all of the
Utility&rsquo;s electric and core natural gas customers. The
application also requests cost recovery for the capital investments
and ongoing operating costs, net of operating savings, associated
with implementing the AMI project.&nbsp; If the Utility&rsquo;s
application is approved, the Utility will install, replace, or
modify approximately five million electric meters and four million
gas meters, providing customers with advanced meters that can
record usage in time intervals and be read remotely.&nbsp; The
Utility also will install hardware and software to collect data
from these meters and to transmit it to the Utility&rsquo;s
operating systems, including customer information and billing
systems.&nbsp; The Utility has included its proposal for the
initial implementation of dynamic electric rate options starting in
the summer of 2006 within its AMI project application.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Utility&rsquo;s application estimates that the total cost for full
deployment of the AMI project will be $1.46 billion, consisting of
$1.25 billion in capital costs and $213 million in expense.&nbsp;
The Utility is proposing that the investment and other deployment
costs be included in its rates on a phased basis as the advanced
meters are deployed.&nbsp;</p>

<p></p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
$1.46 billion AMI project cost includes approximately $132 million
of costs associated with pre-deployment activities.&nbsp; The
Utility filed a separate application with the CPUC in March 2005
seeking recovery of approximately $49 million of these costs.&nbsp;
That application has not yet been approved but is scheduled for
decision by the CPUC in early October 2005.&nbsp; The
Utility&rsquo;s June 16 application requests cost recovery for the
remaining approximately $83 million of pre-deployment costs.</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due
to the operational cost savings that the Utility expects to
achieve, the Utility projects that the overall net rate impacts of
the AMI project will be about 1 percent of the Utility&rsquo;s
combined electric and gas revenue requirements during the years
2006 through 2010.&nbsp; The projected net rate impacts do not take
into account any potential electric procurement savings that may
result from the AMI project.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Utility has proposed a procedural schedule for its AMI project
deployment application that contemplates that hearings would begin
in October 2005, and that a final decision would be issued by the
CPUC in February 2006.&nbsp; The Utility is seeking to begin
pre-deployment activities this summer, start meter installation in
the first quarter of 2006, and complete meter installation by
2011.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E
Corporation and the Utility cannot predict the outcome of this
proceeding.</p>

<p>Denial of Petitions for Review of Orders Approving Chapter 11
Settlement Agreement </p>

<p><b></b></p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 13, 2005, the California Court of Appeal denied petitions
filed by the City and County of San Francisco (CCSF) and Aglet
Consumer Alliance (Aglet) in April 2004 seeking review of the
CPUC&rsquo;s orders approving the settlement agreement entered into
on December 19, 2003 among PG&amp;E Corporation, the Utility and
the CPUC to resolve the Utility's Chapter 11 case (Settlement
Agreement).&nbsp; Within ten days of the California Court of
Appeal&rsquo;s orders denying their petitions, CCSF and Aglet may
seek review in the California Supreme Court.</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Settlement Agreement or the U.S. Bankruptcy Court for the
Northern District of California&rsquo;s order confirming the
Utility&rsquo;s Chapter 11 plan of reorganization is overturned or
modified on appeal, PG&amp;E Corporation's and the Utility's
financial condition and results of operations, and the Utility's
ability to pay dividends or otherwise make distributions to
PG&amp;E Corporation, could be materially adversely
affected.&nbsp;</p>

<pre>
</pre>

<p>Declaration of Common Stock Dividends<br />
</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June 15, 2005, the Board of Directors of the Utility declared a
cash dividend of approximately $118 million on the Utility&rsquo;s
common stock for the second quarter of 2005.&nbsp; The dividend was
paid to PG&amp;E Corporation and PG&amp;E Holdings, LLC, a wholly
owned subsidiary of the Utility that holds approximately 6 percent
of the Utility's common stock, on June 16, 2005.&nbsp; Also on June
15, 2005, the Board of Directors of PG&amp;E Corporation declared a
cash dividend of $0.30 per share on PG&amp;E Corporation common
stock for the second quarter of 2005, payable on July 15, 2005 to
shareholders of record on June 30, 2005.&nbsp;</p>

<p>Notice of Redemption of Utility&rsquo;s Floating Rate Senior
Notes</p>

<p></p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 27, 2005, pursuant to the Utility&rsquo;s instruction, the
trustee under the indenture for the Utility&rsquo;s Floating Rate
Senior Notes due 2006 provided notice that the remaining $200
million aggregate principal amount of Floating Rate Senior Notes
would be redeemed on July 3, 2005.&nbsp; The Floating Rate Senior
Notes due 2006 will be redeemed in accordance with the procedures
of The Depository Trust Company.&nbsp;</p>

<p></p>

<p><b>Item 9.01.&nbsp;&nbsp;Financial Statements and
Exhibits</b></p>

<p><b></b></p>

<p>(c)&nbsp; Exhibits</p>

<p><br />
</p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>3</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>Resolution of the Board of Directors of Pacific Gas and Electric
Company amending the Bylaws of Pacific Gas and Electric Company
effective June 15, 2005</p>
</td>
</tr>
</table>
</div>

<p><b></b></p>

<b><br clear="all" />
</b>

<hr>

<p>&nbsp;</p>

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

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

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

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

<p></p>

<p></p>

<table border="0" cellspacing="0" cellpadding="0" width="624">
<tr>
<td valign="top"></td>
<td colspan="2" valign="top">
<p>PG&amp;E CORPORATION</p>
</td>
</tr>

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

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

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

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

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

<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>By:&nbsp;&nbsp;</p>
</td>
<td valign="top">
<div>
<p><u>DINYAR B. MISTRY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</div>
</td>
</tr>

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

<p>Dated:&nbsp; June 21, 2005</p>

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

<br clear="all" />


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

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>Resolution of the Board of Directors of Pacific Gas and Electric
Company amending the Bylaws of Pacific Gas and Electric Company
effective June 15, 2005</p>
</td>
</tr>
</table>
</div>
</body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "final062105form8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 28893}]
{"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": "05908713"}, "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
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: May 27, 2005
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, CA
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)
PACIFIC GAS AND ELECTRIC COMPANY
(Exact Name of Registrant as specified in
Charter)
California
1-2348
94-0742640
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
77 Beale Street, P. O. Box 770000, San
Francisco, California
94177
(Address of principal executive offices)
(Zip code)
(415) 973-7000
(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
As
reported below, on June 15, 2005, the Board of Directors of
PG&E Corporation declared a cash dividend on PG&E
Corporation common stock for the second quarter of 2005. 
Under the share forward component of PG&E Corporation's
arrangement with Goldman, Sachs & Co. (GS&Co.), under which
PG&E Corporation repurchased approximately 29.5 million shares
of its outstanding common stock on March 4, 2005, the declaration
of such a dividend results in a termination event one day prior to
the ex-dividend date of June 28, 2005.  On June 15, 2005,
PG&E Corporation provided GS&Co. the required notice that
the termination event would occur on June 27, 2005.  The
occurrence of the terminating event does not affect the retirement
of the approximately 29.5 million shares previously repurchased
but, as described below, affects the timing and amount of payments
between the parties with respect to the share forward component of
the arrangement.
Under
the March 4, 2005 arrangement, certain payments are required by
both PG&E Corporation and GS&Co. upon termination of the
arrangement.  Most significantly, PG&E Corporation is to
receive from, or be required to pay to, GS&Co. a price
adjustment with respect to the approximately 29.5 million
repurchased shares based on the difference between the amount
PG&E Corporation paid for the repurchased shares, which was
$35.60 per share, exclusive of commissions, and the daily volume
weighted average price (VWAP) of PG&E Corporation common stock
over an approximately 6-month intended period.  Upon an early
termination, PG&E Corporation is required to compensate
GS&Co. for its losses in connection with the arrangement unless
the termination event results from the declaration of a dividend
and a new arrangement is executed to complete the March 4, 2005
arrangement.
On
June 16, 2005, PG&E Corporation entered into such a new share
forward transaction with GS&Co. based on 11,430,000 shares to
complete the balance of the March 4, 2005 arrangement.  As a
result, the March 4, 2005 arrangement only requires PG&E
Corporation and GS&Co. to settle the price adjustment with
respect to 18,059,400 shares based on the VWAP between March 7,
2005 and June 27, 2005.  The aggregate amounts of the
payments required of each of the parties under the arrangement,
including the amount of the price adjustment based on the VWAP,
cannot be determined until June 27, 2005.  All amounts are to
be paid in cash on June 30, 2005.
The
June 16, 2005 arrangement is substantially identical to the March
4, 2005 arrangement, requiring certain payments by both PG&E
Corporation and GS&Co.  As with the March 4, 2005
arrangement, the most significant of these payments is the price
adjustment with respect to the 11,430,000 shares based on the
difference between the $35.60 purchase price per share and the VWAP
over a period expected to extend to early September 2005.  Any
payments that PG&E Corporation may make under the June 16, 2005
arrangement 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 June 16, 2005 arrangement (i) in the event of a
default by PG&E Corporation under the June 16, 2005 arrangement
(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 that occurs after July 15, 2005, 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 June 16, 2005 arrangement, although the price
adjustment based on the VWAP between June 28, 2005 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 losses it incurred in
connection with the June 16, 2005 arrangement.
Any
shares that PG&E Corporation issues in the future in connection
with an early termination of the June 16, 2005 arrangement 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 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 PG&E
Corporation's termination of an accelerated repurchase
arrangement with GS&Co. dated March 4, 2005, 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 PG&E
Corporation's entry into an arrangement with GS&Co. dated
June 16, 2005 to complete an accelerated share repurchase
transaction is hereby incorporated into Item 2.03(b) by
reference.
Item 5.02 – Departure of Directors or Principal
Officers; Election of Directors; Appointment of Principal
Officers
On
June 15, 2005, the Board of Directors of Pacific Gas and Electric
Company (Utility) appointed Thomas B. King, 43, as Executive Vice
President and Chief Operating Officer of the Utility, effective
July 1, 2005.  During the past five years, Mr. King has held
the following positions at PG&E Corporation, the Utility, or
other entities that were subsidiaries of PG&E Corporation and
affiliates of the Utility at the time Mr. King held the
position:
Executive Vice President and Chief of Utility Operations,
Pacific Gas and Electric Company
August 2, 2004 to present
Senior Vice President and Chief of Utility Operations, Pacific
Gas and Electric Company
November 1, 2003 to August 1, 2004
Senior Vice President, PG&E Corporation
January 1, 1999 to October 31, 2003
President, PG&E National Energy Group, Inc.
November 15, 2002 to July 8, 2003
President and Chief Operating Officer, PG&E Gas Transmission
Corporation
August 27, 2002 to July 8, 2003
President and Chief Operating Officer, Gas Transmission,
PG&E National Energy Group, Inc.
August 9, 2002 to November 14, 2002
President and Chief Operating Officer, West Region, PG&E
National Energy Group, Inc.
July 1, 2000 to August 8, 2002
President and Chief Operating Officer, PG&E Gas Transmission
Corporation
November 23, 1998 to September 10, 2002
Mr. King does not have any relationship or related transaction
with PG&E Corporation or the Utility that would require
disclosure pursuant to Item 401(d) or Item 404(a) of Securities and
Exchange Commission Regulation S-K.
Item 5.03 -- Amendments to Articles of Incorporation or
Bylaws; Change in Fiscal Year
On
June 15, 2005, the Board of Directors of the Utility amended the
Utility Bylaws to modify the list of officers authorized to confer
a special title upon Vice Presidents of the Utility.  This
amendment is effective June 15, 2005.  The full text of the
amendment is attached to this filing as Exhibit 3 and is
incorporated by reference herein.
Item 8.01 – Other Events
Advanced Metering Infrastructure Application
On
June 16, 2005, the Utility filed an application with the California
Public Utilities Commission (CPUC) requesting approval of its plan
to deploy an advanced metering infrastructure (AMI) to all of the
Utility's electric and core natural gas customers. The
application also requests cost recovery for the capital investments
and ongoing operating costs, net of operating savings, associated
with implementing the AMI project.  If the Utility's
application is approved, the Utility will install, replace, or
modify approximately five million electric meters and four million
gas meters, providing customers with advanced meters that can
record usage in time intervals and be read remotely.  The
Utility also will install hardware and software to collect data
from these meters and to transmit it to the Utility's
operating systems, including customer information and billing
systems.  The Utility has included its proposal for the
initial implementation of dynamic electric rate options starting in
the summer of 2006 within its AMI project application.
The
Utility's application estimates that the total cost for full
deployment of the AMI project will be $1.46 billion, consisting of
$1.25 billion in capital costs and $213 million in expense. 
The Utility is proposing that the investment and other deployment
costs be included in its rates on a phased basis as the advanced
meters are deployed.
The
$1.46 billion AMI project cost includes approximately $132 million
of costs associated with pre-deployment activities.  The
Utility filed a separate application with the CPUC in March 2005
seeking recovery of approximately $49 million of these costs. 
That application has not yet been approved but is scheduled for
decision by the CPUC in early October 2005.  The
Utility's June 16 application requests cost recovery for the
remaining approximately $83 million of pre-deployment costs.
Due
to the operational cost savings that the Utility expects to
achieve, the Utility projects that the overall net rate impacts of
the AMI project will be about 1 percent of the Utility's
combined electric and gas revenue requirements during the years
2006 through 2010.  The projected net rate impacts do not take
into account any potential electric procurement savings that may
result from the AMI project.
The
Utility has proposed a procedural schedule for its AMI project
deployment application that contemplates that hearings would begin
in October 2005, and that a final decision would be issued by the
CPUC in February 2006.  The Utility is seeking to begin
pre-deployment activities this summer, start meter installation in
the first quarter of 2006, and complete meter installation by
2011.
PG&E
Corporation and the Utility cannot predict the outcome of this
proceeding.
Denial of Petitions for Review of Orders Approving Chapter 11
Settlement Agreement
On
June 13, 2005, the California Court of Appeal denied petitions
filed by the City and County of San Francisco (CCSF) and Aglet
Consumer Alliance (Aglet) in April 2004 seeking review of the
CPUC's orders approving the settlement agreement entered into
on December 19, 2003 among PG&E Corporation, the Utility and
the CPUC to resolve the Utility's Chapter 11 case (Settlement
Agreement).  Within ten days of the California Court of
Appeal's orders denying their petitions, CCSF and Aglet may
seek review in the California Supreme Court.
If
the Settlement Agreement or the U.S. Bankruptcy Court for the
Northern District of California's order confirming the
Utility's Chapter 11 plan of reorganization is overturned or
modified on appeal, PG&E Corporation's and the Utility's
financial condition and results of operations, and the Utility's
ability to pay dividends or otherwise make distributions to
PG&E Corporation, could be materially adversely
affected.
Declaration of Common Stock Dividends
On
June 15, 2005, the Board of Directors of the Utility declared a
cash dividend of approximately $118 million on the Utility's
common stock for the second quarter of 2005.  The dividend was
paid to PG&E Corporation and PG&E Holdings, LLC, a wholly
owned subsidiary of the Utility that holds approximately 6 percent
of the Utility's common stock, on June 16, 2005.  Also on June
15, 2005, the Board of Directors of PG&E Corporation declared a
cash dividend of $0.30 per share on PG&E Corporation common
stock for the second quarter of 2005, payable on July 15, 2005 to
shareholders of record on June 30, 2005.
Notice of Redemption of Utility's Floating Rate Senior
Notes
On
May 27, 2005, pursuant to the Utility's instruction, the
trustee under the indenture for the Utility's Floating Rate
Senior Notes due 2006 provided notice that the remaining $200
million aggregate principal amount of Floating Rate Senior Notes
would be redeemed on July 3, 2005.  The Floating Rate Senior
Notes due 2006 will be redeemed in accordance with the procedures
of The Depository Trust Company.
Item 9.01.  Financial Statements and
Exhibits
(c)  Exhibits
3
Resolution of the Board of Directors of Pacific Gas and Electric
Company amending the Bylaws of Pacific Gas and Electric Company
effective June 15, 2005
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 thereunto duly authorized.
PG&E CORPORATION
By:
CHRISTOPHER P. JOHNS
Christopher P. Johns
Senior Vice President, Chief Financial Officer and
Controller
PACIFIC GAS AND ELECTRIC COMPANY
By:
DINYAR B. MISTRY
Dinyar Mistry
Vice President and Controller
Dated:  June 21, 2005
EXHIBIT INDEX
3
Resolution of the Board of Directors of Pacific Gas and Electric
Company amending the Bylaws of Pacific Gas and Electric Company
effective June 15, 2005