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<title>LTP FINAL 8-K 7/14/04</title>
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<p align="center">SECURITIES AND EXCHANGE COMMISSION</p>
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<p align="center"><br />
 </p>
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<p align="center">Washington, D.C.&nbsp; 20549</p>
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<p align="center"><br />
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<p align="center">FORM 8-K</p>
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<p align="center"><br />
 </p>
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<p align="center">CURRENT REPORT</p>
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<p align="center"><br />
 </p>
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<p align="center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</p>
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<p align="center"><br />
 </p>
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<p align="center">Date of Report: July 14, 2004</p>
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<p align="center"><br />
 </p>
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<p align="center"><br />
 Commission<br />
 File<br />
 Number</p>
</td>
<td valign="top">
<p align="center">Exact Name of<br />
 Registrant<br />
 as specified in<br />
 its charter</p>
</td>
<td valign="top">
<p align="center"><br />
 State or other<br />
 Jurisdiction of<br />
 Incorporation</p>
</td>
<td valign="top">
<p align="center"><br />
 IRS Employer<br />
 &nbsp; Identification<br />
 Number</p>
</td>
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<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
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<p align="center">_____________</p>
</td>
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<p align="center">_____________</p>
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<p align="center">1-12609</p>

<p align="center">1-02348</p>
</td>
<td valign="top">
<p align="center">PG&amp;E Corporation</p>

<p align="center">Pacific Gas and<br />
 Electric Company</p>
</td>
<td valign="top">
<p align="center">California</p>

<p align="center">California</p>
</td>
<td valign="top">
<p align="center">94-3234914</p>

<p align="center">94-0742640</p>

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

<tr>
<td colspan="2" valign="top">
<p align="center">Pacific Gas and Electric Company<br />
 77 Beale Street, P. O. Box 770000<br />
 San Francisco, California&nbsp;&nbsp;94177</p>
</td>
<td colspan="2" valign="top">
<p align="center">PG&amp;E Corporation<br />
 One Market, Spear Tower, Suite 2400<br />
 San Francisco, California&nbsp;&nbsp;94105</p>
</td>
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<td colspan="4" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
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<td colspan="4" valign="top">
<p align="center">(Address of principal executive offices) (Zip
Code)</p>
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<p align="center"><br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
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<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
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<p align="center"><br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
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<p align="center"><br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
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<td colspan="2" valign="top">
<p align="center">Pacific Gas and Electric Company<br />
 (415) 973-7000</p>
</td>
<td colspan="2" valign="top">
<p align="center">PG&amp;E Corporation<br />
 (415) 267-7000</p>
</td>
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<td colspan="4" valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
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<td colspan="4" valign="top">
<p align="center">(Registrant's telephone number, including area
code)</p>
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<td valign="top"></td>
<td valign="top"></td>
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<td valign="top"></td>
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<p>&nbsp;
</p>

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

<p>Item 5. Other Events and Regulation FD Disclosure</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 9, 2004, PG&amp;E Corporation&rsquo;s subsidiary, Pacific Gas
and Electric Company (Utility), submitted its long-term integrated
energy resource plan (LTP) for the 2005 through 2014 period to the
California Public Utilities Commission (CPUC) in compliance with
CPUC decisions and orders regarding electric resource
planning.&nbsp; The LTP sets forth the policy framework, strategies
and implementation steps for meeting customer electricity demand
(or &ldquo;load&rdquo;) for the next 10 years.&nbsp; The LTP is
consistent with the Energy Action Plan (EAP) adopted in 2003 by the
CPUC, the Energy Resources Conservation and Development Commission,
and the Consumer Power and Conservation Financing Authority to
ensure that adequate, reliable, and reasonably-priced electrical
power and natural gas is provided in a cost-effective and
environmentally sound manner for California's consumers.&nbsp; The
EAP establishes a &ldquo;loading order&rdquo; of energy resources
under which conservation and energy efficiency programs are first
used to minimize increases in electricity and natural gas demand,
next followed by use of renewable energy resources and distributed
generation to meet new generation needs, followed by support for
the development of additional clean, fossil fuel, central-station
generation.&nbsp;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
light of the future uncertainty regarding the extent to which the
Utility&rsquo;s residential and small commercial customers (or core
customers) and its large commercial and industrial customers (or
non-core customers) can procure electricity from non-utility load
serving entities (such as local publicly owned electric utilities,
community choice aggregators or energy service providers,
collectively referred to as &ldquo;LSEs&rdquo;), the Utility noted
that it was essential that the CPUC establish clearly articulated
electricity reliability standards and cost responsibilities for all
LSEs.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Despite
this uncertainty, the Utility made certain assumptions regarding
the level of retail load that the Utility will serve in the future
to develop the &ldquo;medium load&rdquo; scenario on which the
Utility&rsquo;s LTP is based.&nbsp; The Utility has assumed that
the current level of direct access participation would continue
throughout the ten-year period.&nbsp; The Utility also has assumed
that its customer load would be further reduced over the ten-year
period through (i) a core/non-core program to be implemented
through future legislation authorizing larger customers to
participate in direct access on a phased-in basis starting as early
as 2007, and (ii) robust participation among smaller customers in
community choice aggregation starting as early as 2006.&nbsp; The
Utility has assumed that by 2014 its load and corresponding
procurement responsibility would be reduced by approximately 4,000
megawatts (MW).</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
minimize the uncertainties regarding the level of future retail
load, the Utility has requested that the CPUC establish five-year
resource adequacy requirements for all LSEs that will ensure that
these entities secure reliable electricity supplies for all of
their customers far enough in advance to avoid a statewide shortage
of power.&nbsp; Also, to assure recovery of the Utility&rsquo;s
costs of new long-term electricity resource commitments, the
Utility has requested the CPUC adopt a non-bypassable charge to be
collected from all customers on whose behalf the Utility makes
these new commitments, including those who subsequently receive
generation from LSEs.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
meet its net open position (i.e., that portion of the demand of the
Utility's customers, plus applicable reserve margins, not satisfied
from the Utility's own generation facilities and existing
electricity contracts) over the 10-year planning horizon the
Utility proposes:</p>

<ul>
  <li>New customer energy efficiency (CEE) programs to reduce load
with total potential expenditures of approximately $1 billion over
the 10-year planning horizon.&nbsp; To achieve the assumed load
reductions, the Utility has requested that the CPUC approve an
incremental revenue requirement increase of $245 million for three
additional years (2006 through 2008) of CEE programs based on the
targets as proposed in the LTP.&nbsp; The Utility also has
requested that the CPUC approve a CEE incentive mechanism to
encourage program success in achieving the proposed CEE
targets.</li>
  <li>The development of demand response programs in conjunction with
the California Independent System Operator that will result in
certain, predictable load reduction.&nbsp;</li>
  <li>An increase in the percentage of renewable energy resources in
the Utility&rsquo;s generation portfolio in accordance with the
objective adopted in Senate Bill 1078.&nbsp; The LTP medium load
scenario assumes that by 2010, 20% of the Utility&rsquo;s retail
load will be met by a combination of purchases from renewable
energy providers and the re-powering of existing wind
projects.&nbsp;</li>
  <li>Entry into short-and mid-term power purchase agreements over the
next four years with existing market resources to ensure adequate
supply of electricity in the period before new generation
facilities are assumed to become operational.&nbsp; The Utility has
requested immediate authority from the CPUC to execute short and
mid term contracts under its existing short-term procurement
plan.</li>
<li>The development of new utility-owned generation and generation
to be purchased under long-term contracts particularly for the
period 2007 to 2010 when it is assumed that there will be a need
for additional generation facilities. &nbsp; The Utility&rsquo;s
LTP assumes that power plants currently providing 2,000 MW of
generation to the Utility will retire within the next five or six
years.&nbsp; The Utility has requested that the CPUC approve the
Utility&rsquo;s solicitation of offers for utility-owned generation
development and for generation to be provided under long-term
contracts for approximately 1,200 MW by 2008 and an additional
1,000 MW by 2010.&nbsp; The Utility has proposed to release drafts
of these two requests for offers (RFOs) for public comment in
September 2004 and to issue the RFOs in October 2004.&nbsp; The
Utility has requested that the CPUC issue a LTP decision by the end
of 2004 and that the CPUC act to approve the proposed winning
bidders from the RFOs no later than June 2005.&nbsp; The Utility
also has requested that, at the time the CPUC approves a proposal
for a new utility-owned generation facility, the CPUC also
authorize a reasonable cost for the facility to be placed in rate
base.&nbsp; If actual costs of construction are less than or equal
to the amount placed in rate base, the Utility has requested that
such costs would not be subject to an after&#8209;the&#8209;fact
reasonableness review by the CPUC.&nbsp; The Utility&rsquo;s target
over the 10-year planning horizon is to own 50% of the new
generation resources to be developed with the remaining 50% of such
resources to be purchased under long-term contracts.</li>
</ul>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to requesting that the CPUC adopt a non-bypassable charge
as discussed above, the Utility, as a condition to its willingness
to make these long-term commitments, has requested that the CPUC
take the following steps:</p>

<ul type="disc">
<li>Extend Assembly Bill 57&rsquo;s trigger mechanism that requires
the CPUC to adjust procurement rates if the Utility&rsquo;s Energy
Resource Recovery Account, or ERRA, (a balancing account designed
to track and allow recovery of the difference between the
Utility&rsquo;s recorded procurement revenues and actual costs
incurred under the Utility's authorized procurement plans,
excluding certain costs) becomes undercollected by more than 5% of
the previous year&rsquo;s generation revenues.&nbsp; As of January
1, 2006, the timing of such rate adjustments is left to the
discretion of the CPUC.&nbsp; The Utility has requested that, at a
minimum, the CPUC extend the trigger mechanism for the 10-year
planning horizon covered by the LTP.</li>

<li>Clarify that the CPUC&rsquo;s maximum disallowance of utility
administrative and dispatch costs applies to both the allocated
California Department of Water Resources (DWR)&rsquo;s power
purchase contracts and administrative and dispatch costs related to
utility-owned generation and other power purchase agreements.&nbsp;
Currently, the maximum disallowance is equal to two times a
utility&rsquo;s administrative costs of managing procurement
activities, or, for the Utility, approximately $36 million per
year.</li>

<li>Adopt a policy that recognizes and addresses the fact that
credit rating agencies will consider obligations under long-term
power purchase contracts to have debt-like characteristics that
will adversely affect the Utility&rsquo;s credit ratios which may,
in turn, adversely affect the resulting credit ratings.&nbsp; The
Utility has proposed that the CPUC evaluate the &ldquo;debt
equivalence&rdquo; impacts when the Utility and the CPUC evaluate
the bids for various long-term commitments and that the CPUC
mitigate the resulting debt equivalence impacts in subsequent cost
of capital proceedings through adjustments to the Utility&rsquo;s
authorized capital structure.&nbsp; For example, the Utility
presented testimony that under certain future scenarios, estimated
future shortfalls in certain minimum financial ratios used by the
credit rating agencies to support various investment grade ratings
could be offset by an increase in the Utility&rsquo;s common equity
ratio which would increase annual revenue requirements.&nbsp; The
Utility noted that its goal was to improve the Utility&rsquo;s
credit ratings over time, as stated in the December 19, 2003
settlement agreement the Utility and PG&amp;E Corporation entered
into with the CPUC to resolve the Utility&rsquo;s Chapter 11
proceeding.</li>
</ul>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 8, 2004, a CPUC administrative law judge issued a ruling
requesting comments by July 22, 2004 about whether the CPUC should
accelerate the phase-in of its planning reserve requirement to
maintain a 15% to 17% reserve margin to June 1, 2006 from January
1, 2008.&nbsp; The medium load scenario described in the
Utility&rsquo;s LTP does not assume the accelerated phase-in.&nbsp;
If the accelerated phase-in is adopted, the Utility&rsquo;s net
open position would increase.&nbsp;</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
PG&amp;E Corporation nor the Utility can predict when or whether
the CPUC will approve the LTP or take any of the actions the
Utility has requested in connection with the LTP, how the
uncertainties discussed above will be resolved in the future, or
whether the assumptions upon which the LTP is based will prove to
be accurate.&nbsp;&nbsp;<br clear="all" />
</p>

<hr>

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

<p>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrants have duly caused this report to be signed on
their behalf by the undersigned thereunto duly authorized.</p>

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<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>PG&amp;E CORPORATION<br />
<br>
 </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: CHRISTOPHER P. JOHNS</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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top">
<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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHRISTOPHER P.
JOHNS<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice
President and Controller</p>

<p><br />
<br />
 </p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></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>PACIFIC GAS AND ELECTRIC COMPANY<br />
<br>
 </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;DINYAR B. MISTRY</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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
</tr>

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

<p>Dated:&nbsp; July 14, 2004</p>
</div>
</body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "final714ltp.htm", "description": "FORM 8-K", "secsgml_size_bytes": 21892}]
{"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": "04914457"}, "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"}}
LTP FINAL 8-K 7/14/04
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: July 14, 2004
Commission
File
Number
Exact Name of
Registrant
as specified in
its charter
State or other
Jurisdiction of
Incorporation
IRS Employer
Identification
Number
_____________
_____________
_____________
_____________
1-12609
1-02348
PG&E Corporation
Pacific Gas and
Electric Company
California
California
94-3234914
94-0742640
Pacific Gas and Electric Company
77 Beale Street, P. O. Box 770000
San Francisco, California  94177
PG&E Corporation
One Market, Spear Tower, Suite 2400
San Francisco, California  94105
(Address of principal executive offices) (Zip
Code)
Pacific Gas and Electric Company
(415) 973-7000
PG&E Corporation
(415) 267-7000
(Registrant's telephone number, including area
code)
Item 5. Other Events and Regulation FD Disclosure
On
July 9, 2004, PG&E Corporation's subsidiary, Pacific Gas
and Electric Company (Utility), submitted its long-term integrated
energy resource plan (LTP) for the 2005 through 2014 period to the
California Public Utilities Commission (CPUC) in compliance with
CPUC decisions and orders regarding electric resource
planning.  The LTP sets forth the policy framework, strategies
and implementation steps for meeting customer electricity demand
(or "load") for the next 10 years.  The LTP is
consistent with the Energy Action Plan (EAP) adopted in 2003 by the
CPUC, the Energy Resources Conservation and Development Commission,
and the Consumer Power and Conservation Financing Authority to
ensure that adequate, reliable, and reasonably-priced electrical
power and natural gas is provided in a cost-effective and
environmentally sound manner for California's consumers.  The
EAP establishes a "loading order" of energy resources
under which conservation and energy efficiency programs are first
used to minimize increases in electricity and natural gas demand,
next followed by use of renewable energy resources and distributed
generation to meet new generation needs, followed by support for
the development of additional clean, fossil fuel, central-station
generation.
In
light of the future uncertainty regarding the extent to which the
Utility's residential and small commercial customers (or core
customers) and its large commercial and industrial customers (or
non-core customers) can procure electricity from non-utility load
serving entities (such as local publicly owned electric utilities,
community choice aggregators or energy service providers,
collectively referred to as "LSEs"), the Utility noted
that it was essential that the CPUC establish clearly articulated
electricity reliability standards and cost responsibilities for all
LSEs.
Despite
this uncertainty, the Utility made certain assumptions regarding
the level of retail load that the Utility will serve in the future
to develop the "medium load" scenario on which the
Utility's LTP is based.  The Utility has assumed that
the current level of direct access participation would continue
throughout the ten-year period.  The Utility also has assumed
that its customer load would be further reduced over the ten-year
period through (i) a core/non-core program to be implemented
through future legislation authorizing larger customers to
participate in direct access on a phased-in basis starting as early
as 2007, and (ii) robust participation among smaller customers in
community choice aggregation starting as early as 2006.  The
Utility has assumed that by 2014 its load and corresponding
procurement responsibility would be reduced by approximately 4,000
megawatts (MW).
To
minimize the uncertainties regarding the level of future retail
load, the Utility has requested that the CPUC establish five-year
resource adequacy requirements for all LSEs that will ensure that
these entities secure reliable electricity supplies for all of
their customers far enough in advance to avoid a statewide shortage
of power.  Also, to assure recovery of the Utility's
costs of new long-term electricity resource commitments, the
Utility has requested the CPUC adopt a non-bypassable charge to be
collected from all customers on whose behalf the Utility makes
these new commitments, including those who subsequently receive
generation from LSEs.
To
meet its net open position (i.e., that portion of the demand of the
Utility's customers, plus applicable reserve margins, not satisfied
from the Utility's own generation facilities and existing
electricity contracts) over the 10-year planning horizon the
Utility proposes:
New customer energy efficiency (CEE) programs to reduce load
with total potential expenditures of approximately $1 billion over
the 10-year planning horizon.  To achieve the assumed load
reductions, the Utility has requested that the CPUC approve an
incremental revenue requirement increase of $245 million for three
additional years (2006 through 2008) of CEE programs based on the
targets as proposed in the LTP.  The Utility also has
requested that the CPUC approve a CEE incentive mechanism to
encourage program success in achieving the proposed CEE
targets.
The development of demand response programs in conjunction with
the California Independent System Operator that will result in
certain, predictable load reduction.
An increase in the percentage of renewable energy resources in
the Utility's generation portfolio in accordance with the
objective adopted in Senate Bill 1078.  The LTP medium load
scenario assumes that by 2010, 20% of the Utility's retail
load will be met by a combination of purchases from renewable
energy providers and the re-powering of existing wind
projects.
Entry into short-and mid-term power purchase agreements over the
next four years with existing market resources to ensure adequate
supply of electricity in the period before new generation
facilities are assumed to become operational.  The Utility has
requested immediate authority from the CPUC to execute short and
mid term contracts under its existing short-term procurement
plan.
The development of new utility-owned generation and generation
to be purchased under long-term contracts particularly for the
period 2007 to 2010 when it is assumed that there will be a need
for additional generation facilities.   The Utility's
LTP assumes that power plants currently providing 2,000 MW of
generation to the Utility will retire within the next five or six
years.  The Utility has requested that the CPUC approve the
Utility's solicitation of offers for utility-owned generation
development and for generation to be provided under long-term
contracts for approximately 1,200 MW by 2008 and an additional
1,000 MW by 2010.  The Utility has proposed to release drafts
of these two requests for offers (RFOs) for public comment in
September 2004 and to issue the RFOs in October 2004.  The
Utility has requested that the CPUC issue a LTP decision by the end
of 2004 and that the CPUC act to approve the proposed winning
bidders from the RFOs no later than June 2005.  The Utility
also has requested that, at the time the CPUC approves a proposal
for a new utility-owned generation facility, the CPUC also
authorize a reasonable cost for the facility to be placed in rate
base.  If actual costs of construction are less than or equal
to the amount placed in rate base, the Utility has requested that
such costs would not be subject to an after‑the‑fact
reasonableness review by the CPUC.  The Utility's target
over the 10-year planning horizon is to own 50% of the new
generation resources to be developed with the remaining 50% of such
resources to be purchased under long-term contracts.
In
addition to requesting that the CPUC adopt a non-bypassable charge
as discussed above, the Utility, as a condition to its willingness
to make these long-term commitments, has requested that the CPUC
take the following steps:
Extend Assembly Bill 57's trigger mechanism that requires
the CPUC to adjust procurement rates if the Utility's Energy
Resource Recovery Account, or ERRA, (a balancing account designed
to track and allow recovery of the difference between the
Utility's recorded procurement revenues and actual costs
incurred under the Utility's authorized procurement plans,
excluding certain costs) becomes undercollected by more than 5% of
the previous year's generation revenues.  As of January
1, 2006, the timing of such rate adjustments is left to the
discretion of the CPUC.  The Utility has requested that, at a
minimum, the CPUC extend the trigger mechanism for the 10-year
planning horizon covered by the LTP.
Clarify that the CPUC's maximum disallowance of utility
administrative and dispatch costs applies to both the allocated
California Department of Water Resources (DWR)'s power
purchase contracts and administrative and dispatch costs related to
utility-owned generation and other power purchase agreements. 
Currently, the maximum disallowance is equal to two times a
utility's administrative costs of managing procurement
activities, or, for the Utility, approximately $36 million per
year.
Adopt a policy that recognizes and addresses the fact that
credit rating agencies will consider obligations under long-term
power purchase contracts to have debt-like characteristics that
will adversely affect the Utility's credit ratios which may,
in turn, adversely affect the resulting credit ratings.  The
Utility has proposed that the CPUC evaluate the "debt
equivalence" impacts when the Utility and the CPUC evaluate
the bids for various long-term commitments and that the CPUC
mitigate the resulting debt equivalence impacts in subsequent cost
of capital proceedings through adjustments to the Utility's
authorized capital structure.  For example, the Utility
presented testimony that under certain future scenarios, estimated
future shortfalls in certain minimum financial ratios used by the
credit rating agencies to support various investment grade ratings
could be offset by an increase in the Utility's common equity
ratio which would increase annual revenue requirements.  The
Utility noted that its goal was to improve the Utility's
credit ratings over time, as stated in the December 19, 2003
settlement agreement the Utility and PG&E Corporation entered
into with the CPUC to resolve the Utility's Chapter 11
proceeding.
On
July 8, 2004, a CPUC administrative law judge issued a ruling
requesting comments by July 22, 2004 about whether the CPUC should
accelerate the phase-in of its planning reserve requirement to
maintain a 15% to 17% reserve margin to June 1, 2006 from January
1, 2008.  The medium load scenario described in the
Utility's LTP does not assume the accelerated phase-in. 
If the accelerated phase-in is adopted, the Utility's net
open position would increase.
Neither
PG&E Corporation nor the Utility can predict when or whether
the CPUC will approve the LTP or take any of the actions the
Utility has requested in connection with the LTP, how the
uncertainties discussed above will be resolved in the future, or
whether the assumptions upon which the LTP is based will prove to
be accurate.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrants have duly caused this report to be signed on
their behalf by the undersigned thereunto duly authorized.
PG&E CORPORATION
By: CHRISTOPHER P. JOHNS
CHRISTOPHER P.
JOHNS
Senior Vice
President and Controller
PACIFIC GAS AND ELECTRIC COMPANY
By: DINYAR B. MISTRY
DINYAR B. MISTRY
Vice President and
Controller
Dated:  July 14, 2004