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<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 4, 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>1-2609</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>94-323914</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>

<p></p>

<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>

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

<p><b>Item 2.02 Results of Operations and Financial
Condition</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information included in this Current Report on Form 8-K is being
furnished, not filed, pursuant to Item 2.02 of Form 8-K.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
May 4, 2005, PG&amp;E Corporation issued the press release attached
hereto as Exhibit 99.1 announcing its financial results and the
financial results of its subsidiary, Pacific Gas and Electric
Company (Utility), for the quarter ended March 31, 2005.&nbsp;
Additional supplemental information relating to PG&amp;E
Corporation&rsquo;s and the Utility&rsquo;s financial results is
attached as Exhibit 99.2.&nbsp; This additional supplemental
financial information also will be posted on the
&ldquo;Investors&rdquo; section of PG&amp;E Corporation&rsquo;s
website at www.pgecorp.com.&nbsp; Much of this information is
derived from the Quarterly Report on Form 10-Q for the quarter
ended March 31, 2005 to be filed by PG&amp;E Corporation and the
Utility with the Securities and Exchange Commission and should be
read in conjunction with such Quarterly Report on Form 10-Q.</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E
Corporation presents results and guidance on an &ldquo;earnings
from operations&rdquo; basis in order to provide investors with a
measure that reflects the underlying financial performance of the
business and offers investors a basis on which to compare
performance from one period to another, exclusive of items that, in
management&rsquo;s judgment, are not reflective of the normal
course of operations.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
attached exhibits contain forward-looking statements regarding 2005
and 2006 guidance for earnings per common share from operations for
PG&amp;E Corporation and estimates of the Utility&rsquo;s rate base
for 2005 and 2006 that are necessarily subject to various risks and
uncertainties.&nbsp; Actual results could differ materially from
those contemplated by the forward-looking statements.&nbsp; These
statements are based on current expectations and assumptions which
management believes are reasonable, including that the Utility
earns an authorized return on equity of 11.22 percent, that the
second series of energy recovery bonds is issued in November 2005,
and that the Utility makes certain capital expenditures.&nbsp; In
addition to the risk that these assumptions prove to be inaccurate,
some of the factors that could cause actual results to differ
materially include:</p>

<ul>
  <li>The timing and resolution of the pending appeals of the
California Public Utilities Commission&rsquo;s (CPUC) approval of
the settlement agreement entered into on December 19, 2003 by
PG&amp;E Corporation, the Utility, and the CPUC to resolve the
Utility&rsquo;s Chapter 11 proceeding, or the Settlement Agreement,
and the bankruptcy court&rsquo;s confirmation of the
Utility&rsquo;s plan of reorganization,<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>Unanticipated changes in operating expenses or capital
expenditures, which may affect the Utility&rsquo;s ability to earn
its authorized rate of return;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>The level and volatility of wholesale electricity and natural
gas prices and supplies, the Utility&rsquo;s ability to manage and
respond to the levels and volatility successfully and the extent to
which the Utility is able to timely recover increased costs related
to such volatility;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>The operation of the Utility&rsquo;s Diablo Canyon nuclear power
plant which exposes the Utility to potentially significant
environmental costs and capital expenditure outlays;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>The impact of current and future ratemaking actions of the CPUC,
including the risk of material differences between forecasted costs
used to determine rates and actual costs incurred;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>Whether the assumptions and forecasts underlying the
Utility&rsquo;s CPUC-approved long-term electricity procurement
plan prove to be accurate, the terms and conditions of the
generation or procurement commitments the Utility enters into in
connection with its plan, the extent to which the Utility is able
to recover the costs it incurs in connection with these
commitments, and the extent to which a failure to perform by any of
the counterparties to the Utility&rsquo;s electricity purchase
contracts or the California Department of Water Resources&rsquo;
contracts allocated to the Utility&rsquo;s customers affects the
Utility&rsquo;s ability to meet its obligations or to recover its
costs;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>The extent to which the CPUC or the Federal Energy Regulatory
Commission delays or denies recovery of the Utility&rsquo;s costs,
including electricity purchase costs, from customers due to a
regulatory determination that such costs were not reasonable or
prudent or for other reasons, resulting in write-offs of regulatory
balancing accounts;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>How the CPUC administers the capital structure,
stand&#8209;alone dividend, and first priority conditions of the
CPUC&rsquo;s decisions permitting the establishment of holding
companies for the California investor&#8209;owned electric
utilities;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>The impact of future legislative or regulatory actions or
policies;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>Increased competition;<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>The outcome of pending litigation; and<br>
    &nbsp;&nbsp;&nbsp;&nbsp;</li>
  <li>Other factors discussed in PG&amp;E Corporation's SEC
reports.</li>
</ul>

<p><b>Item 7.01 Regulation FD Disclosure</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
additional supplemental information included in Exhibit 99.2 is
incorporated by reference in response to this Item 7.01, and is
deemed to be furnished, not filed, pursuant to Item 7.01 of Form
8-K.</p>

<p><b>Item 9.01 Financial Statements and Exhibits</b></p>

<p>Exhibits</p>

<p>The following exhibits are being furnished, and are not deemed
to be filed:</p>

<p>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E Corporation
Press Release Dated May 4, 2005</p>

<p>Exhibit 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Supplemental Financial Information<br clear="all" />
</p>

<div align="center">
<hr size="2" width="624" align="center" />
</div>

<table border="0" cellspacing="0" cellpadding="0" width="624">
<tr>
<td valign="top">
<p align="center">&nbsp; 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 registrants have duly caused this report to be signed on
their behalf by the undersigned thereunto duly authorized.</p>

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

<p></p>

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

<tr>
<td valign="top">
<p>&nbsp;</p>
</td>
<td colspan="2" 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">
<p><u>CHRISTOPHER P. JOHNS&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;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Christopher P. Johns<br />
 Senior Vice President, Chief Financial Officer and Controller</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;</p>
</td>
<td colspan="2" 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;</p>
</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">
<p><u>DINYAR B. MISTRY&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"></td>
<td valign="top">
<p>Dinyar B. Mistry<br />
 Vice President and Controller</p>
</td>
</tr>
</table>

<p>Dated:&nbsp; May 4, 2005</p>

<div align="center">
<hr size="2" width="624" align="center" />
</div>

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

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>No.</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>Description of Exhibit</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>99.1&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>PG&amp;E Corporation Press Release Dated May 4, 2005</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>99.2&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Additional Supplemental Financial Information</p>
</td>
</tr>
</table>
</div>
</div>
</body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "final050405.htm", "description": "FORM 8-K DATED MAY 4, 2005", "secsgml_size_bytes": 17706}]
{"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": "05797072"}, "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"}}
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 4, 2005
PG&E CORPORATION
(Exact Name of Registrant as specified in
Charter)
California
1-2609
94-323914
(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 2.02 Results of Operations and Financial
Condition
The
information included in this Current Report on Form 8-K is being
furnished, not filed, pursuant to Item 2.02 of Form 8-K.
On
May 4, 2005, PG&E Corporation issued the press release attached
hereto as Exhibit 99.1 announcing its financial results and the
financial results of its subsidiary, Pacific Gas and Electric
Company (Utility), for the quarter ended March 31, 2005. 
Additional supplemental information relating to PG&E
Corporation's and the Utility's financial results is
attached as Exhibit 99.2.  This additional supplemental
financial information also will be posted on the
"Investors" section of PG&E Corporation's
website at www.pgecorp.com.  Much of this information is
derived from the Quarterly Report on Form 10-Q for the quarter
ended March 31, 2005 to be filed by PG&E Corporation and the
Utility with the Securities and Exchange Commission and should be
read in conjunction with such Quarterly Report on Form 10-Q.
PG&E
Corporation presents results and guidance on an "earnings
from operations" basis in order to provide investors with a
measure that reflects the underlying financial performance of the
business and offers investors a basis on which to compare
performance from one period to another, exclusive of items that, in
management's judgment, are not reflective of the normal
course of operations.
The
attached exhibits contain forward-looking statements regarding 2005
and 2006 guidance for earnings per common share from operations for
PG&E Corporation and estimates of the Utility's rate base
for 2005 and 2006 that are necessarily subject to various risks and
uncertainties.  Actual results could differ materially from
those contemplated by the forward-looking statements.  These
statements are based on current expectations and assumptions which
management believes are reasonable, including that the Utility
earns an authorized return on equity of 11.22 percent, that the
second series of energy recovery bonds is issued in November 2005,
and that the Utility makes certain capital expenditures.  In
addition to the risk that these assumptions prove to be inaccurate,
some of the factors that could cause actual results to differ
materially include:
The timing and resolution of the pending appeals of the
California Public Utilities Commission's (CPUC) approval of
the settlement agreement entered into on December 19, 2003 by
PG&E Corporation, the Utility, and the CPUC to resolve the
Utility's Chapter 11 proceeding, or the Settlement Agreement,
and the bankruptcy court's confirmation of the
Utility's plan of reorganization,
Unanticipated changes in operating expenses or capital
expenditures, which may affect the Utility's ability to earn
its authorized rate of return;
The level and volatility of wholesale electricity and natural
gas prices and supplies, the Utility's ability to manage and
respond to the levels and volatility successfully and the extent to
which the Utility is able to timely recover increased costs related
to such volatility;
The operation of the Utility's Diablo Canyon nuclear power
plant which exposes the Utility to potentially significant
environmental costs and capital expenditure outlays;
The impact of current and future ratemaking actions of the CPUC,
including the risk of material differences between forecasted costs
used to determine rates and actual costs incurred;
Whether the assumptions and forecasts underlying the
Utility's CPUC-approved long-term electricity procurement
plan prove to be accurate, the terms and conditions of the
generation or procurement commitments the Utility enters into in
connection with its plan, the extent to which the Utility is able
to recover the costs it incurs in connection with these
commitments, and the extent to which a failure to perform by any of
the counterparties to the Utility's electricity purchase
contracts or the California Department of Water Resources'
contracts allocated to the Utility's customers affects the
Utility's ability to meet its obligations or to recover its
costs;
The extent to which the CPUC or the Federal Energy Regulatory
Commission delays or denies recovery of the Utility's costs,
including electricity purchase costs, from customers due to a
regulatory determination that such costs were not reasonable or
prudent or for other reasons, resulting in write-offs of regulatory
balancing accounts;
How the CPUC administers the capital structure,
stand‑alone dividend, and first priority conditions of the
CPUC's decisions permitting the establishment of holding
companies for the California investor‑owned electric
utilities;
The impact of future legislative or regulatory actions or
policies;
Increased competition;
The outcome of pending litigation; and
Other factors discussed in PG&E Corporation's SEC
reports.
Item 7.01 Regulation FD Disclosure
The
additional supplemental information included in Exhibit 99.2 is
incorporated by reference in response to this Item 7.01, and is
deemed to be furnished, not filed, pursuant to Item 7.01 of Form
8-K.
Item 9.01 Financial Statements and Exhibits
Exhibits
The following exhibits are being furnished, and are not deemed
to be filed:
Exhibit 99.1     PG&E Corporation
Press Release Dated May 4, 2005
Exhibit 99.2     Additional
Supplemental Financial Information
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, Chief Financial Officer and Controller
PACIFIC GAS AND ELECTRIC COMPANY
By:
DINYAR B. MISTRY
Dinyar B. Mistry
Vice President and Controller
Dated:  May 4, 2005
EXHIBIT INDEX
No.
Description of Exhibit
99.1
PG&E Corporation Press Release Dated May 4, 2005
99.2
Additional Supplemental Financial Information