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<title>PG&amp;E Corporation and PG&amp;E National Energy Group,
Inc.</title>
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<p align="center"><font size="3" face="Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></p>
</td>
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<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman"><br />
 </font></p>
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<p align="center"><font size="3" face="Times New Roman">Washington,
D.C.&nbsp; 20549</font></p>
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<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman"><br />
<br />
 </font></p>
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<p align="center"><font size="3" face="Times New Roman">FORM
8-K</font></p>
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<p align="center"><font size="3" face="Times New Roman"><br />
 </font></p>
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<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">CURRENT
REPORT</font></p>
</td>
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<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman"><br />
 </font></p>
</td>
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<p align="center"><font size="3" face="Times New Roman">Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of
1934</font></p>
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<p align="center"><font size="3" face="Times New Roman"><br />
 </font></p>
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<p align="center"><font size="3" face="Times New Roman">Date of
Report: June 27, 2003</font></p>
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<p align="center"><font size="3" face="Times New Roman"><br />
 </font></p>
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<p align="center"><font size="3" face="Times New Roman"><br />
 Commission<br />
 File<br />
 Number</font></p>
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<td valign="top">
<p align="center"><font size="3" face="Times New Roman">Exact Name
of<br />
 Registrant<br />
 as specified in<br />
 its charter</font></p>
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<p align="center"><font size="3" face="Times New Roman"><br />
 State or other<br />
 Jurisdiction of<br />
 Incorporation</font></p>
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<p align="center"><font size="3" face="Times New Roman"><br />
 IRS Employer<br />
 &nbsp; Identification<br />
 Number</font></p>
</td>
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<tr>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">_____________</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">_____________</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">_____________</font></p>
</td>
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<p align="center"><font size="3" face=
"Times New Roman">_____________</font></p>
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<p align="center"><font size="3" face=
"Times New Roman">1-12609</font></p>

<p align="center"><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face=
"Times New Roman">333-66032</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">PG&amp;E
Corporation</font></p>

<p align="center"><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">PG&amp;E
National Energy Group, Inc.</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">California</font></p>

<p align="center"><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face=
"Times New Roman">Delaware</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">94-3234914</font></p>

<p align="center"><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face=
"Times New Roman">94-3316236<br />
 </font></p>
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<p align="center"><font size="3" face="Times New Roman">PG&amp;E
Corporation<br />
 One Market, Spear Tower, Suite 2400<br />
 San Francisco, California&nbsp;&nbsp;94105</font></p>
</td>
<td colspan="2" valign="top">
<p align="center"><font size="3" face="Times New Roman">PG&amp;E
National Energy Group, Inc.<br />
 7600 Wisconsin Avenue<br />
 Bethesda, Maryland&nbsp;&nbsp;20814</font></p>
</td>
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<p align="center"><font size="3" face="Times New Roman"></font></p>
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<p align="center"><font size="3" face="Times New Roman">(Address of
principal executive offices) (Zip Code)</font></p>
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<p align="center"><font size="3" face="Times New Roman"><br />
 </font></p>
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<p align="center"><font size="3" face="Times New Roman">PG&amp;E
Corporation<br />
 (415) 267-7000</font></p>
</td>
<td colspan="2" valign="top">
<p align="center"><font size="3" face="Times New Roman">PG&amp;E
National Energy Group, Inc.<br />
 (301) 280-6800</font></p>
</td>
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<td colspan="4" valign="top"></td>
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<td colspan="4" valign="top">
<p align="center"><font size="3" face=
"Times New Roman">(Registrant's telephone number, including area
code)</font></p>
</td>
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<tr>
<td valign="top"></td>
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<td valign="top"></td>
<td valign="top"></td>
</tr>
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<p><font size="3" face="Times New Roman"></font></p>

<div align="center"><font size="3" face="Times New Roman"></font>
<hr size="2" width="100%" align="center" />
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<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="653">
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<p><font size="3" face="Times New Roman">Item 5. Other
Events</font></p>
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<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As previously disclosed, in 2002&nbsp; PG&amp;E National Energy
Group, Inc. (PG&amp;E NEG), a subsidiary of PG&amp;E Corporation,
reclassified the operations of its subsidiary, USGen New England,
Inc., to discontinued operations.&nbsp; Subsequent to the issuance
of&nbsp; PG&amp;E NEG's 2002 consolidated financial statements,
management discovered a misclassification of certain offsetting
revenues and expenses between discontinued operations and
continuing operations of PG&amp;E NEG.</font></p>
</td>
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<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PG&amp;E NEG will revise its 2002 Form 10-K/A to reclassify certain
offsetting revenues and expenses, which net to zero. The revision
is strictly a reclassification of approximately $470 million of
revenues and expenses from discontinued operations to continuing
operations.&nbsp; The reclassification will result in no change in
PG&amp;E NEG's operating income, net income, balance sheet or cash
flow.&nbsp;&nbsp; The only impact of the reclassification is an
increase in operating revenues offset by an equal increase in
operating expenses in its consolidated statements of
operations.</font></p>
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<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, PG&amp;E Corporation will similarly revise its 2002
Form 10-K/A to reflect these changes in revenues and expenses,
which will result in no change in operating income, net income,
balance sheet or cash flow.</font></p>
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<hr size="2" width="100%" align="center" />
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<p align="center"><font size="3" face=
"Times New Roman">SIGNATURE</font></p>
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<p><font size="3" face="Times New Roman">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.</font></p>
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<p><font size="3" face="Times New Roman"><br />
 </font></p>
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<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">PG&amp;E
CORPORATION</font></p>
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<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">By:&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">BRUCE R. WORTHINGTON<br />
 __________________________________________</font></p>
</td>
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<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<td valign="top">
<p><font size="3" face="Times New Roman">BRUCE R. WORTHINGTON<br />
 Senior Vice President and General Counsel</font></p>
</td>
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<td valign="top"></td>
<td colspan="2" valign="top"></td>
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<tr height="53">
<td height="53" valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" height="53" valign="top">
<p><font size="3" face="Times New Roman">PG&amp;E NATIONAL ENERGY
GROUP, INC.</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">By:&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">THOMAS E. LEGRO<br />
 __________________________________________</font></p>
</td>
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<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">THOMAS E. LEGRO<br />
 Vice President and Chief Accounting Officer</font></p>
</td>
</tr>
</table>

<p><font size="3" face="Times New Roman"><br />
</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="661">
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<td valign="top">
<p><font size="3" face="Times New Roman">Dated:&nbsp;</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">June 27, 2003</font></p>
</td>
</tr>
</table>

<p align="left"><font size="3" face="Times New Roman"></font></p>
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{"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": "03759481"}, "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"}}
PG&E Corporation and PG&E National Energy Group,
Inc.
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: June 27, 2003
Commission
File
Number
Exact Name
of
Registrant
as specified in
its charter
State or other
Jurisdiction of
Incorporation
IRS Employer
Identification
Number
_____________
_____________
_____________
_____________
1-12609
333-66032
PG&E
Corporation
PG&E
National Energy Group, Inc.
California
Delaware
94-3234914
94-3316236
PG&E
Corporation
One Market, Spear Tower, Suite 2400
San Francisco, California  94105
PG&E
National Energy Group, Inc.
7600 Wisconsin Avenue
Bethesda, Maryland  20814
(Address of
principal executive offices) (Zip Code)
PG&E
Corporation
(415) 267-7000
PG&E
National Energy Group, Inc.
(301) 280-6800
(Registrant's telephone number, including area
code)
Item 5. Other
Events
As previously disclosed, in 2002  PG&E National Energy
Group, Inc. (PG&E NEG), a subsidiary of PG&E Corporation,
reclassified the operations of its subsidiary, USGen New England,
Inc., to discontinued operations.  Subsequent to the issuance
of  PG&E NEG's 2002 consolidated financial statements,
management discovered a misclassification of certain offsetting
revenues and expenses between discontinued operations and
continuing operations of PG&E NEG.
PG&E NEG will revise its 2002 Form 10-K/A to reclassify certain
offsetting revenues and expenses, which net to zero. The revision
is strictly a reclassification of approximately $470 million of
revenues and expenses from discontinued operations to continuing
operations.  The reclassification will result in no change in
PG&E NEG's operating income, net income, balance sheet or cash
flow.   The only impact of the reclassification is an
increase in operating revenues offset by an equal increase in
operating expenses in its consolidated statements of
operations.
In addition, PG&E Corporation will similarly revise its 2002
Form 10-K/A to reflect these changes in revenues and expenses,
which will result in no change in operating income, net income,
balance sheet or cash flow.
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:
BRUCE R. WORTHINGTON
__________________________________________
BRUCE R. WORTHINGTON
Senior Vice President and General Counsel
PG&E NATIONAL ENERGY
GROUP, INC.
By:
THOMAS E. LEGRO
__________________________________________
THOMAS E. LEGRO
Vice President and Chief Accounting Officer
Dated:
June 27, 2003