<html>
<head>
<title>Form 8-K 3-09-04</title>
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<table border="0" cellspacing="0" cellpadding="0">
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<p align="center"><font size="3" face="Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">Washington,
D.C.&nbsp; 20549</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">FORM
8-K</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">CURRENT
REPORT</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td colspan="4" valign="top">
<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>
</td>
</tr>

<tr height="43">
<td colspan="4" height="43" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">Date of
Report: March 9, 2004</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman"><br />
 Commission<br />
 File<br />
 Number</font></p>
</td>
<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>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman"><br />
 State or other<br />
 Jurisdiction of<br />
 Incorporation</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman"><br />
 IRS Employer<br />
 &nbsp; Identification<br />
 Number</font></p>
</td>
</tr>

<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>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">_____________</font></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">1-12609</font></p>

<p align="center"><font size="3" face=
"Times New Roman">1-2348</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">Pacific Gas
and<br />
 Electric Company</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">California</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">94-0742640</font></p>
</td>
</tr>

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

<tr>
<td colspan="2" valign="top">
<p align="center"><font size="3" face="Times New Roman">Pacific Gas
and Electric Company<br />
 77 Beale Street, P. O. Box 770000<br />
 San Francisco, California&nbsp;&nbsp;94177</font></p>
</td>
<td colspan="2" valign="top">
<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>
</tr>

<tr>
<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">(Address of
principal executive offices) (Zip Code)</font></p>
</td>
</tr>

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

<tr>
<td colspan="2" valign="top">
<p align="center"><font size="3" face="Times New Roman">Pacific Gas
and Electric Company<br />
 (415) 973-7000</font></p>
</td>
<td colspan="2" valign="top">
<p align="center"><font size="3" face="Times New Roman">PG&amp;E
Corporation<br />
 (415) 267-7000</font></p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<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>
</tr>

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

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

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

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

<p><font size="3" face="Times New Roman">Item 5.&nbsp; Other
Events</font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of the implementation of the financing of the confirmed plan
of reorganization of Pacific Gas and Electric Company (Utility) in
its Chapter 11 proceeding, on March 5, 2004, the Utility entered
into $2.9 billion in credit facilities, consisting of:</font></p>

<ul type="disc">
<li><font size="3" face="Times New Roman">An $850 million revolving
credit facility (also referred to as a working capital facility)
with a syndicate of banks.&nbsp; Loans under the working capital
facility will be used primarily to secure procurement of
electricity and natural gas supplies, to cover seasonal
fluctuations in cash flows, and may also be used to pay creditors
on the effective date of the Settlement Plan (Effective
Date).&nbsp; The working capital facility will have a term of three
years and all amounts will be due and payable on March 5,
2007.&nbsp; At the Utility&rsquo;s request and at the sole
discretion of each lender, the facility may be extended for
additional periods.&nbsp; The lenders are not required to fund the
working capital facility until the Effective Date, subject to the
satisfaction or waiver of a limited number of conditions.&nbsp; The
Utility has agreed to secure its obligation under the working
capital facility, as of the Effective Date, with a mortgage bond
secured by a first lien on substantially all of the Utility&rsquo;s
real property and certain personal property.&nbsp; This working
capital credit agreement is attached hereto as Exhibit
99.&nbsp;<br>
  </font>&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>Certain agreements providing for the continuous sale of a
portion of the Utility&rsquo;s accounts receivable to PG&amp;E
Accounts Receivable Company LLC, a limited liability company (LLC)
wholly owned by the Utility.&nbsp; In turn, the LLC will sell
interests in the accounts receivable to commercial paper conduits
or banks.&nbsp; The LLC may obtain up to $650 million of financing
under such agreements.&nbsp; The agreements will be in effect until
March 5, 2007, and are renewable under certain conditions.&nbsp;
The purchasers are not required to make an initial funding under
the accounts receivable facility until the Effective Date, subject
to the satisfaction or waiver of a limited number of
conditions.&nbsp; The Utility may use up to $500 million from this
facility to pay allowed claims at the Effective Date.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;</li>
<li><font size="3" face="Times">Four separate reimbursement
agreements un</font>der which the issuing lender has agreed to
issue approximately $620 million in new letters of credit to
support approximately $614 million aggregate principal amount of
pollution control bonds that were previously issued for the benefit
of the Utility and that will be reinstated on the Effective
Date.&nbsp; In addition, the Utility entered into two term loan
facilities related to pollution control bonds:&nbsp; (i) a
15&ndash;month $345 million term loan facility to fund the
Utility&rsquo;s purchase or redemption of pollution control bonds
at the Effective Date and (ii) a 15-month $454 million amended and
restated reimbursement facility under which the Utility will
finance its obligation to reimburse certain issuers of letters of
credit for approximately $454 million drawn under their letters of
credit to redeem pollution control bonds during the Utility&rsquo;s
Chapter 11 proceeding.&nbsp; The four reimbursement agreements and
the two term loan facilities each will be secured, as of the
Effective Date, with a mortgage bond ranking equally with the
security for the working capital facility.<br>
  &nbsp;&nbsp;&nbsp;&nbsp;</li>
</ul>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
transactions, together with the issuance of long-term debt,&nbsp;
were authorized by the California Public Utilities Commission
(CPUC) on January 8, 2004 and concurred in by CPUC staff on March
4, 2004.&nbsp; Implementation of the Utility's plan of
reorganization is subject to various conditions, among which are
the receipt of investment grade credit ratings and the consummation
of the public offering of long-term debt that represents the
balance of the financing needed to enable the Utility to emerge
from Chapter 11.<br>
</font>&nbsp;&nbsp;&nbsp;&nbsp;</p>

<p><font size="3" face="Times New Roman">Item 7. Financial
Statements, Pro Forma Financial Information, and
Exhibits</font></p>

<p><font size="3" face="Times New Roman">Exhibit 99 &ndash; Credit
Agreement dated as of March 5, 2004</font></p>

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

<p><font size="3" face="Times New Roman">&nbsp;</font></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">SIGNATURE</font></p>
</td>
</tr>

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

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

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

<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0">
<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;&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">PG&amp;E
CORPORATION<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CHRISTOPHER P.JOHNS</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td height="1" valign="top" bgcolor="black"></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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher
P. Johns<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President
and Controller</font></p>
</td>
</tr>

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

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

<tr height="30">
<td height="30" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td height="30" valign="top">
<p><font size="3" face="Times New Roman">PACIFIC GAS AND ELECTRIC
COMPANY</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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DINYAR
B. MISTRY</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top"></td>
<td height="1" valign="top" bgcolor="black"></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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dinyar
B. Mistry<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and
Controller</font></p>
</td>
</tr>

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

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Dated:&nbsp; March 9,
2004</font></p>
</td>
<td valign="top"></td>
</tr>
</table>

<p><font size="3" face="Arial Unicode MS"><br clear="all" />
</font></p>

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

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

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top">
<p align="center"><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;Description&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
</tr>

<tr>
<td valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
</tr>

<tr>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">Exhibit
99</font></p>
</td>
<td valign="top">
<p align="center"><font size="3" face="Times New Roman">Credit
Agreement dated as of March 5, 2004</font></p>
</td>
</tr>
</table>
</div>

<p><font size="3" face="Times New Roman"></font></p>
</div>
</body>
</html>
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{"company-data": {"conformed-name": "PACIFIC GAS & ELECTRIC CO", "cik": "0000075488", "assigned-sic": "4931", "irs-number": "940742640", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-02348", "film-number": "04658304"}, "business-address": {"street1": "77 BEALE ST", "street2": "P O BOX 770000", "city": "SAN FRANCISCO", "state": "CA", "zip": "94177", "phone": "4152677000"}, "mail-address": {"street1": "77 BEALE STREET", "street2": "P O BOX 770000", "city": "SAN FRANCISCO", "state": "CA", "zip": "94177"}}
Form 8-K 3-09-04
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: March 9, 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
1-2348
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
As
part of the implementation of the financing of the confirmed plan
of reorganization of Pacific Gas and Electric Company (Utility) in
its Chapter 11 proceeding, on March 5, 2004, the Utility entered
into $2.9 billion in credit facilities, consisting of:
An $850 million revolving
credit facility (also referred to as a working capital facility)
with a syndicate of banks.  Loans under the working capital
facility will be used primarily to secure procurement of
electricity and natural gas supplies, to cover seasonal
fluctuations in cash flows, and may also be used to pay creditors
on the effective date of the Settlement Plan (Effective
Date).  The working capital facility will have a term of three
years and all amounts will be due and payable on March 5,
2007.  At the Utility's request and at the sole
discretion of each lender, the facility may be extended for
additional periods.  The lenders are not required to fund the
working capital facility until the Effective Date, subject to the
satisfaction or waiver of a limited number of conditions.  The
Utility has agreed to secure its obligation under the working
capital facility, as of the Effective Date, with a mortgage bond
secured by a first lien on substantially all of the Utility's
real property and certain personal property.  This working
capital credit agreement is attached hereto as Exhibit
99.
Certain agreements providing for the continuous sale of a
portion of the Utility's accounts receivable to PG&E
Accounts Receivable Company LLC, a limited liability company (LLC)
wholly owned by the Utility.  In turn, the LLC will sell
interests in the accounts receivable to commercial paper conduits
or banks.  The LLC may obtain up to $650 million of financing
under such agreements.  The agreements will be in effect until
March 5, 2007, and are renewable under certain conditions. 
The purchasers are not required to make an initial funding under
the accounts receivable facility until the Effective Date, subject
to the satisfaction or waiver of a limited number of
conditions.  The Utility may use up to $500 million from this
facility to pay allowed claims at the Effective Date.
Four separate reimbursement
agreements un
der which the issuing lender has agreed to
issue approximately $620 million in new letters of credit to
support approximately $614 million aggregate principal amount of
pollution control bonds that were previously issued for the benefit
of the Utility and that will be reinstated on the Effective
Date.  In addition, the Utility entered into two term loan
facilities related to pollution control bonds:  (i) a
15–month $345 million term loan facility to fund the
Utility's purchase or redemption of pollution control bonds
at the Effective Date and (ii) a 15-month $454 million amended and
restated reimbursement facility under which the Utility will
finance its obligation to reimburse certain issuers of letters of
credit for approximately $454 million drawn under their letters of
credit to redeem pollution control bonds during the Utility's
Chapter 11 proceeding.  The four reimbursement agreements and
the two term loan facilities each will be secured, as of the
Effective Date, with a mortgage bond ranking equally with the
security for the working capital facility.
These
transactions, together with the issuance of long-term debt, 
were authorized by the California Public Utilities Commission
(CPUC) on January 8, 2004 and concurred in by CPUC staff on March
4, 2004.  Implementation of the Utility's plan of
reorganization is subject to various conditions, among which are
the receipt of investment grade credit ratings and the consummation
of the public offering of long-term debt that represents the
balance of the financing needed to enable the Utility to emerge
from Chapter 11.
Item 7. Financial
Statements, Pro Forma Financial Information, and
Exhibits
Exhibit 99 – Credit
Agreement dated as of March 5, 2004
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
CHRISTOPHER P.JOHNS
Christopher
P. Johns
Senior Vice President
and Controller
PACIFIC GAS AND ELECTRIC
COMPANY
DINYAR
B. MISTRY
Dinyar
B. Mistry
Vice President and
Controller
Dated:  March 9,
2004
EXHIBIT
INDEX
Exhibit
No.
Description
Exhibit
99
Credit
Agreement dated as of March 5, 2004