<html>
<head>
<title>5-13-03 Item 9 8-K</title>
</head>
<body link="blue" vlink="purple">
<div>
<table border="0" cellspacing="0" cellpadding="0" width="644">
<tr>
<td colspan="4" valign="top">
<p align="center">SECURITIES AND EXCHANGE COMMISSION</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><br />
 </p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">Washington, D.C.&nbsp; 20549</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><br />
<br />
 </p>
</td>
</tr>

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

<tr>
<td colspan="4" valign="top">
<p align="center">FORM 8-K</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><br />
 </p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">CURRENT REPORT</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><br />
 </p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><br />
 </p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center">Date of Report: May 13, 2003</p>
</td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><br />
 </p>
</td>
</tr>

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

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

<tr>
<td valign="top">
<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">1-12609</p>

<p align="center">1-2348</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>
</td>
</tr>

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

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

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

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

<tr>
<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>
</tr>

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

<tr>
<td colspan="4" valign="top">
<p align="center">(Registrant's telephone number, including area
code)</p>
</td>
</tr>

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

<p><br />
</p>

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

<p>Item 9. Regulation FD Disclosure&nbsp;&nbsp;</p>

<p>The information included in this Current Report on Form 8-K,
including the financial and statistical information attached hereto
as an exhibit, is being furnished, not filed, pursuant to Item 9 of
Form 8-K.</p>

<br clear="all" />


<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 />
 </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; 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;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 />
 </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;LINDA Y.H. CHENG</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;LINDA Y.H. CHENG</p>

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

<p>Dated:&nbsp; May 13, 2003</p>

<br clear="all" />


<table border="0" cellspacing="0" cellpadding="0" width="614">
<tr>
<td colspan="4" valign="bottom"><br clear="all" />


<p><b>Pacific Gas and Electric Company [logo]</b></p>
</td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
<td valign="top"></td>
<td colspan="3" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="6" valign="bottom">
<p align="center"><b>Three months ended</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="6" valign="bottom">
<p align="center"><b>March 31,</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="6" valign="top">
<p align="center"><b>---------------------------------</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p align="center"><b>2003</b></p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="center"><b>2002</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="center"><b>------------</b></p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="center"><b>------------</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p><b><u>Electric Sales (in millions kWh)</u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Residential</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>7,194&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p>7,022&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Commercial</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>7,239&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">7,457&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Industrial</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>3,543&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">3,611&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Agricultural</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>475&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">462&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Public street and highway lighting</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>141&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">145&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Other electric utilities</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>51&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">-&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Sales from Energy Deliveries</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>18,643&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">18,697&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Total Electric Customers <sup>(1)</sup></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>4,883,841&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">4,729,364&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p><b><u>Bundled Gas Sales (in MMDTh) <sup>(2)</sup></u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Residential</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>80&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">88&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Commercial</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>27&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">27&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Industrial</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>-&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">-&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Total Bundled Gas Sales</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>107&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">115&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Total Transportation Only</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>124&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">115&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Total Gas Sales</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>231&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">230&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p><b>Total Gas Customers <sup>(1)</sup></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>4,045,690</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">3,923,027</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom">
<pre>
</pre>
</td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p><b><u>Sources of Electric Energy (in millions kWh)</u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Utility Generation</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Nuclear</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>3,266&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">4,613&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<pre>
Hydro (net)
</pre>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>2,933&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">2,469&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Fossil</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>159&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">207&nbsp;&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Total Utility Generation</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>6,358&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">7,289&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Purchased Power</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Qualifying Facilities</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>4,543&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">5,266&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Irrigation Districts</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>1,038&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">794&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Other Purchased Power <sup>(3)</sup></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>1,771&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">1,042&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td colspan="4" valign="bottom">
<p>Total Purchased Power</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>7,352&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">7,102&nbsp;</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Delivery from DWR</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>6,598&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">4,125&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Delivery to Direct Access Customers</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>2,318&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">1,996&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Other (includes energy loss)</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>(3,983)</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">(1,816)</p>
</td>
</tr>

<tr>
<td colspan="5" valign="top"></td>
<td valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top">
<p align="right">-------------</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p><b>Total Electric Energy Delivered</b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>18,643&nbsp;</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">18,696</p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="bottom"></td>
<td colspan="3" valign="bottom"></td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p><b><u>Diablo Canyon Performance</u></b></p>
</td>
<td valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Overall capacity factors (including refuelings)</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>70%</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">98%</p>
</td>
</tr>

<tr>
<td colspan="3" valign="bottom">
<p>Refueling outage period</p>
</td>
<td colspan="5" valign="bottom">
<p align="right">2/3/03-3/26/03</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">-&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom">
<p>Refueling outage duration (days)</p>
</td>
<td valign="top"></td>
<td colspan="2" valign="bottom">
<p>51 days</p>
</td>
<td colspan="2" valign="bottom"></td>
<td colspan="2" valign="bottom">
<p align="right">-&nbsp;</p>
</td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="5" valign="bottom"></td>
<td valign="top"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td colspan="2" valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>

<tr>
<td colspan="12" valign="bottom">
<p><sup>(1)&nbsp;</sup> Customers reported as number of active
service agreements.&nbsp; The Utility implemented a new customer
information system</p>
</td>
</tr>

<tr>
<td colspan="12" valign="bottom">
<p>in Q4 of 2002, whereby the number of "customers" for Q1 03 is
not comparable to the number of "customers" for Q1 02.</p>
</td>
</tr>

<tr>
<td colspan="12" valign="bottom"></td>
</tr>

<tr>
<td colspan="12" valign="bottom">
<p><sup>(2)&nbsp;</sup> The Q1 02 bundled gas sales were reported
in millions of MCF, they were converted form MCF to MMDth in this
report.</p>
</td>
</tr>

<tr>
<td colspan="12" valign="bottom">
<p>For the reporting period:&nbsp; MMDTH = MCF
*1.108/(1,000,000)</p>
</td>
</tr>

<tr>
<td colspan="12" valign="bottom"></td>
</tr>

<tr>
<td colspan="12" valign="bottom">
<p><sup>(3)&nbsp;</sup> Energy via California Power Exchange, ISO,
bilateral contracts, DWR Renewable power, and other Interchange
Power.</p>
</td>
</tr>

<tr>
<td colspan="12" valign="bottom"></td>
</tr>
</table>

<br clear="all" />


<table border="0" cellspacing="0" cellpadding="0" width="681">
<tr>
<td nowrap colspan="7" valign="top">
<p><b><br />
 </b></p>

<p><b>PG&amp;E NATIONAL ENERGY GROUP (logo)</b></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap colspan="3" valign="top">
<p align="center"><b><u>Three Months Ended</u></b></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><b><u>3/31/2003</u></b></p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap valign="top">
<p align="right"><b><u>3/31/2002</u></b></p>
</td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>NEG Earnings Per Share Metrics</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Integrated Energy and Marketing</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(0.39)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.05</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Interstate Pipeline Operations</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.04</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.05</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Discontinued Operations</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(0.18)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.02</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Eliminations and Other</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(0.16)</u></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(0.02)</u></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>Total Reported - National Energy Group</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(0.69)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.10</p>
</td>
</tr>

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

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Generating Operations</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Owned and Controlled Capacity in Operation (MW)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">1,476</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">7,099</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Owned and Controlled Capacity in Construction (MW)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>0</u></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>7,743</u></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Total Owned and Controlled Capacity (MW)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>1,476</u></p>
</td>
<td nowrap valign="top">
<p><u><sup>1</sup></u></p>
</td>
<td nowrap valign="top">
<p align="right"><u>14,842</u></p>
</td>
</tr>

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

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Capital Expenditures ($MM)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$98</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">$316</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>MM MWh generated (owned and controlled)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">6.1</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">9.2</p>
</td>
</tr>

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

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Pipeline Operations</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

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

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>% of capacity under long-term contracts</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">94.9%</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">99.6%</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Average Receipts (MDth/d)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>From Canadian Supply (at Kingsgate)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">1,468</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">2,326</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>From Rockies/BC Supply (at Stanfield)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">58</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">5</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Average Deliveries (MDth/d)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>To Pacific Northwest</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">435</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">579</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>To California</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">1,062</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">1,631</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>To Nevada</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">65</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">86</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Capital Expenditures ($MM)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$3</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$42</p>
</td>
</tr>

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

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Trading and Non-Trading Activity Gross Margin
($MM)</u></b></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top"></td>
<td nowrap colspan="2" valign="top">
<p>Trading unrealized gain/(loss)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">$8</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">($3)</p>
</td>
</tr>

<tr>
<td nowrap valign="top"></td>
<td nowrap colspan="2" valign="top">
<p>Trading realized gain/(loss)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>($33)</u></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>$45</u></p>
</td>
</tr>

<tr>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p>Total Mark-to-market Gross Margin</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>($25)</u></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>$42</u></p>
</td>
</tr>

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

<tr>
<td nowrap valign="top"></td>
<td nowrap colspan="2" valign="top">
<p>Non-Trading MtM gain/(loss) <sup>2</sup></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

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

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="center"><b><u>As of</u></b></p>
</td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Value-at-Risk ($MM) <sup>3</sup></u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><b><u>3/31/2003</u></b></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><b><u>12/31/2002</u></b></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Daily Trading VaR at 95% confidence level</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$16</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$8</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Daily Non-trading VaR at 95% confidence level for contracts that
receive MtM accounting</p>

<p>treatment</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$10</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$3</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Daily Non-trading VaR at 95% confidence level for contracts
accounted for as hedges</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$12</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$9</p>
</td>
</tr>

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

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Fair value of price risk management assets and liabilities
($MM)</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>(of trading and non trading activities)
<sup>4</sup></u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Price risk management assets</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$981</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$896</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Price risk management liabilities</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>$901</u></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$811</u></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Net Portfolio Value</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$80</u></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$85</u></p>
</td>
</tr>

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

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>Maturity of Fair Value of Trading Contracts at March 31,
2003 ($MM)</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p><b>&nbsp;</b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">&nbsp;</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Less than one year</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$57</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($43)</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>One to three years</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($79)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($13)</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Four to five years</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($17)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($28)</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Beyond five years</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$50</u></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$62</u></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>Total</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><u>$11</u></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><u>($22)</u></p>
</td>
</tr>

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

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="center"><b><u>As of</u></b></p>
</td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="top">
<p><b><u>NEG Capitalization (consolidated)</u></b></p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right"><b><u>3/31/2003</u></b></p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right"><b><u>12/31/2002</u></b></p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Debt to Capitalization Ratio</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">138.2%</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">127.1%</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Debt to Capitalization Ratio (debt net of cash)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">144.2%</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">129.9%</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap colspan="2" valign="top">
<p>Capitalization ($MM)</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
<td nowrap valign="top"></td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>Debt</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$5,238</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">$4,877</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>Equity</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">($1,449)</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">($1,040)</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>Cash</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p align="right">$513</p>
</td>
<td nowrap valign="top"></td>
<td nowrap valign="top">
<p align="right">$363</p>
</td>
</tr>

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

<tr>
<td nowrap valign="top">
<p align="right"><sup>1</sup></p>
</td>
<td nowrap valign="top">
<p><sup>&nbsp;</sup></p>
</td>
<td colspan="5" valign="top">
<p>Owned and contolled capacity excludes assets to be abandoned and
assets held for sale.</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p align="right"><sup>2</sup></p>
</td>
<td nowrap valign="top">
<p><sup>&nbsp;</sup></p>
</td>
<td colspan="5" valign="top">
<p>Non-trading MtM gains/(losses) include ineffective hedges
associated with assets and contracts that no longer qualify for
normal purchases and sales treatment under FAS 133.</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p align="right"><sup>3</sup></p>
</td>
<td nowrap valign="top">
<p><sup>&nbsp;</sup></p>
</td>
<td colspan="5" valign="top">
<p>The NEG expresses value-at-risk as a dollar amount of the
potential loss in the fair value of the portfolios based on a 95%
confidence level using a one-day liquidation period.</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p align="right"><sup>4</sup></p>
</td>
<td nowrap valign="top">
<p><sup>&nbsp;</sup></p>
</td>
<td colspan="5" valign="top">
<p>Balance excludes price risk management assets (liabilities) held
for sale.</p>
</td>
</tr>

<tr>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
<td nowrap valign="top">
<p>&nbsp;</p>
</td>
</tr>
</table>
</div>
</body>
</html>
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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": "03696414"}, "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"}}
5-13-03 Item 9 8-K
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 13, 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
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 9. Regulation FD Disclosure
The information included in this Current Report on Form 8-K,
including the financial and statistical information attached hereto
as an exhibit, is being furnished, not filed, pursuant to Item 9 of
Form 8-K.
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:  LINDA Y.H. CHENG
LINDA Y.H. CHENG
Corporate
Secretary
Dated:  May 13, 2003
Pacific Gas and Electric Company [logo]
Three months ended
March 31,
---------------------------------
2003
2002
------------
------------
Electric Sales (in millions kWh)
Residential
7,194
7,022
Commercial
7,239
7,457
Industrial
3,543
3,611
Agricultural
475
462
Public street and highway lighting
141
145
Other electric utilities
51
-
-------------
-------------
Sales from Energy Deliveries
18,643
18,697
Total Electric Customers
(1)
4,883,841
4,729,364
Bundled Gas Sales (in MMDTh)
(2)
Residential
80
88
Commercial
27
27
Industrial
-
-
-------------
-------------
Total Bundled Gas Sales
107
115
Total Transportation Only
124
115
-------------
-------------
Total Gas Sales
231
230
Total Gas Customers
(1)
4,045,690
3,923,027
Sources of Electric Energy (in millions kWh)
Utility Generation
Nuclear
3,266
4,613
Hydro (net)
2,933
2,469
Fossil
159
207
-------------
-------------
Total Utility Generation
6,358
7,289
Purchased Power
Qualifying Facilities
4,543
5,266
Irrigation Districts
1,038
794
Other Purchased Power
(3)
1,771
1,042
-------------
-------------
Total Purchased Power
7,352
7,102
Delivery from DWR
6,598
4,125
Delivery to Direct Access Customers
2,318
1,996
Other (includes energy loss)
(3,983)
(1,816)
-------------
-------------
Total Electric Energy Delivered
18,643
18,696
Diablo Canyon Performance
Overall capacity factors (including refuelings)
70%
98%
Refueling outage period
2/3/03-3/26/03
-
Refueling outage duration (days)
51 days
-
(1)
Customers reported as number of active
service agreements.  The Utility implemented a new customer
information system
in Q4 of 2002, whereby the number of "customers" for Q1 03 is
not comparable to the number of "customers" for Q1 02.
(2)
The Q1 02 bundled gas sales were reported
in millions of MCF, they were converted form MCF to MMDth in this
report.
For the reporting period:  MMDTH = MCF
*1.108/(1,000,000)
(3)
Energy via California Power Exchange, ISO,
bilateral contracts, DWR Renewable power, and other Interchange
Power.
PG&E NATIONAL ENERGY GROUP (logo)
Three Months Ended
3/31/2003
3/31/2002
NEG Earnings Per Share Metrics
Integrated Energy and Marketing
$          
(0.39)
$            
0.05
Interstate Pipeline Operations
0.04
0.05
Discontinued Operations
(0.18)
0.02
Eliminations and Other
$          
(0.16)
$          
(0.02)
Total Reported - National Energy Group
$          
(0.69)
$            
0.10
Generating Operations
Owned and Controlled Capacity in Operation (MW)
1,476
7,099
Owned and Controlled Capacity in Construction (MW)
0
7,743
Total Owned and Controlled Capacity (MW)
1,476
1
14,842
Capital Expenditures ($MM)
$98
$316
MM MWh generated (owned and controlled)
6.1
9.2
Pipeline Operations
% of capacity under long-term contracts
94.9%
99.6%
Average Receipts (MDth/d)
From Canadian Supply (at Kingsgate)
1,468
2,326
From Rockies/BC Supply (at Stanfield)
58
5
Average Deliveries (MDth/d)
To Pacific Northwest
435
579
To California
1,062
1,631
To Nevada
65
86
Capital Expenditures ($MM)
$3
$42
Trading and Non-Trading Activity Gross Margin
($MM)
Trading unrealized gain/(loss)
$8
($3)
Trading realized gain/(loss)
($33)
$45
Total Mark-to-market Gross Margin
($25)
$42
Non-Trading MtM gain/(loss)
2
As of
Value-at-Risk ($MM)
3
3/31/2003
12/31/2002
Daily Trading VaR at 95% confidence level
$16
$8
Daily Non-trading VaR at 95% confidence level for contracts that
receive MtM accounting
treatment
$10
$3
Daily Non-trading VaR at 95% confidence level for contracts
accounted for as hedges
$12
$9
Fair value of price risk management assets and liabilities
($MM)
(of trading and non trading activities)
4
Price risk management assets
$981
$896
Price risk management liabilities
$901
$811
Net Portfolio Value
$80
$85
Maturity of Fair Value of Trading Contracts at March 31,
2003 ($MM)
Less than one year
$57
($43)
One to three years
($79)
($13)
Four to five years
($17)
($28)
Beyond five years
$50
$62
Total
$11
($22)
As of
NEG Capitalization (consolidated)
3/31/2003
12/31/2002
Debt to Capitalization Ratio
138.2%
127.1%
Debt to Capitalization Ratio (debt net of cash)
144.2%
129.9%
Capitalization ($MM)
Debt
$5,238
$4,877
Equity
($1,449)
($1,040)
Cash
$513
$363
1
Owned and contolled capacity excludes assets to be abandoned and
assets held for sale.
2
Non-trading MtM gains/(losses) include ineffective hedges
associated with assets and contracts that no longer qualify for
normal purchases and sales treatment under FAS 133.
3
The NEG expresses value-at-risk as a dollar amount of the
potential loss in the fair value of the portfolios based on a 95%
confidence level using a one-day liquidation period.
4
Balance excludes price risk management assets (liabilities) held
for sale.