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<title>3-31-04 8-k</title>
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<p align="center"><font size="3" face="Times New Roman">SECURITIES
AND EXCHANGE COMMISSION</font></p>
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<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
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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">&nbsp;&nbsp;&nbsp;&nbsp;</td>
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<p align="center"><font size="3" face="Times New Roman">FORM
8-K</font></p>
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<tr>
<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
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<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face="Times New Roman">CURRENT
REPORT</font></p>
</td>
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<tr>
<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</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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<td colspan="4" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</td>
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<p align="center"><font size="3" face="Times New Roman">Date of
Report: March 31, 2004</font></p>
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<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<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>
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<td valign="top">
<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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<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>
</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">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>
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<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
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<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>
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<td colspan="4" valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<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>
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<tr>
<td valign="top"></td>
<td valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td valign="top"></td>
<td valign="top"></td>
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<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>
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<tr>
<td colspan="4" valign="top">
<p align="center"><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</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>
</tr>

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

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

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

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
previously disclosed, two commissioners of the California Public
Utilities Commission (CPUC) filed an appeal in the U.S. District
Court for the Northern District of California (District Court) from
the order issued by the U.S. Bankruptcy Court for the Northern
District of California (Bankruptcy Court) on December 22, 2003
confirming Pacific Gas and Electric Company&rsquo;s (Utility) plan
of reorganization (Plan).&nbsp; The Plan incorporates the
provisions of the settlement agreement entered into among the
Utility, PG&amp;E Corporation, and the CPUC on December 19, 2003
(Settlement Agreement) to resolve the Utility&rsquo;s Chapter 11
case.&nbsp; The Bankruptcy Court&rsquo;s confirmation order
determined that the Settlement Agreement, the material terms of
which are included within the confirmation order, was consistent
with state law and is enforceable under federal law.&nbsp; The City
of Palo Alto&rsquo;s appeal also is pending in the District
Court.&nbsp; As previously reported, on January 5, 2004, the
Bankruptcy Court denied these appellants&rsquo; request for a stay
of the confirmation order pending their appeal.&nbsp; On March 19, 2004 the dissenting commissioners&rsquo; pending appeal was transferred
to District Court Judge Vaughn Walker.</font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 30, 2004, the dissenting commissioners filed a motion in the
District Court seeking to stay the implementation of the Bankruptcy
Court&rsquo;s confirmation order until their appeal can be
resolved.&nbsp;&nbsp; The hearing on the motion is set for June 3,
2004, although the dissenting commissioners have also requested the
District Court to hear their motion on an expedited basis, as soon
as April 8, 2004.&nbsp;</font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E
Corporation and the Utility believe the motion should be denied
because it is untimely,&nbsp; without merit, and the dissenting
commissioners lack standing to appeal the confirmation order.&nbsp;
PG&amp;E Corporation and the Utility believe&nbsp; the District
Court, like the Bankruptcy Court, should refuse to stay the
confirmation order.</font></p>

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<p><font size="3" face="Times New Roman">Item 9.</font></p>
</td>
<td valign="top">
<p><font size="3" face="Times New Roman">Regulation FD
Disclosure</font></p>
</td>
</tr>
</table>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information included in this Current Report on Form&nbsp;8-K,
including portions of the Utility&rsquo;s monthly operating report
for the month ended February 29, 2004 filed with the Bankruptcy Court attached hereto, is being furnished, not filed,
pursuant to Item&nbsp;9 of Form&nbsp;8-K.</font></p>

<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March&nbsp;30, 2004, the Utility filed its monthly operating report
for the month ended February 29, 2004 with the Bankruptcy Court, as
required by Section&nbsp;704(8) of the U.S. Bankruptcy Code and
Rule&nbsp;2015 of the Federal Rules of Bankruptcy Procedure and
prepared in accordance with U.S.&nbsp;Trustee Guidelines
Region&nbsp;17. The Utility&rsquo;s monthly operating report
includes an unaudited income statement for the month and an
unaudited balance sheet dated as of the end of the month. These
unaudited financial statements are attached to this report.&nbsp;
Although not included in this report, the monthly operating report
filed with the Bankruptcy Court also includes a statement of
receipts and disbursements, as well as other information.&nbsp; The
preliminary financial statements were prepared using certain
assumptions and estimates that are subject to revision.&nbsp; Any
adjustments for these estimates (based upon changes in facts and
circumstances, further analysis, and other factors) will be
reflected in the financial statements in the period during which
such adjustments are made. These adjustments could have a material
impact on reported results in the future.</font></p>

<hr>

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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>
</td>
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<td valign="top"></td>
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</table>
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<p><font size="3" face="Times New Roman"></font></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</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;&nbsp;LINDA
Y.H. CHENG</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
  <p style="border-top-style: solid"></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;Linda
Y.H. Cheng<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate
Secretary</font></p>
</td>
</tr>

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

<tr>
<td valign="top"></td>
<td valign="top"></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">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;&nbsp;&nbsp;DINYAR
B. MISTRY</font></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top">
  <p style="border-top-style: solid"></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>

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

<tr>
<td valign="top">
<p><font size="3" face="Times New Roman">Dated:&nbsp; March 31,
2004</font></p>
</td>
<td valign="top"></td>
</tr>
</table>

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

<table border="0" cellspacing="0" cellpadding="0" width="583">
<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">PACIFIC GAS AND
ELECTRIC COMPANY</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">U.S. TRUSTEE
BALANCE SHEET</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">AS OF FEBRUARY 29,
2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">(in millions,
except share amounts)</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><font size="2" face="Arial">February,
2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">ASSETS</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Current Assets</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Cash and cash equivalents</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,571</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Accounts receivable:</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Customers (net of allowance for
doubtful accounts of $74 million)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,446</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Related parties</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
32</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Regulatory balancing
accounts</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
242</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Inventories:</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Gas stored underground and fuel
oil</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
84</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Materials and supplies</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
130</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="2" face="Arial">Income taxes receivable</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Arial">&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 height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Prepaid expenses and
other</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
57</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Assets from price risk
management</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Total current
assets</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><font size="2" face=
"Arial">6,571</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Property, Plant, and
Equipment</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Electric</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
20,578</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Gas</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,370</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Construction work in
progress</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
405</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Total property, plant, and
equipment (at original cost)</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,353</font></u></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Accumulated depreciation and
decommissioning</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,229)</font></u></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Net property, plant, and
equipment</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,124</font></u></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Other Noncurrent
Assets</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Regulatory assets</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,963</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Nuclear decommissioning trust
funds</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,528</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Other</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,515</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Total other noncurrent
assets</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,006</font></u></b></p>
</td>
</tr>

<tr height="18">
<td nowrap colspan="3" height="18" valign="bottom">
<p><b><font size="2" face="Arial">TOTAL ASSETS</font></b></p>
</td>
<td nowrap height="18" valign="bottom">
<p align="right"><b><u><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
29,701</font></u></b></p>
</td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom"></td>
<td nowrap height="18" valign="bottom"></td>
<td nowrap height="18" valign="bottom"></td>
<td nowrap height="18" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">LIABILITIES AND
EQUITY</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Liabilities</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Accounts payable</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Trade creditors</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
539</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Related parties</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp; 220</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Regulatory Balancing
Accounts</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
363</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Other</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
275</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">&nbsp;&nbsp; Accrued
taxes</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
130</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Rate reduction bonds</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,081</font></p>
</td>
</tr>

<tr>
<td nowrap valign="bottom"></td>
<td nowrap colspan="2" valign="bottom">
<p><font size="2" face="Arial">QUID's</font></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face=
"Arial">&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 height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Deferred income taxes</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,344</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Deferred tax credits</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
126</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Asset retirement
obligations</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,232</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Pre-petition secured debt</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,789</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Pre-petition liabilities</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,954</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Pre-petition financing
debt</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5,673</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Preferred Stock With Mandatory
Redemption Provisions</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
137</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Other liabilities</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6,255</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Total liabilities</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,118</font></u></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr>
<td nowrap colspan="3" valign="bottom">
<p><b><font size="2" face="Arial">Preferred Stock With Mandatory
Redemption Provisions</font></b></p>
</td>
<td nowrap valign="bottom">
<p align="right"><font size="2" face="Arial">&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 nowrap valign="bottom"></td>
<td nowrap valign="bottom"></td>
<td nowrap valign="bottom">
<p><font size="3" face=
"Arial Unicode MS">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Stockholders'
Equity</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Preferred stock without mandatory
redemption provisions</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Nonredeemable--5% to 6%, outstanding
5,784,825 shares</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
145</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Redeemable--4.36% to 7.04%,
outstanding 5,973,456 shares</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
149</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Common stock, $5 par value,
authorized 800,000,000 shares;</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">issued 321,314,760 shares</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,606</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Additional paid in
capital</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,964</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Reinvested earnings</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1,725</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><font size="2" face="Arial">Accumulated other comprehensive
loss</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(6)</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Total stockholders'
equity</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><b><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,583</font></u></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="18">
<td nowrap colspan="3" height="18" valign="bottom">
<p><b><font size="2" face="Arial">TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY</font></b></p>
</td>
<td nowrap height="18" valign="bottom">
<p align="right"><b><u><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
29,701</font></u></b></p>
</td>
</tr>
</table>

<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>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="567">
<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">PACIFIC GAS AND
ELECTRIC COMPANY</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">U.S. TRUSTEE
BALANCE SHEET</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">AS OF FEBRUARY 29,
2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="2" height="17" valign="bottom">
<p><b><font size="2" face="Arial">Notes</font></b></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="68">
<td height="68" valign="top">
<p><font size="2" face="Arial">1</font></p>
</td>
<td height="68" valign="top"></td>
<td height="68" valign="top">
<p><font size="2" face="Arial">These unaudited financial statements
are prepared for the U.S. Trustee and differ from the requirements
of generally accepted accounting principles in that they exclude
certain financial statements (statements of cash flows,
stockholders equity, and other comprehensive income), relevant
footnotes and certain reclassifications.</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="85">
<td height="85" valign="top">
<p><font size="2" face="Arial">2</font></p>
</td>
<td height="85" valign="top"></td>
<td height="85" valign="top">
<p><font size="2" face="Arial">These unaudited financial statements
were prepared using certain assumptions and estimates.&nbsp; These
assumptions and estimates are subject to revision.&nbsp; Further,
the amounts shown in this statement, when reported on a quarterly
basis, may differ materially due to adjustments in accruals,
changes in facts and circumstances, changes in estimates, further
analysis, and other factors.</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="51">
<td nowrap height="51" valign="top">
<p><font size="2" face="Arial">3</font></p>
</td>
<td nowrap height="51" valign="bottom"></td>
<td height="51" valign="bottom">
<p><font size="2" face="Arial">Cash and cash equivalents have been
reduced for uncleared checks.&nbsp; On the balance sheet included
with the Utility's Annual Report, Form 10-K and 10-Q, uncleared
checks are treated as an accounts payable liability.</font></p>
</td>
</tr>
</table>
</div>

<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>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="720">
<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">PACIFIC GAS AND
ELECTRIC COMPANY</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">U.S. TRUSTEE
INCOME STATEMENT</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">FOR THE MONTH
ENDED FEBRUARY 29, 2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">AND THE
THIRTY-FIVE MONTHS ENDED FEBRUARY 29, 2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="4" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">(in
millions)</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">&nbsp; Case to
date</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">&nbsp;
Month</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">&nbsp; thirty-five
months</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">&nbsp;
ended</font></b></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">&nbsp;
ended</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">February 29,
2004</font></b></p>
</td>
<td height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">February 29,
2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">OPERATING REVENUES</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
950</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
30,700</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">OPERATING EXPENSES:</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Cost of Electric Energy</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
154</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,655</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Cost of Gas</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
245</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,865</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Operating and Maintenance</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
349</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8,434</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Depreciation, Decommissioning, and
Amortization</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
104</font></u></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3,308</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Total Operating Expenses</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
852</font></u></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
20,262</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">OPERATING INCOME (LOSS)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
98</font></u></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10,438</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Interest Income (Expense)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(57)</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2,606)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Professional Fees</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(2)&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(85)</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Other Income and
(Expense)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p align="right"><font size="2" face=
"Arial">(1)&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">PRE-TAX INCOME (LOSS)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
38</font></u></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><u><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7,753</font></u></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Income Taxes</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2,951</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">EARNINGS (LOSS)</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
24</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,802</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Preferred Dividend
Requirement</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1</font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
65</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom">
<p><font size="2" face="Arial">Cumulative Effect of Change in
Accounting Principle</font></p>
</td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&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;
-</u></font></p>
</td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom">
<p><font size="2" face=
"Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
1</u></font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
<td nowrap height="17" valign="bottom"></td>
</tr>

<tr height="18">
<td nowrap height="18" valign="bottom">
<p><font size="2" face="Arial">EARNINGS (LOSS) AVAILABLE FOR
(ALLOCATED TO) COMMON STOCK</font></p>
</td>
<td nowrap height="18" valign="bottom">
<p><u><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
23</font></u></p>
</td>
<td nowrap height="18" valign="bottom">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="bottom">
<p><u><font size="2" face="Arial">&nbsp;
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,736</font></u></p>
</td>
</tr>
</table>
</div>

<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>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="681">
<tr height="17">
<td nowrap colspan="3" height="17" valign="top">
<p align="center"><b><font size="2" face="Arial">PACIFIC GAS AND
ELECTRIC COMPANY</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="top">
<p align="center"><b><font size="2" face="Arial">U.S.&nbsp; TRUSTEE
INCOME STATEMENT</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">FOR THE MONTH
ENDED FEBRUARY 29, 2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="3" height="17" valign="bottom">
<p align="center"><b><font size="2" face="Arial">AND THE
THIRTY-FIVE MONTHS ENDED FEBRUARY 29, 2004</font></b></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap colspan="2" height="17" valign="top">
<p><b><font size="2" face="Arial">Notes</font></b></p>
</td>
<td nowrap height="17" valign="top">
<p><font size="2" face="Arial">&nbsp;</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="58">
<td nowrap height="58" valign="top">
<p align="right"><font size="2" face="Arial">1</font></p>
</td>
<td nowrap height="58" valign="top">
<p><font size="3" face=
"Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td height="58" valign="top">
<p><font size="2" face="Arial">These unaudited financial statements
are prepared for the U.S. Trustee and differ from the requirements
of generally accepted accounting principles in that they exclude
certain financial statements (statements of cash flows,
stockholders equity, and other comprehensive income), relevant
footnotes and certain reclassifications.</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="68">
<td nowrap height="68" valign="top">
<p align="right"><font size="2" face="Arial">2</font></p>
</td>
<td nowrap height="68" valign="top"></td>
<td height="68" valign="top">
<p><font size="2" face="Arial">These unaudited financial statements
were prepared using certain assumptions and estimates.&nbsp; These
assumptions and estimates are subject to revision.&nbsp; Further,
the amounts shown in this statement, when reported on a quarterly
basis, may differ materially due to adjustments in accruals,
changes in facts and circumstances, changes in estimates, further
analysis, and other factors.</font></p>
</td>
</tr>

<tr height="17">
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="34">
<td nowrap height="34" valign="top"></td>
<td nowrap height="34" valign="top"></td>
<td height="34" valign="top">
<p><font size="2" face="Arial">The results for the month of
February 2004 are not indicative of future earnings.&nbsp; Future
earnings could differ materially.</font></p>
</td>
</tr>

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<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top">
<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
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<td nowrap height="85" valign="top">
<p align="right"><font size="2" face="Arial">3</font></p>
</td>
<td nowrap height="85" valign="top"></td>
<td height="85" valign="top">
<p><font size="2" face="Arial">These unaudited financial statements
were prepared using certain assumptions and estimates, including
the estimated amount payable to the California Department of Water
Resources (DWR).&nbsp; The estimated amount recorded is subject to
revision and actual results could differ materially.&nbsp; Revenues
collected on behalf of the DWR and the related costs are not
reflected in these unaudited financial statements as Pacific Gas
and Electric Company is a collection agent for the DWR.</font></p>
</td>
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<td nowrap height="17" valign="top"></td>
<td nowrap height="17" valign="top"></td>
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<p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<td nowrap height="34" valign="top">
<p align="right"><font size="2" face="Arial">4</font></p>
</td>
<td nowrap height="34" valign="top"></td>
<td height="34" valign="top">
<p><font size="2" face="Arial">Case to date results reflect the
entire thirty-five month period ended February 29, 2004.&nbsp; The
bankruptcy petition date is April 6, 2001.</font></p>
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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": "04707049"}, "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"}}
3-31-04 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: March 31, 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
and Regulation FD Disclosure
As
previously disclosed, two commissioners of the California Public
Utilities Commission (CPUC) filed an appeal in the U.S. District
Court for the Northern District of California (District Court) from
the order issued by the U.S. Bankruptcy Court for the Northern
District of California (Bankruptcy Court) on December 22, 2003
confirming Pacific Gas and Electric Company's (Utility) plan
of reorganization (Plan).  The Plan incorporates the
provisions of the settlement agreement entered into among the
Utility, PG&E Corporation, and the CPUC on December 19, 2003
(Settlement Agreement) to resolve the Utility's Chapter 11
case.  The Bankruptcy Court's confirmation order
determined that the Settlement Agreement, the material terms of
which are included within the confirmation order, was consistent
with state law and is enforceable under federal law.  The City
of Palo Alto's appeal also is pending in the District
Court.  As previously reported, on January 5, 2004, the
Bankruptcy Court denied these appellants' request for a stay
of the confirmation order pending their appeal.  On March 19, 2004 the dissenting commissioners' pending appeal was transferred
to District Court Judge Vaughn Walker.
On
March 30, 2004, the dissenting commissioners filed a motion in the
District Court seeking to stay the implementation of the Bankruptcy
Court's confirmation order until their appeal can be
resolved.   The hearing on the motion is set for June 3,
2004, although the dissenting commissioners have also requested the
District Court to hear their motion on an expedited basis, as soon
as April 8, 2004.
PG&E
Corporation and the Utility believe the motion should be denied
because it is untimely,  without merit, and the dissenting
commissioners lack standing to appeal the confirmation order. 
PG&E Corporation and the Utility believe  the District
Court, like the Bankruptcy Court, should refuse to stay the
confirmation order.
Item 9.
Regulation FD
Disclosure
The
information included in this Current Report on Form 8-K,
including portions of the Utility's monthly operating report
for the month ended February 29, 2004 filed with the Bankruptcy Court attached hereto, is being furnished, not filed,
pursuant to Item 9 of Form 8-K.
On
March 30, 2004, the Utility filed its monthly operating report
for the month ended February 29, 2004 with the Bankruptcy Court, as
required by Section 704(8) of the U.S. Bankruptcy Code and
Rule 2015 of the Federal Rules of Bankruptcy Procedure and
prepared in accordance with U.S. Trustee Guidelines
Region 17. The Utility's monthly operating report
includes an unaudited income statement for the month and an
unaudited balance sheet dated as of the end of the month. These
unaudited financial statements are attached to this report. 
Although not included in this report, the monthly operating report
filed with the Bankruptcy Court also includes a statement of
receipts and disbursements, as well as other information.  The
preliminary financial statements were prepared using certain
assumptions and estimates that are subject to revision.  Any
adjustments for these estimates (based upon changes in facts and
circumstances, further analysis, and other factors) will be
reflected in the financial statements in the period during which
such adjustments are made. These adjustments could have a material
impact on reported results in the future.
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
LINDA
Y.H. CHENG
Linda
Y.H. Cheng
Corporate
Secretary
PACIFIC GAS AND ELECTRIC
COMPANY
DINYAR
B. MISTRY
Dinyar
B. Mistry
Vice President and
Controller
Dated:  March 31,
2004
PACIFIC GAS AND
ELECTRIC COMPANY
U.S. TRUSTEE
BALANCE SHEET
AS OF FEBRUARY 29,
2004
(in millions,
except share amounts)
February,
2004
ASSETS
Current Assets
Cash and cash equivalents
$              
3,571
Accounts receivable:
Customers (net of allowance for
doubtful accounts of $74 million)
2,446
Related parties
32
Regulatory balancing
accounts
242
Inventories:
Gas stored underground and fuel
oil
84
Materials and supplies
130
Income taxes receivable
-
Prepaid expenses and
other
57
Assets from price risk
management
9
Total current
assets
6,571
Property, Plant, and
Equipment
Electric
20,578
Gas
8,370
Construction work in
progress
405
Total property, plant, and
equipment (at original cost)
29,353
Accumulated depreciation and
decommissioning
(11,229)
Net property, plant, and
equipment
18,124
Other Noncurrent
Assets
Regulatory assets
1,963
Nuclear decommissioning trust
funds
1,528
Other
1,515
Total other noncurrent
assets
5,006
TOTAL ASSETS
$            
29,701
LIABILITIES AND
EQUITY
Liabilities
Accounts payable
Trade creditors
539
Related parties
220
Regulatory Balancing
Accounts
363
Other
275
Accrued
taxes
130
Rate reduction bonds
1,081
QUID's
-
Deferred income taxes
1,344
Deferred tax credits
126
Asset retirement
obligations
1,232
Pre-petition secured debt
2,789
Pre-petition liabilities
3,954
Pre-petition financing
debt
5,673
Preferred Stock With Mandatory
Redemption Provisions
137
Other liabilities
6,255
Total liabilities
24,118
Preferred Stock With Mandatory
Redemption Provisions
-
Stockholders'
Equity
Preferred stock without mandatory
redemption provisions
Nonredeemable--5% to 6%, outstanding
5,784,825 shares
145
Redeemable--4.36% to 7.04%,
outstanding 5,973,456 shares
149
Common stock, $5 par value,
authorized 800,000,000 shares;
issued 321,314,760 shares
1,606
Additional paid in
capital
1,964
Reinvested earnings
1,725
Accumulated other comprehensive
loss
(6)
Total stockholders'
equity
5,583
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$            
29,701
PACIFIC GAS AND
ELECTRIC COMPANY
U.S. TRUSTEE
BALANCE SHEET
AS OF FEBRUARY 29,
2004
Notes
1
These unaudited financial statements
are prepared for the U.S. Trustee and differ from the requirements
of generally accepted accounting principles in that they exclude
certain financial statements (statements of cash flows,
stockholders equity, and other comprehensive income), relevant
footnotes and certain reclassifications.
2
These unaudited financial statements
were prepared using certain assumptions and estimates.  These
assumptions and estimates are subject to revision.  Further,
the amounts shown in this statement, when reported on a quarterly
basis, may differ materially due to adjustments in accruals,
changes in facts and circumstances, changes in estimates, further
analysis, and other factors.
3
Cash and cash equivalents have been
reduced for uncleared checks.  On the balance sheet included
with the Utility's Annual Report, Form 10-K and 10-Q, uncleared
checks are treated as an accounts payable liability.
PACIFIC GAS AND
ELECTRIC COMPANY
U.S. TRUSTEE
INCOME STATEMENT
FOR THE MONTH
ENDED FEBRUARY 29, 2004
AND THE
THIRTY-FIVE MONTHS ENDED FEBRUARY 29, 2004
(in
millions)
Case to
date
Month
thirty-five
months
ended
ended
February 29,
2004
February 29,
2004
OPERATING REVENUES
$                   
950
$              
30,700
OPERATING EXPENSES:
Cost of Electric Energy
154
4,655
Cost of Gas
245
3,865
Operating and Maintenance
349
8,434
Depreciation, Decommissioning, and
Amortization
104
3,308
Total Operating Expenses
852
20,262
OPERATING INCOME (LOSS)
98
10,438
Interest Income (Expense)
(57)
(2,606)
Professional Fees
(2)
(85)
Other Income and
(Expense)
(1)
6
PRE-TAX INCOME (LOSS)
38
7,753
Income Taxes
14
2,951
EARNINGS (LOSS)
24
4,802
Preferred Dividend
Requirement
1
65
Cumulative Effect of Change in
Accounting Principle
-
1
EARNINGS (LOSS) AVAILABLE FOR
(ALLOCATED TO) COMMON STOCK
$                     
23
$                
4,736
PACIFIC GAS AND
ELECTRIC COMPANY
U.S.  TRUSTEE
INCOME STATEMENT
FOR THE MONTH
ENDED FEBRUARY 29, 2004
AND THE
THIRTY-FIVE MONTHS ENDED FEBRUARY 29, 2004
Notes
1
These unaudited financial statements
are prepared for the U.S. Trustee and differ from the requirements
of generally accepted accounting principles in that they exclude
certain financial statements (statements of cash flows,
stockholders equity, and other comprehensive income), relevant
footnotes and certain reclassifications.
2
These unaudited financial statements
were prepared using certain assumptions and estimates.  These
assumptions and estimates are subject to revision.  Further,
the amounts shown in this statement, when reported on a quarterly
basis, may differ materially due to adjustments in accruals,
changes in facts and circumstances, changes in estimates, further
analysis, and other factors.
The results for the month of
February 2004 are not indicative of future earnings.  Future
earnings could differ materially.
3
These unaudited financial statements
were prepared using certain assumptions and estimates, including
the estimated amount payable to the California Department of Water
Resources (DWR).  The estimated amount recorded is subject to
revision and actual results could differ materially.  Revenues
collected on behalf of the DWR and the related costs are not
reflected in these unaudited financial statements as Pacific Gas
and Electric Company is a collection agent for the DWR.
4
Case to date results reflect the
entire thirty-five month period ended February 29, 2004.  The
bankruptcy petition date is April 6, 2001.