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<title>Corp 07-08-03 8K</title>
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<p align="center">SECURITIES AND EXCHANGE COMMISSION</p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<td colspan="4" valign="top">
<p align="center"><br />
 </p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<td colspan="4" valign="top">
<p align="center">Washington, D.C.&nbsp; 20549</p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<p align="center"><br />
<br />
 </p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<td colspan="4" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
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<td colspan="4" valign="top">
<p align="center">FORM 8-K</p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<td colspan="4" valign="top">
<p align="center"><br />
 </p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<td colspan="4" valign="top">
<p align="center">CURRENT REPORT</p>
</td>
<td>
<p>&nbsp;</p>
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<tr>
<td colspan="4" valign="top">
<p align="center"><br />
 </p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<td colspan="4" valign="top">
<p align="center">Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<td colspan="4" valign="top">
<p align="center"><br />
 </p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<tr>
<td colspan="4" valign="top">
<p align="center">Date of Report:</p>

<p align="center"><br />
 </p>
</td>
<td>
<p>&nbsp;</p>
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<td colspan="4" valign="top">
<p align="center">July 8, 2003<br />
 </p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<td colspan="4" valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
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<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>
<td>
<p>&nbsp;</p>
</td>
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<tr>
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<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
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<p align="center">_____________</p>
</td>
<td valign="top">
<p align="center">_____________</p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<p align="center">1-12609</p>
</td>
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<p align="center">PG&amp;E Corporation</p>
</td>
<td valign="top">
<p align="center">California</p>
</td>
<td valign="top">
<p align="center">94-3234914</p>

<p align="center"><br />
 </p>
</td>
<td>
<p>&nbsp;</p>
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<td>
<p>&nbsp;</p>
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<td colspan="5" valign="top">
<p align="center"><br />
 One Market, Spear Tower, Suite 2400<br />
 San Francisco, California&nbsp;&nbsp;94105</p>
</td>
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<td colspan="4" valign="top"></td>
<td>
<p>&nbsp;</p>
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<td colspan="4" valign="top">
<p align="center">(Address of principal executive offices) (Zip
Code)</p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<td valign="top">
<p align="center"><br />
 </p>
</td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
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<p align="center"><br />
 (415) 267-7000</p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<td colspan="4" valign="top"></td>
<td>
<p>&nbsp;</p>
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<td colspan="4" valign="top">
<p align="center">(Registrant's telephone number, including area
code)</p>
</td>
<td>
<p>&nbsp;</p>
</td>
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<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top"></td>
<td>
<p>&nbsp;</p>
</td>
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</table>

<p><br />
</p>

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

<p>Item 5. Other Events.</p>

<p>PG&amp;E National Energy Group, Inc. Bankruptcy</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 8, 2003, PG&amp;E National Energy Group, Inc. (NEG), a
subsidiary of PG&amp;E Corporation, filed a voluntary petition for
relief under the provisions of Chapter 11 of the U.S. Bankruptcy
Code in the U.S. Bankruptcy Court for the District of Maryland,
Greenbelt Division (Bankruptcy Court), Case No.
03-30459.&nbsp;&nbsp; In addition, each of the following indirect
wholly owned subsidiaries of NEG filed a voluntary petition for
relief under the provisions of Chapter 11 of the U.S. Bankruptcy
Code in the Bankruptcy Court: PG&amp;E Energy Trading Holdings
Corporation (Case No. 03-30463, PG&amp;E Energy Trading-Power, L.P.
(Case No. 03-30461), PG&amp;E Energy Trading &ndash; Gas
Corporation (Case No. 03-30464), and PG&amp;E ET Investments
Corporation (Case No.03-30462) (collectively, the &ldquo;ET
Companies&rdquo;), and USGen New England, Inc. (USGenNE) (Case No.
03-30465).&nbsp; Pursuant to Chapter 11 of the Bankruptcy Code,
NEG, the ET Companies and USGenNE retain control of their assets
and are authorized to operate their businesses as debtors in
possession while being subject to the jurisdiction of the
Bankruptcy Court.&nbsp; It is anticipated that the Chapter 11 case
of USGenNE will be administered separately from the Chapter 11
cases of NEG and the ET Companies.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEG
also filed a proposed plan of reorganization with the Bankruptcy
Court. If confirmed by the Bankruptcy Court and implemented,
PG&amp;E Corporation would no longer have any equity interest in
NEG.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEG,
as a debtor in possession and under the supervision of the
Bankruptcy Court, will remain in possession and management of its
properties and will control its going forward operations and
finances.&nbsp; PG&amp;E Corporation's representatives who
previously served on the NEG Board of Directors have resigned and
have been replaced with Board members who are not affiliated with
PG&amp;E Corporation.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March 31, 2003, NEG had consolidated assets of $7.6 billion and
liabilities of $9.0 billion.&nbsp;&nbsp; As of March 31, 2003,
PG&amp;E Corporation&rsquo;s net investment in NEG was a negative
$1.0 billion, net of approximately $400 million of intercompany
receivables.</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before
the Chapter 11 filing, NEG&rsquo;s and its subsidiaries&rsquo;
financial results were consolidated with PG&amp;E
Corporation&rsquo;s financial results. As of the date of
NEG&rsquo;s Chapter 11 filing, PG&amp;E Corporation will no longer
consolidate NEG&rsquo;s financial results.&nbsp; Instead, PG&amp;E
Corporation&rsquo;s investment in NEG will be recorded at cost on
the balance sheet.&nbsp; The recorded amount should remain constant
and will not be affected by changes in NEG&rsquo;s future financial
results unless there are cash payments made between the two
entities. Under the cost method of accounting, changes in
NEG&rsquo;s consolidated results will not affect PG&amp;E
Corporation&rsquo;s future results of operations or financial
condition.&nbsp;<br />
 </p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
implementation of a plan of reorganization that eliminates PG&amp;E
Corporation&rsquo;s equity in NEG, PG&amp;E Corporation would bring
its net investment in NEG to zero, and as a result recognize a
one-time non-cash gain to earnings. The amount of such potential
gain cannot be estimated at this time.</p>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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<p align="left">SIGNATURE</p>
</td>
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</table>

<p>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.</p>

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<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>
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<p>PG&amp;E CORPORATION<br />
<br />
 </p>
</td>
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<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; BRUCE R. WORTHINGTON</p>
</td>
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<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;</p>
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<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>
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<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>
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<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRUCE R.
WORTHINGTON<br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President
and General Counsel<br />
<br />
 </p>
</td>
</tr>

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

<p>Date:&nbsp; July 8, 2003</p>
</div>
</body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "final070803negbk.htm", "description": "FORM 8-K", "secsgml_size_bytes": 11722}]
{"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": "03777918"}, "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"}}
Corp 07-08-03 8K
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:
July 8, 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
PG&E Corporation
California
94-3234914
One Market, Spear Tower, Suite 2400
San Francisco, California  94105
(Address of principal executive offices) (Zip
Code)
(415) 267-7000
(Registrant's telephone number, including area
code)
Item 5. Other Events.
PG&E National Energy Group, Inc. Bankruptcy
On
July 8, 2003, PG&E National Energy Group, Inc. (NEG), a
subsidiary of PG&E Corporation, filed a voluntary petition for
relief under the provisions of Chapter 11 of the U.S. Bankruptcy
Code in the U.S. Bankruptcy Court for the District of Maryland,
Greenbelt Division (Bankruptcy Court), Case No.
03-30459.   In addition, each of the following indirect
wholly owned subsidiaries of NEG filed a voluntary petition for
relief under the provisions of Chapter 11 of the U.S. Bankruptcy
Code in the Bankruptcy Court: PG&E Energy Trading Holdings
Corporation (Case No. 03-30463, PG&E Energy Trading-Power, L.P.
(Case No. 03-30461), PG&E Energy Trading – Gas
Corporation (Case No. 03-30464), and PG&E ET Investments
Corporation (Case No.03-30462) (collectively, the "ET
Companies"), and USGen New England, Inc. (USGenNE) (Case No.
03-30465).  Pursuant to Chapter 11 of the Bankruptcy Code,
NEG, the ET Companies and USGenNE retain control of their assets
and are authorized to operate their businesses as debtors in
possession while being subject to the jurisdiction of the
Bankruptcy Court.  It is anticipated that the Chapter 11 case
of USGenNE will be administered separately from the Chapter 11
cases of NEG and the ET Companies.
NEG
also filed a proposed plan of reorganization with the Bankruptcy
Court. If confirmed by the Bankruptcy Court and implemented,
PG&E Corporation would no longer have any equity interest in
NEG.
NEG,
as a debtor in possession and under the supervision of the
Bankruptcy Court, will remain in possession and management of its
properties and will control its going forward operations and
finances.  PG&E Corporation's representatives who
previously served on the NEG Board of Directors have resigned and
have been replaced with Board members who are not affiliated with
PG&E Corporation.
As
of March 31, 2003, NEG had consolidated assets of $7.6 billion and
liabilities of $9.0 billion.   As of March 31, 2003,
PG&E Corporation's net investment in NEG was a negative
$1.0 billion, net of approximately $400 million of intercompany
receivables.
Before
the Chapter 11 filing, NEG's and its subsidiaries'
financial results were consolidated with PG&E
Corporation's financial results. As of the date of
NEG's Chapter 11 filing, PG&E Corporation will no longer
consolidate NEG's financial results.  Instead, PG&E
Corporation's investment in NEG will be recorded at cost on
the balance sheet.  The recorded amount should remain constant
and will not be affected by changes in NEG's future financial
results unless there are cash payments made between the two
entities. Under the cost method of accounting, changes in
NEG's consolidated results will not affect PG&E
Corporation's future results of operations or financial
condition.
Upon
implementation of a plan of reorganization that eliminates PG&E
Corporation's equity in NEG, PG&E Corporation would bring
its net investment in NEG to zero, and as a result recognize a
one-time non-cash gain to earnings. The amount of such potential
gain cannot be estimated at this time.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
PG&E CORPORATION
By:  BRUCE R. WORTHINGTON
BRUCE R.
WORTHINGTON
Senior Vice President
and General Counsel
Date:  July 8, 2003