<html>
<head>
<title>Form 8-K Quarterly Earnings</title>
</head>
<body link="blue" vlink="purple">
<div>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="5" valign="top">
<p align="center"><b>UNITED STATES</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>Washington, D.C.&nbsp; 20549</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>FORM 8-K</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>CURRENT REPORT</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>Date of Report: August 3, 2005</b></p>

<p align="center">
<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>PG&amp;E CORPORATION</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Exact Name of Registrant as specified in
Charter)</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><u>California</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>1-12609</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>94-3234914</u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(State or other jurisdiction of
incorporation)</p>
</td>
<td colspan="2" valign="top">
<p align="center"><br />
 (Commission File Number)</p>
</td>
<td colspan="2" valign="top">
<p align="center">(IRS Employer<br />
 Identification No.)</p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center"><b><u>One Market, Spear Tower, Suite 2400, San
Francisco, CA</u></b></p>
</td>
<td colspan="3" valign="top">
<p align="center"><b><u>94105</u></b></p>
</td>
</tr>

<tr>
<td colspan="2" valign="top">
<p align="center">(Address of principal executive offices)</p>
</td>
<td colspan="3" valign="top">
<p align="center">(Zip code)</p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b><u>415-267-7000</u></b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Registrant&rsquo;s Telephone Number,
Including Area Code)</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b><u>N/A</u></b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Former Name or Former Address, if Changed
Since Last Report)</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>PACIFIC GAS AND ELECTRIC COMPANY</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Exact Name of Registrant as specified in
Charter)</b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center"><b><u>California</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>1-2348</u></b></p>
</td>
<td colspan="2" valign="top">
<p align="center"><b><u>94-0742640</u></b></p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">(State or other jurisdiction of
incorporation)</p>
</td>
<td colspan="2" valign="top">
<p align="center"><br />
 (Commission File Number)</p>
</td>
<td colspan="2" valign="top">
<p align="center">(IRS Employer<br />
 Identification No.)</p>
</td>
</tr>

<tr>
<td valign="top">
<p align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td colspan="2" valign="top"></td>
<td colspan="2" valign="top"></td>
</tr>

<tr>
<td colspan="4" valign="top">
<p align="center"><b><u>77 Beale Street, P. O. Box 770000, San
Francisco, California</u></b></p>
</td>
<td valign="top">
<p align="center"><b><u>94177</u></b></p>
</td>
</tr>

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

<tr>
<td colspan="5" valign="top">
<p align="center"><b><u>(415) 973-7000</u></b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Registrant&rsquo;s Telephone Number,
Including Area Code)</b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b><u>N/A</u></b></p>
</td>
</tr>

<tr>
<td colspan="5" valign="top">
<p align="center"><b>(Former Name or Former Address, if Changed
Since Last Report)</b></p>
</td>
</tr>

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

<tr>
<td colspan="5" valign="top">
<p><br />
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):</p>
</td>
</tr>
</table>

<table border="0" cellspacing="0" cellpadding="0" width="624">
<tr>
<td valign="top">
<p>[&nbsp;]</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</p>
</td>
</tr>

<tr>
<td valign="top">
<p>[&nbsp;]</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Soliciting Material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</p>
</td>
</tr>

<tr>
<td valign="top">
<p>[&nbsp;]</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act<br />
 (17 CFR 240.14d-2(b)</p>
</td>
</tr>

<tr>
<td valign="top">
<p>[&nbsp;]</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act<br />
 (17 CFR 240.13e-4(c))</p>
</td>
</tr>
</table>

<hr>

<p><b>Item 2.02 Results of Operations and Financial
Condition</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information included in this Current Report on Form 8-K is being
furnished, not filed, pursuant to Item 2.02 of Form 8-K.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August 3, 2005, PG&amp;E Corporation issued the press release
attached hereto as Exhibit 99.1 announcing its financial results
and the financial results of its subsidiary, Pacific Gas and
Electric Company (Utility), for the quarter ended June 30,
2005.&nbsp; Additional supplemental information relating to
PG&amp;E Corporation&rsquo;s and the Utility&rsquo;s financial
results is attached as Exhibit 99.2.&nbsp; This additional
supplemental financial information also will be posted on the
&ldquo;Investors&rdquo; section of PG&amp;E Corporation&rsquo;s
website at www.pgecorp.com.&nbsp; Much of this information is
derived from the Quarterly Report on Form 10-Q for the quarter
ended June 30, 2005 to be filed by PG&amp;E Corporation and the
Utility with the Securities and Exchange Commission (SEC) and
should be read in conjunction with such Quarterly Report on Form
10-Q.</p>

<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E
Corporation presents results and guidance on an &ldquo;earnings
from operations&rdquo; basis in order to provide investors with a
measure that reflects the underlying financial performance of the
business and offers investors a basis on which to compare
performance from one period to another, exclusive of items that, in
management&rsquo;s judgment, are not reflective of the normal
course of operations.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
attached exhibits contain forward-looking statements regarding 2005
and 2006 guidance for earnings per common share from operations for
PG&amp;E Corporation that are necessarily subject to various risks
and uncertainties.&nbsp; Actual results could differ materially
from those contemplated by the forward-looking statements.&nbsp;
These statements are based on current expectations and assumptions
which management believes are reasonable, including that the
Utility earns an authorized return on equity of 11.22 percent, the
second series of energy recovery bonds is issued in November 2005
in the approximate amount of $800 million,&nbsp; the Utility makes
certain capital expenditures, and PG&amp;E Corporation repurchases
additional shares of its common
stock.<b><i>&nbsp;&nbsp;&nbsp;</i></b> In addition to the risk that
these assumptions prove to be inaccurate, some of the factors that
could cause actual results to differ materially include:</p>

<ul type="disc">
<li>Unanticipated changes in operating expenses or capital
expenditures, which may affect the Utility&rsquo;s ability to earn
its authorized rate of return;</li>
</ul>

<ul type="disc">
<li>The level and volatility of wholesale electricity and natural
gas prices and supplies, the Utility&rsquo;s ability to manage and
respond to the levels and volatility successfully, and the extent
to which the Utility is able to timely recover increased costs
related to such volatility;</li>
</ul>

<ul type="disc">
<li>The operation of the Utility&rsquo;s Diablo Canyon nuclear
power plant, which exposes the Utility to potentially significant
environmental costs and capital expenditure outlays;</li>
</ul>

<ul type="disc">
<li>The impact of current and future ratemaking actions of the
California Public Utilities Commission (CPUC) and the Federal
Energy Regulatory Commission (FERC), including the risk of material
differences between forecasted costs used to determine rates and
actual costs incurred;</li>
</ul>

<ul type="disc">
<li>Whether the assumptions and forecasts underlying the
Utility&rsquo;s CPUC-approved long-term electricity procurement
plan prove to be accurate, the terms and conditions of the
generation or procurement commitments the Utility enters into in
connection with its plan, the extent to which the Utility is able
to recover the costs it incurs in connection with these
commitments, and the extent to which a failure to perform by any of
the counterparties to the Utility&rsquo;s electricity purchase
contracts or the California Department of Water Resources&rsquo;
contracts allocated to the Utility&rsquo;s customers affects the
Utility&rsquo;s ability to meet its obligations or to recover its
costs;</li>
</ul>

<ul type="disc">
<li>The extent to which the CPUC or the FERC delays or denies
recovery of the Utility&rsquo;s costs, including electricity
purchase costs, from customers due to a regulatory determination
that such costs were not reasonable or prudent or for other
reasons, resulting in write-offs of regulatory balancing
accounts;</li>
</ul>

<ul type="disc">
<li>How the CPUC administers the capital structure, stand-alone
dividend, and first priority conditions of the CPUC&rsquo;s
decisions permitting the establishment of holding companies for the
California investor-owned electric utilities;</li>
</ul>

<ul type="disc">
<li>The impact of future legislative or regulatory actions or
policies;</li>
</ul>

<ul type="disc">
<li>The timing and resolution of the pending appeal of the
bankruptcy court&rsquo;s confirmation of the Utility&rsquo;s plan
of reorganization;</li>
</ul>

<ul type="disc">
<li>The outcome of regulatory proceedings pending at the CPUC and
the FERC, including the Utility&rsquo;s request for a revenue
requirement to fund pension contributions that may be required in
the future;<br>
</li>
<li>The outcome of the litigation pending against the Utility in
California state court involving allegations of injury allegedly
caused by exposure to chromium at certain of the Utility's gas
compressor stations and other pending litigation;</li>
</ul>

<ul type="disc">
<li>Increased competition; and</li>
</ul>

<ul type="disc">
<li>Other factors discussed in PG&amp;E Corporation's SEC
reports.</li>
</ul>

<p><b>Item 7.01 Regulation FD Disclosure</b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
additional supplemental information included in Exhibit 99.2 is
incorporated by reference in response to this Item 7.01, and is
deemed to be furnished, not filed, pursuant to Item 7.01 of Form
8-K.</p>

<p><b>Item 9.01 Financial Statements and Exhibits</b></p>

<p>Exhibits</p>

<p>The following exhibits are being furnished, and are not deemed
to be filed:</p>

<p>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&amp;E Corporation
Press Release Dated August 3, 2005</p>

<p>Exhibit 99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Supplemental Financial Information</p>

<br clear="all" />


<div>
<hr size="2" width="624" align="left" />
</div>

<p>&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p align="center">SIGNATURE</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>Pursuant to the requirements of the Securities Exchange Act of
1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.<br />
 </p>
</td>
</tr>

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

<table border="0" cellspacing="0" cellpadding="0" width="643">
<tr>
<td valign="top">
<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>PG&amp;E CORPORATION</p>
</td>
</tr>

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

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

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p>
<u>&nbsp;CHRISTOPHER P. JOHNS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
</tr>

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p>Christopher P. Johns<br />
 Senior Vice President, Chief Financial Officer and Controller</p>
</td>
</tr>

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

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

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

<tr>
<td valign="top"></td>
<td valign="top"></td>
<td valign="top">
<p>PACIFIC GAS AND ELECTRIC COMPANY</p>
</td>
</tr>

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

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

<tr>
<td valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td valign="top"></td>
<td valign="top">
<p>Dinyar B. Mistry<br />
 Vice President and Controller</p>
</td>
</tr>
</table>

<p></p>

<p></p>

<p>Dated:&nbsp; August 3, 2005</p>

<hr>


<p align="center"><b><br>
EXHIBIT INDEX</b></p>

<div align="center">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top">
<p>No.</p>
</td>
<td valign="top">
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
</td>
<td valign="top">
<p>Description of Exhibit</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>99.1&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>PG&amp;E Corporation Press Release Dated August 3, 2005</p>
</td>
</tr>

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

<tr>
<td valign="top">
<p>99.2&nbsp;&nbsp;</p>
</td>
<td valign="top"></td>
<td valign="top">
<p>Additional Supplemental Financial Information</p>
</td>
</tr>
</table>
</div>
</div>
</body>
</html>
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{"company-data": {"conformed-name": "PG&E CORP", "cik": "0001004980", "assigned-sic": "4931", "irs-number": "943234914", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12609", "film-number": "05994287"}, "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"}}
Form 8-K Quarterly Earnings
UNITED STATES
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: August 3, 2005
PG&E CORPORATION
(Exact Name of Registrant as specified in
Charter)
California
1-12609
94-3234914
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
One Market, Spear Tower, Suite 2400, San
Francisco, CA
94105
(Address of principal executive offices)
(Zip code)
415-267-7000
(Registrant's Telephone Number,
Including Area Code)
N/A
(Former Name or Former Address, if Changed
Since Last Report)
PACIFIC GAS AND ELECTRIC COMPANY
(Exact Name of Registrant as specified in
Charter)
California
1-2348
94-0742640
(State or other jurisdiction of
incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
77 Beale Street, P. O. Box 770000, San
Francisco, California
94177
(Address of principal executive offices)
(Zip code)
(415) 973-7000
(Registrant's Telephone Number,
Including Area Code)
N/A
(Former Name or Former Address, if Changed
Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2.
below):
[ ]
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ]
Soliciting Material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act
(17 CFR 240.14d-2(b)
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act
(17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial
Condition
The
information included in this Current Report on Form 8-K is being
furnished, not filed, pursuant to Item 2.02 of Form 8-K.
On
August 3, 2005, PG&E Corporation issued the press release
attached hereto as Exhibit 99.1 announcing its financial results
and the financial results of its subsidiary, Pacific Gas and
Electric Company (Utility), for the quarter ended June 30,
2005.  Additional supplemental information relating to
PG&E Corporation's and the Utility's financial
results is attached as Exhibit 99.2.  This additional
supplemental financial information also will be posted on the
"Investors" section of PG&E Corporation's
website at www.pgecorp.com.  Much of this information is
derived from the Quarterly Report on Form 10-Q for the quarter
ended June 30, 2005 to be filed by PG&E Corporation and the
Utility with the Securities and Exchange Commission (SEC) and
should be read in conjunction with such Quarterly Report on Form
10-Q.
PG&E
Corporation presents results and guidance on an "earnings
from operations" basis in order to provide investors with a
measure that reflects the underlying financial performance of the
business and offers investors a basis on which to compare
performance from one period to another, exclusive of items that, in
management's judgment, are not reflective of the normal
course of operations.
The
attached exhibits contain forward-looking statements regarding 2005
and 2006 guidance for earnings per common share from operations for
PG&E Corporation that are necessarily subject to various risks
and uncertainties.  Actual results could differ materially
from those contemplated by the forward-looking statements. 
These statements are based on current expectations and assumptions
which management believes are reasonable, including that the
Utility earns an authorized return on equity of 11.22 percent, the
second series of energy recovery bonds is issued in November 2005
in the approximate amount of $800 million,  the Utility makes
certain capital expenditures, and PG&E Corporation repurchases
additional shares of its common
stock.
In addition to the risk that
these assumptions prove to be inaccurate, some of the factors that
could cause actual results to differ materially include:
Unanticipated changes in operating expenses or capital
expenditures, which may affect the Utility's ability to earn
its authorized rate of return;
The level and volatility of wholesale electricity and natural
gas prices and supplies, the Utility's ability to manage and
respond to the levels and volatility successfully, and the extent
to which the Utility is able to timely recover increased costs
related to such volatility;
The operation of the Utility's Diablo Canyon nuclear
power plant, which exposes the Utility to potentially significant
environmental costs and capital expenditure outlays;
The impact of current and future ratemaking actions of the
California Public Utilities Commission (CPUC) and the Federal
Energy Regulatory Commission (FERC), including the risk of material
differences between forecasted costs used to determine rates and
actual costs incurred;
Whether the assumptions and forecasts underlying the
Utility's CPUC-approved long-term electricity procurement
plan prove to be accurate, the terms and conditions of the
generation or procurement commitments the Utility enters into in
connection with its plan, the extent to which the Utility is able
to recover the costs it incurs in connection with these
commitments, and the extent to which a failure to perform by any of
the counterparties to the Utility's electricity purchase
contracts or the California Department of Water Resources'
contracts allocated to the Utility's customers affects the
Utility's ability to meet its obligations or to recover its
costs;
The extent to which the CPUC or the FERC delays or denies
recovery of the Utility's costs, including electricity
purchase costs, from customers due to a regulatory determination
that such costs were not reasonable or prudent or for other
reasons, resulting in write-offs of regulatory balancing
accounts;
How the CPUC administers the capital structure, stand-alone
dividend, and first priority conditions of the CPUC's
decisions permitting the establishment of holding companies for the
California investor-owned electric utilities;
The impact of future legislative or regulatory actions or
policies;
The timing and resolution of the pending appeal of the
bankruptcy court's confirmation of the Utility's plan
of reorganization;
The outcome of regulatory proceedings pending at the CPUC and
the FERC, including the Utility's request for a revenue
requirement to fund pension contributions that may be required in
the future;
The outcome of the litigation pending against the Utility in
California state court involving allegations of injury allegedly
caused by exposure to chromium at certain of the Utility's gas
compressor stations and other pending litigation;
Increased competition; and
Other factors discussed in PG&E Corporation's SEC
reports.
Item 7.01 Regulation FD Disclosure
The
additional supplemental information included in Exhibit 99.2 is
incorporated by reference in response to this Item 7.01, and is
deemed to be furnished, not filed, pursuant to Item 7.01 of Form
8-K.
Item 9.01 Financial Statements and Exhibits
Exhibits
The following exhibits are being furnished, and are not deemed
to be filed:
Exhibit 99.1     PG&E Corporation
Press Release Dated August 3, 2005
Exhibit 99.2     Additional
Supplemental Financial Information
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.
PG&E CORPORATION
CHRISTOPHER P. JOHNS
Christopher P. Johns
Senior Vice President, Chief Financial Officer and Controller
PACIFIC GAS AND ELECTRIC COMPANY
DINYAR B. MISTRY
Dinyar B. Mistry
Vice President and Controller
Dated:  August 3, 2005
EXHIBIT INDEX
No.
Description of Exhibit
99.1
PG&E Corporation Press Release Dated August 3, 2005
99.2
Additional Supplemental Financial Information