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<title>Form 8-K</title>
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<p align="center"><b><font size="3" face="Times New Roman">UNITED STATES</font></b></p>
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<p align="center"><b><font size="3" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
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<p align="center"><b><font size="3" face="Times New Roman">Washington, D.C.&nbsp; 20549</font></b></p>
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<p><b><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
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<p align="center"><b><font size="5" face="Times New Roman">FORM 8-K</font></b></p>
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<p align="center"><b><font size="3" face="Times New Roman">CURRENT REPORT</font></b></p>
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<p align="center"><b><font size="3" face="Times New Roman">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b></p>
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<p><b><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
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<p align="center"><b><font size="3" face="Times New Roman">Date of Report: November 16, 2005<br />
</font></b> (Date of earliest event reported)</p>

<p align="center"><b><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
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<p align="center"><b><font size="5" face="Times New Roman">PG&amp;E CORPORATION</font></b></p>
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<p align="center"><font size="2" face="Times New Roman">(Exact Name of Registrant as specified in Charter)</font></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">California</font></u></b></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">1-12609</font></u></b></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">94-3234914</font></u></b></p>
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<p align="center"><font size="2" face="Times New Roman">(State or other jurisdiction of incorporation)</font></p>
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<p align="center"><font size="2" face="Times New Roman"><br />
 (Commission File Number)</font></p>
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<p align="center"><font size="2" face="Times New Roman">(IRS Employer<br />
 Identification No.)</font></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">One Market, Spear Tower, Suite 2400, San Francisco, CA</font></u></b></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">94105</font></u></b></p>
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<td colspan="2" height="19" valign="top">
<p align="center"><font size="2" face="Times New Roman">(Address of principal executive offices)</font></p>
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<p align="center"><font size="2" face="Times New Roman">(Zip code)</font></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">415-267-7000</font></u></b></p>
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<p align="center"><font size="2" face="Times New Roman">(Registrant&rsquo;s Telephone Number, Including Area Code)</font></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">N/A</font></u></b></p>
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<p align="center"><font size="2" face="Times New Roman">(Former Name or Former Address, if Changed Since Last Report)</font></p>
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<p align="center"><b><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
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<p align="center"><b><font size="5" face="Times New Roman">PACIFIC GAS AND ELECTRIC COMPANY</font></b></p>
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<p align="center"><font size="2" face="Times New Roman">(Exact Name of Registrant as specified in Charter)</font></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">California</font></u></b></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">1-2348</font></u></b></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">94-0742640</font></u></b></p>
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<p align="center"><font size="2" face="Times New Roman">(State or other jurisdiction of incorporation)</font></p>
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<p align="center"><font size="2" face="Times New Roman"><br />
 (Commission File Number)</font></p>
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<td colspan="2" height="19" valign="top">
<p align="center"><font size="2" face="Times New Roman">(IRS Employer<br />
 Identification No.)</font></p>
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<td height="19" valign="top">
<p align="center"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">77 Beale Street, P. O. Box 770000, San Francisco, California</font></u></b></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">94177</font></u></b></p>
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<td colspan="4" height="19" valign="top">
<p align="center"><font size="2" face="Times New Roman">(Address of principal executive offices)</font></p>
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<p align="center"><font size="2" face="Times New Roman">(Zip code)</font></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">(415) 973-7000</font></u></b></p>
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<p align="center"><font size="2" face="Times New Roman">(Registrant&rsquo;s Telephone Number, Including Area Code)</font></p>
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<p align="center"><b><u><font size="3" face="Times New Roman">N/A</font></u></b></p>
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<p align="center"><font size="2" face="Times New Roman">(Former Name or Former Address, if Changed Since Last Report)</font></p>
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<p><font size="3" face="Times New Roman"><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):</font></p>
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<p><font size="3" face="Times New Roman">[&nbsp;]</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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<p><font size="3" face="Times New Roman">[&nbsp;]</font></p>
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<p><font size="2" face="Times New Roman">Soliciting Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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<p><font size="3" face="Times New Roman">[&nbsp;]</font></p>
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<p><font size="2" face="Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act<br />
 (17 CFR 240.14d-2(b)</font></p>
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<p><font size="3" face="Times New Roman">[&nbsp;]</font></p>
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<td height="18" valign="top"></td>
<td height="18" valign="top">
<p><font size="2" face="Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act<br />
 (17 CFR 240.13e-4(c))</font></p>
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<p><b><font size="2" face="Times New Roman">Item 1.01 &ndash; Entry Into a Material Definitive Agreement</font></b></p>

<p><b><font size="2" face="Times New Roman">Accelerated Share Repurchase Transaction</font></b></p>

<p><font size="2" face="Times New Roman"></font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with its previously announced expectation, on November 16, 2005, PG&amp;E Corporation entered into an accelerated share
repurchase arrangement with Goldman, Sachs &amp; Co. (GS&amp;Co.) under which PG&amp;E Corporation has repurchased 31,650,300 shares of its outstanding common stock at an initial price of $34.75 per share and an aggregate price of approximately $1.1 billion (in each
case exclusive of commissions).&nbsp; The repurchase will be funded from available cash on hand.&nbsp; The repurchased shares will be retired.&nbsp; This additional repurchase of PG&amp;E Corporation common stock will not materially affect the weighted average number
of shares outstanding for purposes of calculating 2005 earnings per share.&nbsp;<br />
 </font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Under the terms of the arrangement, certain additional payments are required by both PG&amp;E Corporation and GS&amp;Co.&nbsp; Most
significantly, PG&amp;E Corporation may receive from, or be required to pay, GS&amp;Co. a price adjustment based on the daily volume weighted average market price (VWAP) of PG&amp;E Corporation common stock over a period of approximately seven months. Any additional
payments can be satisfied, at PG&amp;E Corporation&rsquo;s option, in cash, in shares of PG&amp;E Corporation&rsquo;s common stock, or a combination of the two.</font></p>

<p><font size="2" face="Times New Roman"></font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">GS&amp;Co. may terminate the transaction (i) in the event of a default by PG&amp;E Corporation under the
accelerated share repurchase arrangement (which would include the acceleration of certain other PG&amp;E Corporation indebtedness in a principal amount in excess of $100 million), (ii) on the day before any ex-dividend date of a PG&amp;E Corporation dividend that
occurs after December 31, 2005, and (iii) in certain other circumstances.&nbsp; In the event of termination in connection with an ex-dividend date, PG&amp;E Corporation and GS&amp;Co. may elect to enter into a new agreement to complete the original transaction
although the price adjustment based on the to-date VWAP and certain other amounts would become payable.&nbsp; Upon an early termination (other than when a new agreement is executed to complete the original transaction), PG&amp;E Corporation would be required to
compensate GS&amp;Co. for losses it incurred in connection with the accelerated share repurchase transaction.</font></p>

<p><font size="2" face="Times New Roman"></font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">Any shares that PG&amp;E Corporation issues in the future in connection with an early termination of the
transaction or to compensate GS&amp;Co. for any additional amounts due under the accelerated share repurchase arrangement would increase the number of shares outstanding at the time of issuance.&nbsp; In addition, until the transaction is completed or terminated,
generally accepted accounting principles require PG&amp;E Corporation to assume that it will issue shares to settle any obligation to GS&amp;Co.&nbsp; PG&amp;E Corporation must calculate the number of shares that would be required to satisfy the obligation upon
completion of the transaction based on the market price of PG&amp;E Corporation common stock at the end of a quarterly or year-end reporting period.&nbsp; The number of shares PG&amp;E Corporation must treat as having been issued to settle such obligation would
be</font> <font size="2">included in the number of shares outstanding for purposes of calculating</font><font size="2">PG&amp;E Corporation&rsquo;s fully diluted earnings per share for that reporting period.</font></p>

<p><font size="2" face="Times New Roman"></font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">GS&amp;Co. and certain of its affiliates have engaged, and may in the future engage, in financial advisory,
investment banking and other services for PG&amp;E Corporation and its affiliates, including entering into previous accelerated share repurchase arrangements and acting as a lender under PG&amp;E Corporation&rsquo;s credit agreement.</font></p>

<p><font size="2" face="Times New Roman"><br>
&nbsp;</font></p>

<p><font size="2" face="Times New Roman"></font></p>

<p><b><font size="2" face="Times New Roman">Item 2.03 &ndash; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</font></b></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font> <font size="2">The information set forth above in Item 1.01 regarding PG&amp;E Corporation&rsquo;s undertaking of an accelerated
share repurchase is hereby incorporated into Item 2.03(b) by reference.</font></p>

<p><font size="2" face="Times New Roman"><br>
&nbsp;</font></p>

<p><font size="2" face="Times New Roman"></font></p>

<p><b><font size="2" face="Times New Roman">Item 8.01 - Other Events</font></b></p>

<p><b><font size="2" face="Times New Roman"></font></b></p>

<p><b><font size="2" face="Times New Roman">Diablo Canyon Steam Generator Replacement Projects</font></b></p>

<p><font size="2" face="Times New Roman"></font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 18, 2005, the California Public Utilities Commission (CPUC) voted to approve Pacific Gas and Electric Company's (Utility)
application to replace the turbines, steam generators and other equipment at the two nuclear operating units at the Utility's Diablo Canyon nuclear power plant, referred to as the Steam Generator Replacement Project (SGRP).&nbsp; The CPUC also certified the
environmental impact report (EIR) with respect to the SGRP as final.&nbsp; The EIR found that, for the SGRP as a whole, there are no environmental impacts that are significant, provided certain mitigation measures are implemented.</font></p>

<p><font size="2" face="Times New Roman"></font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In voting to approve its final decision, the CPUC adopted the findings it made in its February 24, 2005 interim decision that the SGRP
is cost-effective, that the Utility&rsquo;s projected cost of $706 million (as adjusted for actual inflation and cost of capital) is a reasonable estimate of the SGRP cost, and that the Utility cannot recover costs in excess of $815 million (as adjusted for actual
inflation and cost of capital).&nbsp; The CPUC also adopted its earlier findings that (i) if the costs did not exceed $706 million, the CPUC did not intend to conduct an after-the-fact reasonableness review of the SGRP costs but that such a review was not precluded,
and (ii) if the cost exceeds $706 million (as adjusted for actual inflation and cost of capital) or the CPUC later finds that it has reason to believe the costs may be unreasonable regardless of the amount, the entire SGRP cost will be subject to a reasonableness
review.&nbsp;</font></p>

<p><font size="2" face="Times New Roman"></font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of the projected capital costs for the SGRP will be expended over the 2007-2009 period as the Utility plans to replace the
steam generators in Unit 2 in 2008 and in Unit 1 in 2009.</font></p>

<p><font size="2" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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.<br />
 </font></p>
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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face=
"Times">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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<p><font size="3" face="Times">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">PG&amp;E CORPORATION</font></p>
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<td valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
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<p><font size="3" face="Times">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times">LINDA Y.H. CHENG&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
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<p><font size="3" face="Times New Roman">Linda Y.H. Cheng<br />
 Vice President and Corporate Secretary</font></p>
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<p><font size="3" face="Times">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">PACIFIC GAS AND ELECTRIC COMPANY</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><u><font size="3" face="Times New Roman">LINDA Y.H. CHENG&nbsp;&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></u></p>
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<td valign="top"></td>
<td valign="top">
<p><font size="3" face="Times New Roman">Linda Y.H. Cheng<br />
 Vice President and Corporate Secretary</font></p>
</td>
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</table>

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

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

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

<p><font size="3" face="Times New Roman">Dated:&nbsp; November 18, 2005</font></p>

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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": "051215869"}, "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
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: November 16, 2005
(Date of earliest event reported)
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 1.01 – Entry Into a Material Definitive Agreement
Accelerated Share Repurchase Transaction
In accordance with its previously announced expectation, on November 16, 2005, PG&E Corporation entered into an accelerated share
repurchase arrangement with Goldman, Sachs & Co. (GS&Co.) under which PG&E Corporation has repurchased 31,650,300 shares of its outstanding common stock at an initial price of $34.75 per share and an aggregate price of approximately $1.1 billion (in each
case exclusive of commissions).  The repurchase will be funded from available cash on hand.  The repurchased shares will be retired.  This additional repurchase of PG&E Corporation common stock will not materially affect the weighted average number
of shares outstanding for purposes of calculating 2005 earnings per share.
Under the terms of the arrangement, certain additional payments are required by both PG&E Corporation and GS&Co.  Most
significantly, PG&E Corporation may receive from, or be required to pay, GS&Co. a price adjustment based on the daily volume weighted average market price (VWAP) of PG&E Corporation common stock over a period of approximately seven months. Any additional
payments can be satisfied, at PG&E Corporation's option, in cash, in shares of PG&E Corporation's common stock, or a combination of the two.
GS&Co. may terminate the transaction (i) in the event of a default by PG&E Corporation under the
accelerated share repurchase arrangement (which would include the acceleration of certain other PG&E Corporation indebtedness in a principal amount in excess of $100 million), (ii) on the day before any ex-dividend date of a PG&E Corporation dividend that
occurs after December 31, 2005, and (iii) in certain other circumstances.  In the event of termination in connection with an ex-dividend date, PG&E Corporation and GS&Co. may elect to enter into a new agreement to complete the original transaction
although the price adjustment based on the to-date VWAP and certain other amounts would become payable.  Upon an early termination (other than when a new agreement is executed to complete the original transaction), PG&E Corporation would be required to
compensate GS&Co. for losses it incurred in connection with the accelerated share repurchase transaction.
Any shares that PG&E Corporation issues in the future in connection with an early termination of the
transaction or to compensate GS&Co. for any additional amounts due under the accelerated share repurchase arrangement would increase the number of shares outstanding at the time of issuance.  In addition, until the transaction is completed or terminated,
generally accepted accounting principles require PG&E Corporation to assume that it will issue shares to settle any obligation to GS&Co.  PG&E Corporation must calculate the number of shares that would be required to satisfy the obligation upon
completion of the transaction based on the market price of PG&E Corporation common stock at the end of a quarterly or year-end reporting period.  The number of shares PG&E Corporation must treat as having been issued to settle such obligation would
be
included in the number of shares outstanding for purposes of calculating
PG&E Corporation's fully diluted earnings per share for that reporting period.
GS&Co. and certain of its affiliates have engaged, and may in the future engage, in financial advisory,
investment banking and other services for PG&E Corporation and its affiliates, including entering into previous accelerated share repurchase arrangements and acting as a lender under PG&E Corporation's credit agreement.
Item 2.03 – Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information set forth above in Item 1.01 regarding PG&E Corporation's undertaking of an accelerated
share repurchase is hereby incorporated into Item 2.03(b) by reference.
Item 8.01 - Other Events
Diablo Canyon Steam Generator Replacement Projects
On November 18, 2005, the California Public Utilities Commission (CPUC) voted to approve Pacific Gas and Electric Company's (Utility)
application to replace the turbines, steam generators and other equipment at the two nuclear operating units at the Utility's Diablo Canyon nuclear power plant, referred to as the Steam Generator Replacement Project (SGRP).  The CPUC also certified the
environmental impact report (EIR) with respect to the SGRP as final.  The EIR found that, for the SGRP as a whole, there are no environmental impacts that are significant, provided certain mitigation measures are implemented.
In voting to approve its final decision, the CPUC adopted the findings it made in its February 24, 2005 interim decision that the SGRP
is cost-effective, that the Utility's projected cost of $706 million (as adjusted for actual inflation and cost of capital) is a reasonable estimate of the SGRP cost, and that the Utility cannot recover costs in excess of $815 million (as adjusted for actual
inflation and cost of capital).  The CPUC also adopted its earlier findings that (i) if the costs did not exceed $706 million, the CPUC did not intend to conduct an after-the-fact reasonableness review of the SGRP costs but that such a review was not precluded,
and (ii) if the cost exceeds $706 million (as adjusted for actual inflation and cost of capital) or the CPUC later finds that it has reason to believe the costs may be unreasonable regardless of the amount, the entire SGRP cost will be subject to a reasonableness
review.
The majority of the projected capital costs for the SGRP will be expended over the 2007-2009 period as the Utility plans to replace the
steam generators in Unit 2 in 2008 and in Unit 1 in 2009.
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
Vice President and Corporate Secretary
PACIFIC GAS AND ELECTRIC COMPANY
LINDA Y.H. CHENG
Linda Y.H. Cheng
Vice President and Corporate Secretary
Dated:  November 18, 2005