<html>
  <head>
    <title>
      Form 8-K dated February 27, 2007
</title>
<!-- Licensed to: PG&E Corporation-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff" style="MARGIN: 5%; TEXT-INDENT: 0pt">
    <div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_____________________________________________________________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
        STATES </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
        D.C. 20549</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_____________________________________________________________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of
        1934</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Date
        of Report: February 26, 2007</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Date
        of
        earliest event reported)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="85%">

            <tr>
              <td valign="bottom" width="9%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Commission
                  File Number</strong></font></div>
              </td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td valign="bottom" width="33%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exact
                  Name of Registrant</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>as
                  specified in its charter</strong></font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="22%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>State
                  or Other Jurisdiction of Incorporation or
                  Organization</strong></font></div>
              </td>
              <td valign="bottom" width="2%">&#160;</td>
              <td valign="bottom" width="16%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>IRS
                  Employer Identification Number</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1-12609</font></div>
              </td>
              <td valign="top" width="1%">&#160;</td>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PG&amp;E
                  CORPORATION</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="22%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">California</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">94-3234914</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1-2348</font></div>
              </td>
              <td valign="top" width="1%">&#160;</td>
              <td align="left" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PACIFIC
                  GAS AND ELECTRIC COMPANY</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td valign="top" width="22%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">California</font></div>
              </td>
              <td valign="top" width="2%">&#160;</td>
              <td valign="top" width="16%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">94-0742640</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="80%">

            <tr>
              <td valign="top" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong><em>PG&amp;E
                  Corporation</em></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>One
                  Market, Spear Tower</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Suite
                  2400</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>San
                  Francisco, California 94105</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                  of principal executive offices) (Zip Code)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(415)
                  267-7000</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
                  telephone number, including area code)</font></div>
              </td>
              <td valign="top" width="1%">&#160;</td>
              <td valign="top" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong><em>Pacific
                  Gas and Electric Company</em></strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>77
                  Beale Street</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>P.O.
                  Box 770000</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>San
                  Francisco, California 94177</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                  of principal executive offices) (Zip Code)</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(415)
                  973-7000</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant's
                  telephone number, including area code)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="42%">&#160;</td>
              <td valign="top" width="1%">&#160;</td>
              <td valign="top" width="41%">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="73%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="73%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
                  Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="73%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17
                  CFR 240.14d-2(b)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="73%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17
                  CFR 240.13e-4(c))</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01 - Entry Into a Material Definitive Agreement </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pacific
        Gas and Electric Company Amended and Restated Credit Agreement</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On
        February 26, 2007, Pacific Gas and Electric Company (Utility), a subsidiary
        of
        PG&amp;E Corporation, entered into an amended and restated $2.0 billion
        unsecured revolving credit agreement (Restated Utility Credit Agreement)
        with
        Citicorp North America, Inc., as administrative agent and a lender, JPMorgan
        Securities Inc., as syndication agent, Barclays Bank Plc and BNP Paribas
        as
        documentation agents and lenders, Deutsche Bank Securities Inc., as
        documentation agent, and the following other lenders: JPMorgan Chase Bank,
        N.A.,
        Bank of America, N.A., Deutsche Bank AG, New York Branch, Lehman Brothers
        Bank,
        FSB, UBS Loan Finance LLC, ABN AMRO Bank N.V., Morgan Stanley Bank, Union
        Bank
        of California, N.A., William Street Commitment Corporation, Mizuho Corporate
        Bank, Ltd., Mellon Bank, N.A., The Bank of New York and US Bank National
        Association. The Restated Utility Credit Agreement will be used for working
        capital purposes and to support commercial paper issuances. On the same date
        the
        Utility terminated its $650 million accounts receivable facility that was
        due to
        expire on March 5, 2007. (There were no loans outstanding under the Utility&#8217;s
        accounts receivable facility at the time of termination.) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Restated Utility Credit Agreement increases the aggregate amount available
        under
        this agreement by $650 million to a total of $2.0 billion. Subject to obtaining
        commitments from existing or new lenders and satisfying other conditions
        specified in the Restated Utility Credit Agreement, the Utility may increase
        the
        aggregate commitments under this credit agreement to $3.0 billion. The Restated
        Utility Credit Agreement has an initial term of five years and, unless extended,
        all amounts will be due and payable on February 26, 2012. At the Utility&#8217;s
        request and at the sole discretion of each lender, the Restated Utility Credit
        Agreement may be extended for additional periods. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Under
        the Restated Utility Credit Agreement, the Utility will pay reduced fees
        and
        interest rate spreads. Borrowings under the Restated Utility Credit Agreement
        (other than swing line loans, i.e., loans made available on a same day basis
        and
        repayable in full within 30 days) will bear interest based, at the Utility&#8217;s
        election, on a London Interbank Overnight Rate (LIBOR) plus an applicable
        margin
        or the base rate. The base rate will equal the higher of the administrative
        agent&#8217;s announced base rate or 0.5% above the federal funds rate. The Utility
        also will pay a facility fee on the total commitments of the lenders under
        the
        Restated Utility Credit Agreement and a utilization fee equal to 0.050% per
        annum of the average amount of extensions of credit under the Restated Utility
        Credit Agreement during any quarter in excess of 50% of the total commitments.
        The applicable margin for LIBOR loans and the facility f</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ee
        will
        be based on the Utility&#8217;s senior unsecured, non-credit enhanced debt rating
        (Senior Debt Rating) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">issued
        by
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Standard
        &amp; Poor&#8217;s Ratings Services</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        (S&amp;P)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Moody&#8217;s
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Investors
        Service (Moody&#8217;s)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        applicable margin for LIBOR loans will range between 0.105% and 0.600%. The
        facility fee will range between 0.045% and 0.150%. In addition, the Utility
        will
        pay a fee for each letter of credit issued under the Restated Utility Credit
        Agreement equal to the applicable margin for LIBOR loans and a customary
        fee
        payable to the letter of credit issuer. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        Restated Utility Credit Agreement includes usual and customary covenants
        for
        credit facilities of this type, including covenants limiting the following:
        liens, mergers, substantial asset sales and other fundamental changes. The
        Restated Utility Credit Agreement also requires that the Utility maintain
        a
        ratio of total consolidated debt to total consolidated capitalization of
        not
        more than 0.65 to 1.00 as of the end of each fiscal quarter. </font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">-2-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In
        the event of a default by the Utility under the Restated Utility Credit
        Agreement, including cross-defaults relating to specified other debt of the
        Utility or PG&amp;E Corporation in excess of $100 million, the lenders may
        terminate the commitments under the Restated Utility Credit Agreement and
        declare the amounts outstanding, including all accrued interest and unpaid
        fees,
        payable immediately. In addition, the lenders may enforce any and all rights
        and
        remedies created under the Restated Utility Credit Agreement or applicable
        law,
        including set-off rights. For events of default relating to insolvency,
        bankruptcy or receivership, the commitments are automatically terminated
        and the
        amounts outstanding become payable immediately.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        lenders and agents under the Restated Utility Credit Agreement and their
        affiliates have in the past provided, and may in the future provide, investment
        banking, underwriting, lending, commercial banking and other advisory services
        to the Utility and PG&amp;E Corporation. These parties have received, and may in
        the future receive, customary compensation from the Utility and PG&amp;E
        Corporation for such services. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PG&amp;E
        Corporation Amended and Restated Credit Agreement</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        February 26, 2007, PG&amp;E Corporation entered into an amended and restated
        $200 million unsecured revolving credit agreement (Restated Parent Credit
        Agreement) with BNP Paribas, as administrative agent and a lender, Deutsche
        Bank
        Securities Inc., as syndication agent, ABN AMRO Bank, N.V., Bank of America,
        N.A., and Barclays Bank Plc, as documentation agents and lenders, and the
        following other lenders: Citicorp North America, Inc., JP Morgan Chase Bank,
        N.A., Deutsche Bank AG, New York Branch, Lehman Brothers Bank, FSB, UBS Loan
        Finance LLC, Morgan Stanley Bank, Union Bank of California, N.A., William
        Street
        Commitment Corporation, Mizuho Corporate Bank, Ltd., Mellon Bank, N.A., The
        Bank
        of New York and US Bank National Association. The Restated Parent Credit
        Agreement will be used for working capital purposes. PG&amp;E Corporation has
        not initiated any borrowings or issued any letters of credit under the Restated
        Parent Credit Agreement as of the date of this report. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
        to obtaining commitments from existing or new lenders and satisfying other
        conditions specified in the Restated Parent Credit Agreement, PG&amp;E
        Corporation may increase the aggregate commitments under this credit agreement
        to $300 million. The Restated Parent Credit Agreement has an initial term
        of
        five years and, unless extended, all amounts will be due and payable on February
        26, 2012. In addition, at PG&amp;E Corporation&#8217;s request and at the sole
        discretion of each lender, the Restated Parent Credit Agreement may be extended
        for additional periods. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        the
        Restated Parent Credit Agreement, PG&amp;E Corporation will pay reduced fees and
        interest rate spreads. Borrowings under the Restated Parent Credit Agreement
        (other than swing line loans) will bear interest based, at PG&amp;E
        Corporation&#8217;s election, on a LIBOR rate plus an applicable margin or the base
        rate. The base rate will equal the higher of the administrative agent&#8217;s
        announced base rate or 0.5% above the federal funds rate. PG&amp;E Corporation
        also will pay a facility fee on the total commitments of the lenders under
        the
        Restated Parent Credit Agreement and a utilization fee equal to 0.050% per
        annum
        of the average amount of extensions of credit under the Restated Parent Credit
        Agreement during any quarter in excess of 50% of the total commitments. The
        applicable margin for LIBOR loans and the facility fee will be based on one
        rating below the Utility&#8217;s Senior Debt Rating or, if both S&amp;P and Moody&#8217;s
        provide a Senior Debt Rating for PG&amp;E Corporation, based on PG&amp;E
        Corporation&#8217;s Senior Debt Rating. The applicable margin for LIBOR loans will
        range between 0.105% and 0.600%. The facility fee will range between 0.045%
        and
        0.150%. In addition, PG&amp;E Corporation will pay a fee for each
        letter</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">-3-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
        credit
        issued under the Restated Parent Credit Agreement equal to the applicable
        margin
        for LIBOR loans and a customary fee payable to the letter of credit
        issuer.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Restated Parent Credit Agreement includes usual and customary covenants for
        credit facilities of this type, including covenants limiting the following:
        liens, mergers, substantial asset sales and other fundamental changes and
        sales
        of the Utility&#8217;s stock owned by PG&amp;E Corporation. The Restated Parent Credit
        Agreement also requires that PG&amp;E Corporation maintain a ratio of total
        consolidated debt to total consolidated capitalization of not more than 0.65
        to
        1.00 as of the end of each fiscal quarter. In addition, at any time, the
        Restated Parent Credit Agreement limits debt secured by the Utility&#8217;s stock
        owned by PG&amp;E Corporation to $2 billion, provided that the lenders have an
        equal and ratable lien on such stock. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        the
        event of a default by PG&amp;E Corporation under the Restated Parent Credit
        Agreement, including cross-defaults relating to specified other debt of PG&amp;E
        Corporation or the Utility in excess of $100 million, the lenders may terminate
        the commitments under the Restated Parent Credit Agreement and declare the
        amounts outstanding, including all accrued interest and unpaid fees, payable
        immediately. In addition, the lenders may enforce any and all rights and
        remedies created under the Restated Parent Credit Agreement or applicable
        law,
        including set-off rights. For events of default relating to insolvency,
        bankruptcy or receivership, the commitments are automatically terminated
        and the
        amounts outstanding become payable immediately.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        lenders and agents under the Restated Parent Credit Agreement and their
        affiliates have in the past provided, and may in the future provide, investment
        banking, underwriting, lending, commercial banking and other advisory services
        to PG&amp;E Corporation and the Utility. These parties have received, and may in
        the future receive, customary compensation from PG&amp;E Corporation and the
        Utility for such services.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        2.03 - Creation of a Direct Financial Obligation or an Obligation under an
        Off-Balance Sheet Arrangement of a Registrant</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
        information set forth above in Item 1.01 regarding the Restated Utility Credit
        Agreement and the Restated Parent Credit Agreement is hereby incorporated
        into
        Item 2.03(a) by reference.</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">-4-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE
        </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: 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 hereunto
        duly authorized. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" width="85%">

            <tr>
              <td align="left" valign="middle" width="34%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="middle" width="3%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="middle" width="34%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" colspan="3" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PG&amp;E
                  CORPORATION</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="34%">&#160;</td>
              <td align="left" colspan="2" valign="middle" width="4%">&#160;</td>
              <td align="left" colspan="2" valign="middle" width="35%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
                  February 27, 2007</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="34%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CHRISTOPHER
                  P. JOHNS</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="34%">&#160;</td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="3%">&#160;</td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CHRISTOPHER
                  P. JOHNS</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior&#160;Vice
                  President, Chief Financial Officer and Treasurer
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" width="85%">

            <tr>
              <td align="left" valign="middle" width="34%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="middle" width="3%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="middle" width="34%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" colspan="3" valign="bottom" width="38%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PACIFIC
                  GAS AND ELECTRIC COMPANY</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="34%">&#160;</td>
              <td align="left" colspan="2" valign="middle" width="4%">&#160;</td>
              <td align="left" colspan="2" valign="middle" width="35%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
                  February 27, 2007</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
              </td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="34%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CHRISTOPHER
                  P. JOHNS</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="34%">&#160;</td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="3%">&#160;</td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CHRISTOPHER
                  P. JOHNS</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior&#160;Vice
                  President, Chief Financial Officer and
                  Treasurer</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">-5-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    </div>
  </body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "form8k022707.htm", "description": "FORM 8-K DATED FEBRUARY 27, 2007", "secsgml_size_bytes": 53015}]
{"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": "07653862"}, "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 dated February 27, 2007
_____________________________________________________________________________________
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: February 26, 2007
(Date
        of
        earliest event reported)
Commission
                  File Number
Exact
                  Name of Registrant
as
                  specified in its charter
State
                  or Other Jurisdiction of Incorporation or
                  Organization
IRS
                  Employer Identification Number
1-12609
PG&E
                  CORPORATION
California
94-3234914
1-2348
PACIFIC
                  GAS AND ELECTRIC COMPANY
California
94-0742640
PG&E
                  Corporation
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)
Pacific
                  Gas and Electric Company
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)
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):
o
Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)
o
Soliciting
                  Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)
o
Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act
(17
                  CFR 240.14d-2(b)
o
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
Pacific
        Gas and Electric Company Amended and Restated Credit Agreement
On
        February 26, 2007, Pacific Gas and Electric Company (Utility), a subsidiary
        of
        PG&E Corporation, entered into an amended and restated $2.0 billion
        unsecured revolving credit agreement (Restated Utility Credit Agreement)
        with
        Citicorp North America, Inc., as administrative agent and a lender, JPMorgan
        Securities Inc., as syndication agent, Barclays Bank Plc and BNP Paribas
        as
        documentation agents and lenders, Deutsche Bank Securities Inc., as
        documentation agent, and the following other lenders: JPMorgan Chase Bank,
        N.A.,
        Bank of America, N.A., Deutsche Bank AG, New York Branch, Lehman Brothers
        Bank,
        FSB, UBS Loan Finance LLC, ABN AMRO Bank N.V., Morgan Stanley Bank, Union
        Bank
        of California, N.A., William Street Commitment Corporation, Mizuho Corporate
        Bank, Ltd., Mellon Bank, N.A., The Bank of New York and US Bank National
        Association. The Restated Utility Credit Agreement will be used for working
        capital purposes and to support commercial paper issuances. On the same date
        the
        Utility terminated its $650 million accounts receivable facility that was
        due to
        expire on March 5, 2007. (There were no loans outstanding under the Utility's
        accounts receivable facility at the time of termination.)
The
        Restated Utility Credit Agreement increases the aggregate amount available
        under
        this agreement by $650 million to a total of $2.0 billion. Subject to obtaining
        commitments from existing or new lenders and satisfying other conditions
        specified in the Restated Utility Credit Agreement, the Utility may increase
        the
        aggregate commitments under this credit agreement to $3.0 billion. The Restated
        Utility Credit Agreement has an initial term of five years and, unless extended,
        all amounts will be due and payable on February 26, 2012. At the Utility's
        request and at the sole discretion of each lender, the Restated Utility Credit
        Agreement may be extended for additional periods.
Under
        the Restated Utility Credit Agreement, the Utility will pay reduced fees
        and
        interest rate spreads. Borrowings under the Restated Utility Credit Agreement
        (other than swing line loans, i.e., loans made available on a same day basis
        and
        repayable in full within 30 days) will bear interest based, at the Utility's
        election, on a London Interbank Overnight Rate (LIBOR) plus an applicable
        margin
        or the base rate. The base rate will equal the higher of the administrative
        agent's announced base rate or 0.5% above the federal funds rate. The Utility
        also will pay a facility fee on the total commitments of the lenders under
        the
        Restated Utility Credit Agreement and a utilization fee equal to 0.050% per
        annum of the average amount of extensions of credit under the Restated Utility
        Credit Agreement during any quarter in excess of 50% of the total commitments.
        The applicable margin for LIBOR loans and the facility f
ee
        will
        be based on the Utility's senior unsecured, non-credit enhanced debt rating
        (Senior Debt Rating)
issued
        by
Standard
        & Poor's Ratings Services
(S&P)
and
Moody's
Investors
        Service (Moody's)
.
        The
        applicable margin for LIBOR loans will range between 0.105% and 0.600%. The
        facility fee will range between 0.045% and 0.150%. In addition, the Utility
        will
        pay a fee for each letter of credit issued under the Restated Utility Credit
        Agreement equal to the applicable margin for LIBOR loans and a customary
        fee
        payable to the letter of credit issuer.
The
        Restated Utility Credit Agreement includes usual and customary covenants
        for
        credit facilities of this type, including covenants limiting the following:
        liens, mergers, substantial asset sales and other fundamental changes. The
        Restated Utility Credit Agreement also requires that the Utility maintain
        a
        ratio of total consolidated debt to total consolidated capitalization of
        not
        more than 0.65 to 1.00 as of the end of each fiscal quarter.
-2-
In
        the event of a default by the Utility under the Restated Utility Credit
        Agreement, including cross-defaults relating to specified other debt of the
        Utility or PG&E Corporation in excess of $100 million, the lenders may
        terminate the commitments under the Restated Utility Credit Agreement and
        declare the amounts outstanding, including all accrued interest and unpaid
        fees,
        payable immediately. In addition, the lenders may enforce any and all rights
        and
        remedies created under the Restated Utility Credit Agreement or applicable
        law,
        including set-off rights. For events of default relating to insolvency,
        bankruptcy or receivership, the commitments are automatically terminated
        and the
        amounts outstanding become payable immediately.
The
        lenders and agents under the Restated Utility Credit Agreement and their
        affiliates have in the past provided, and may in the future provide, investment
        banking, underwriting, lending, commercial banking and other advisory services
        to the Utility and PG&E Corporation. These parties have received, and may in
        the future receive, customary compensation from the Utility and PG&E
        Corporation for such services.
PG&E
        Corporation Amended and Restated Credit Agreement
On
        February 26, 2007, PG&E Corporation entered into an amended and restated
        $200 million unsecured revolving credit agreement (Restated Parent Credit
        Agreement) with BNP Paribas, as administrative agent and a lender, Deutsche
        Bank
        Securities Inc., as syndication agent, ABN AMRO Bank, N.V., Bank of America,
        N.A., and Barclays Bank Plc, as documentation agents and lenders, and the
        following other lenders: Citicorp North America, Inc., JP Morgan Chase Bank,
        N.A., Deutsche Bank AG, New York Branch, Lehman Brothers Bank, FSB, UBS Loan
        Finance LLC, Morgan Stanley Bank, Union Bank of California, N.A., William
        Street
        Commitment Corporation, Mizuho Corporate Bank, Ltd., Mellon Bank, N.A., The
        Bank
        of New York and US Bank National Association. The Restated Parent Credit
        Agreement will be used for working capital purposes. PG&E Corporation has
        not initiated any borrowings or issued any letters of credit under the Restated
        Parent Credit Agreement as of the date of this report.
Subject
        to obtaining commitments from existing or new lenders and satisfying other
        conditions specified in the Restated Parent Credit Agreement, PG&E
        Corporation may increase the aggregate commitments under this credit agreement
        to $300 million. The Restated Parent Credit Agreement has an initial term
        of
        five years and, unless extended, all amounts will be due and payable on February
        26, 2012. In addition, at PG&E Corporation's request and at the sole
        discretion of each lender, the Restated Parent Credit Agreement may be extended
        for additional periods.
Under
        the
        Restated Parent Credit Agreement, PG&E Corporation will pay reduced fees and
        interest rate spreads. Borrowings under the Restated Parent Credit Agreement
        (other than swing line loans) will bear interest based, at PG&E
        Corporation's election, on a LIBOR rate plus an applicable margin or the base
        rate. The base rate will equal the higher of the administrative agent's
        announced base rate or 0.5% above the federal funds rate. PG&E Corporation
        also will pay a facility fee on the total commitments of the lenders under
        the
        Restated Parent Credit Agreement and a utilization fee equal to 0.050% per
        annum
        of the average amount of extensions of credit under the Restated Parent Credit
        Agreement during any quarter in excess of 50% of the total commitments. The
        applicable margin for LIBOR loans and the facility fee will be based on one
        rating below the Utility's Senior Debt Rating or, if both S&P and Moody's
        provide a Senior Debt Rating for PG&E Corporation, based on PG&E
        Corporation's Senior Debt Rating. The applicable margin for LIBOR loans will
        range between 0.105% and 0.600%. The facility fee will range between 0.045%
        and
        0.150%. In addition, PG&E Corporation will pay a fee for each
        letter
-3-
of
        credit
        issued under the Restated Parent Credit Agreement equal to the applicable
        margin
        for LIBOR loans and a customary fee payable to the letter of credit
        issuer.
The
        Restated Parent Credit Agreement includes usual and customary covenants for
        credit facilities of this type, including covenants limiting the following:
        liens, mergers, substantial asset sales and other fundamental changes and
        sales
        of the Utility's stock owned by PG&E Corporation. The Restated Parent Credit
        Agreement also requires that PG&E Corporation maintain a ratio of total
        consolidated debt to total consolidated capitalization of not more than 0.65
        to
        1.00 as of the end of each fiscal quarter. In addition, at any time, the
        Restated Parent Credit Agreement limits debt secured by the Utility's stock
        owned by PG&E Corporation to $2 billion, provided that the lenders have an
        equal and ratable lien on such stock.
In
        the
        event of a default by PG&E Corporation under the Restated Parent Credit
        Agreement, including cross-defaults relating to specified other debt of PG&E
        Corporation or the Utility in excess of $100 million, the lenders may terminate
        the commitments under the Restated Parent Credit Agreement and declare the
        amounts outstanding, including all accrued interest and unpaid fees, payable
        immediately. In addition, the lenders may enforce any and all rights and
        remedies created under the Restated Parent Credit Agreement or applicable
        law,
        including set-off rights. For events of default relating to insolvency,
        bankruptcy or receivership, the commitments are automatically terminated
        and the
        amounts outstanding become payable immediately.
The
        lenders and agents under the Restated Parent Credit Agreement and their
        affiliates have in the past provided, and may in the future provide, investment
        banking, underwriting, lending, commercial banking and other advisory services
        to PG&E Corporation and the Utility. These parties have received, and may in
        the future receive, customary compensation from PG&E Corporation and the
        Utility for such services.
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 the Restated Utility Credit
        Agreement and the Restated Parent Credit Agreement is hereby incorporated
        into
        Item 2.03(a) by reference.
-4-
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 hereunto
        duly authorized.
PG&E
                  CORPORATION
Dated:
                  February 27, 2007
By:
CHRISTOPHER
                  P. JOHNS
CHRISTOPHER
                  P. JOHNS
Senior Vice
                  President, Chief Financial Officer and Treasurer
PACIFIC
                  GAS AND ELECTRIC COMPANY
Dated:
                  February 27, 2007
By:
CHRISTOPHER
                  P. JOHNS
CHRISTOPHER
                  P. JOHNS
Senior Vice
                  President, Chief Financial Officer and
                  Treasurer
-5-