<PAGE>
 
                                                   Registration No. 333-________


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8
                             REGISTRATION STATEMENT
                                     UNDER
                           THE SECURITIES ACT OF 1933
                              -------------------

                                PG&E CORPORATION
               (Exact name of issuer as specified in its charter)

        California                                       94-3234914
 (State or other jurisdiction                         (I.R.S. employer
of incorporation or organization)                  identification number)


       77 Beale Street, P.O. Box 770000, San Francisco, California  94177
           (Address of principal executive offices)       (Zip Code)

                    PG&E GAS TRANSMISSION, TEXAS CORPORATION
                               SAVINGS FUND PLAN
                            (Full title of the plan)

                           Bruce R. Worthington, Esq.
                                General Counsel
                                PG&E Corporation
       77 Beale Street, P.O. Box 770000, San Francisco, California  94177
                    (Name and address of agent for service)

  Telephone number, including area code, of agent for service: (415) 973-2078

                                    Copy to:
                              Leslie P. Jay, Esq.
                       Orrick, Herrington & Sutcliffe LLP
                               400 Sansome Street
                        San Francisco, California  94111


                        CALCULATION OF REGISTRATION FEE
============================================================================
                                   Proposed        Proposed                    
 Title of                          Maximum         Maximum
Securities         Amount          Offering        Aggregate     Amount of
  to be            to be           Price           Offering     Registration
Registered       Registered        Per Share*      Price*           Fee*
----------------------------------------------------------------------------

Common Stock**   1,000,000 shares    $24.00        $24,000,000   $7,273.00
============================================================================

*     Estimated solely for the purpose of calculating the registration fee
      pursuant to Rule 457(c), on the basis of $24.00 per share, the average
      of the high and low prices of the Common Stock on the New York Stock
      Exchange on August 8, 1997.

**   In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this
      registration statement also covers an indeterminate amount of interests to
      be offered or sold pursuant to the employee benefit plan described herein.
<PAGE>
 
               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3.  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

The following documents are incorporated by reference in this registration
statement:  (i) the latest annual report of PG&E Corporation (the "Registrant")
filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"); (ii) all other reports filed by the Registrant
pursuant to Sections 13(a) or 15(d) of the Exchange Act since the end of the
fiscal year covered by the annual report referred to in clause (i) above; and
(iii) the description of the Registrant's common stock (the "Common Stock")
filed pursuant to the Exchange Act, including any amendment or report filed for
the purpose of updating such description.  All documents filed by the Registrant
or the PG&E Gas Transmission, Texas Corporation Savings Fund Plan after the date
of this registration statement pursuant to Sections 13(a), 13(c), 14, and 15(d)
of the Exchange Act, prior to the filing of a post-effective amendment (that
indicates all securities offered have been sold or deregisters all securities
then remaining unsold), shall be deemed to be incorporated by reference in this
registration statement and to be a part hereof from the date of filing of such
documents.

ITEM 4.   DESCRIPTION OF SECURITIES

Inapplicable.

ITEM 5.   INTERESTS OF NAMED EXPERTS AND COUNSEL

The legality of the Common Stock and all legal matters in connection therewith
will be passed upon by Gary P. Encinas, Esq., Chief Counsel, Corporate for the
Registrant. Mr. Encinas and other members of Pacific Gas and Electric
Company's Law Department who will participate in consideration of legal matters
relating to the Common Stock, together with members of their respective
families, own in the aggregate approximately 2,100 shares of Common Stock, and
have received options to purchase approximately 68,100 shares of Common Stock.

ITEM 6.   INDEMNIFICATION OF DIRECTORS AND OFFICERS

Section 317 of the California Corporations Code and Article SIXTH of the
Registrant's Articles of Incorporation provide for indemnification of the
Registrant's directors and officers under certain circumstances.  The
Registrant's Board of Directors has adopted a resolution regarding the
Registrant's policy of indemnification and the Registrant maintains insurance
which insures directors and officers of the Registrant against certain
liabilities.

                                       2
<PAGE>
 
ITEM 7.  EXEMPTION FROM REGISTRATION CLAIMED

Inapplicable.

ITEM 8.   EXHIBITS

4.1  PG&E Gas Transmission, Texas Corporation Savings Fund Plan.

5.1  Undertaking re Status of Favorable Determination Letter Covering the Plan.

     The Registrant will cause its subsidiary, PG&E Gas Transmission, Texas
     Corporation, to submit the PG&E Gas Transmission, Texas Corporation Savings
     Fund Plan (the "Plan") to the Internal Revenue Service (the "IRS") with a
     request for a favorable determination that the Plan qualifies under section
     401(a) and related provisions of the Internal Revenue Code of 1986, as
     amended, and to make such changes to the Plan required by the IRS in order
     to receive such favorable determination.

5.2  Opinion of Gary P. Encinas, Esq.

23.1 Consent of Arthur Andersen LLP.

23.2 Consent of Gary P. Encinas, Esq. is included in Exhibit 5.2 to this
     Registration Statement.

24.1 Powers of Attorney.

24.2 Resolution of the Board of Directors of the Registrant authorizing the
     execution of the Registration Statement.

ITEM 9.   UNDERTAKINGS

     (a)  The undersigned registrant hereby undertakes:

          (1)  To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

               (i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;

               (ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-
effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in the registration statement;

               (iii) To include any material information with respect to the
plan of distribution not previously disclosed in

                                       3
<PAGE>
 
the registration statement or any material change to such information in the
registration statement;

          Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the registration statement is on Form S-3 or Form S-8 and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the registrant pursuant to
section 13 or section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.

          (2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

          (3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.

     (b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

     (c) Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

                                       4
<PAGE>
 
                                   Signatures


THE REGISTRANT

Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of San Francisco, State of California on the 14th day of
August, 1997.

                               PG&E CORPORATION
                               (Registrant)


                               By   GARY P. ENCINAS
                                  ---------------------------------------
                                   (Gary P. Encinas, Attorney-in-Fact)


Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities and on the
date indicated.

<TABLE> 
<CAPTION> 
            Signature                    Title               Date
            ---------                    -----               ----
<S>                                 <C>                 <C> 
A.   Principal Executive Officer
       *ROBERT D. GLYNN, JR.        President and       August 14, 1997
                                    Chief Executive
                                    Officer


B.   Principal Financial Officer
       *KENT M. HARVEY              Treasurer and       August 14, 1997
                                    Acting Chief
                                    Financial Officer

C.   Controller or Principal
     Accounting Officer
       *CHRISTOPHER P. JOHNS        Controller          August 14, 1997
</TABLE> 
 

                                       5
<PAGE>
 
<TABLE>
<CAPTION>
D.   Directors
<S>                                 <C>         <C>
       * STANLEY T. SKINNER         Director    August 14, 1997
       * ROBERT D. GLYNN, JR.       Director    August 14, 1997
       * RICHARD B. MADDEN          Director    August 14, 1997
       * SAMUEL T. REEVES           Director    August 14, 1997
       * ALAN SEELENFREUND          Director    August 14, 1997
       * C. LEE COX                 Director    August 14, 1997
       * DAVID A. COULTER           Director    August 14, 1997
       * RICHARD A. CLARKE          Director    August 14, 1997
       * H. M. CONGER               Director    August 14, 1997
       * MARY S. METZ               Director    August 14, 1997
       * JOHN C. SAWHILL            Director    August 14, 1997
       * WILLIAM S. DAVILA          Director    August 14, 1997
       * DAVID M. LAWRENCE          Director    August 14, 1997
       * REBECCA Q. MORGAN          Director    August 14, 1997
       * BARRY LAWSON WILLIAMS      Director    August 14, 1997
       * CARL E. REICHARDT          Director    August 14, 1997
</TABLE>
 

*By:    GARY P. ENCINAS
    ----------------------------------------------
       (Gary P. Encinas, Attorney-in-Fact)

                                       6
<PAGE>
 
THE PLAN

Pursuant to the requirements of the Securities Act of 1933, the PG&E Gas
Transmission, Texas Corporation Savings Fund Plan has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of San Francisco, State of California, on the 14th
day of August, 1997.


                                 PG&E GAS TRANSMISSION, TEXAS
                                 CORPORATION SAVINGS FUND PLAN

                                   By *Stephen P. Reynolds, sole member
                                       of the Administrative Committee

 
                                 * By   GARY P. ENCINAS
                                      -------------------------------------
                                       (Gary P. Encinas, Attorney-in-Fact)

                                       7
<PAGE>
 
                                 EXHIBIT INDEX

4.1  PG&E Gas Transmission, Texas Corporation Savings Fund Plan.

5.1  Undertaking re Status of Favorable Determination Letter Covering the Plan
     (See Item 8 of this Registration Statement).

5.2  Opinion of Gary P. Encinas, Esq.

23.1 Consent of Arthur Andersen LLP.

23.2 Consent of Gary P. Encinas, Esq. is included in Exhibit 5.2 to this
     Registration Statement.

24.1 Powers of Attorney.

24.2 Resolution of the Board of Directors of the Registrant authorizing the
     execution of the Registration Statement.

                                       8
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 14794}]
{"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": "S-8", "act": "33", "file-number": "333-33657", "film-number": "97663756"}, "business-address": {"street1": "77 BEALE ST", "street2": "P O BOX 770000 MAIL CODE B32", "city": "SAN FRANCISCO", "state": "CA", "zip": "94177", "phone": "4159737000"}, "mail-address": {"street1": "77 BEALE ST B32", "street2": "PO BOX 770000", "city": "SAN FRANCISCO", "state": "CA", "zip": "94177"}, "former-company": {"former-conformed-name": "PG&E PARENT CO INC", "date-changed": "19951214"}}
Registration No. 333-________

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM S-8
                             REGISTRATION STATEMENT
                                     UNDER
                           THE SECURITIES ACT OF 1933
                              -------------------

                                PG&E CORPORATION
               (Exact name of issuer as specified in its charter)

        California                                       94-3234914
 (State or other jurisdiction                         (I.R.S. employer
of incorporation or organization)                  identification number)

       77 Beale Street, P.O. Box 770000, San Francisco, California  94177
           (Address of principal executive offices)       (Zip Code)

                    PG&E GAS TRANSMISSION, TEXAS CORPORATION
                               SAVINGS FUND PLAN
                            (Full title of the plan)

                           Bruce R. Worthington, Esq.
                                General Counsel
                                PG&E Corporation
       77 Beale Street, P.O. Box 770000, San Francisco, California  94177
                    (Name and address of agent for service)

  Telephone number, including area code, of agent for service: (415) 973-2078

                                    Copy to:
                              Leslie P. Jay, Esq.
                       Orrick, Herrington & Sutcliffe LLP
                               400 Sansome Street
                        San Francisco, California  94111

                        CALCULATION OF REGISTRATION FEE
============================================================================
                                   Proposed        Proposed                    
 Title of                          Maximum         Maximum
Securities         Amount          Offering        Aggregate     Amount of
  to be            to be           Price           Offering     Registration
Registered       Registered        Per Share*      Price*           Fee*
----------------------------------------------------------------------------

Common Stock**   1,000,000 shares    $24.00        $24,000,000   $7,273.00
============================================================================

*     Estimated solely for the purpose of calculating the registration fee
      pursuant to Rule 457(c), on the basis of $24.00 per share, the average
      of the high and low prices of the Common Stock on the New York Stock
      Exchange on August 8, 1997.

**   In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this
      registration statement also covers an indeterminate amount of interests to
      be offered or sold pursuant to the employee benefit plan described herein.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

ITEM 3.  INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

The following documents are incorporated by reference in this registration
statement:  (i) the latest annual report of PG&E Corporation (the "Registrant")
filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"); (ii) all other reports filed by the Registrant
pursuant to Sections 13(a) or 15(d) of the Exchange Act since the end of the
fiscal year covered by the annual report referred to in clause (i) above; and
(iii) the description of the Registrant's common stock (the "Common Stock")
filed pursuant to the Exchange Act, including any amendment or report filed for
the purpose of updating such description.  All documents filed by the Registrant
or the PG&E Gas Transmission, Texas Corporation Savings Fund Plan after the date
of this registration statement pursuant to Sections 13(a), 13(c), 14, and 15(d)
of the Exchange Act, prior to the filing of a post-effective amendment (that
indicates all securities offered have been sold or deregisters all securities
then remaining unsold), shall be deemed to be incorporated by reference in this
registration statement and to be a part hereof from the date of filing of such
documents.

ITEM 4.   DESCRIPTION OF SECURITIES

Inapplicable.

ITEM 5.   INTERESTS OF NAMED EXPERTS AND COUNSEL

The legality of the Common Stock and all legal matters in connection therewith
will be passed upon by Gary P. Encinas, Esq., Chief Counsel, Corporate for the
Registrant. Mr. Encinas and other members of Pacific Gas and Electric
Company's Law Department who will participate in consideration of legal matters
relating to the Common Stock, together with members of their respective
families, own in the aggregate approximately 2,100 shares of Common Stock, and
have received options to purchase approximately 68,100 shares of Common Stock.

ITEM 6.   INDEMNIFICATION OF DIRECTORS AND OFFICERS

Section 317 of the California Corporations Code and Article SIXTH of the
Registrant's Articles of Incorporation provide for indemnification of the
Registrant's directors and officers under certain circumstances.  The
Registrant's Board of Directors has adopted a resolution regarding the
Registrant's policy of indemnification and the Registrant maintains insurance
which insures directors and officers of the Registrant against certain
liabilities.

                                       2
ITEM 7.  EXEMPTION FROM REGISTRATION CLAIMED

Inapplicable.

ITEM 8.   EXHIBITS

4.1  PG&E Gas Transmission, Texas Corporation Savings Fund Plan.

5.1  Undertaking re Status of Favorable Determination Letter Covering the Plan.

     The Registrant will cause its subsidiary, PG&E Gas Transmission, Texas
     Corporation, to submit the PG&E Gas Transmission, Texas Corporation Savings
     Fund Plan (the "Plan") to the Internal Revenue Service (the "IRS") with a
     request for a favorable determination that the Plan qualifies under section
     401(a) and related provisions of the Internal Revenue Code of 1986, as
     amended, and to make such changes to the Plan required by the IRS in order
     to receive such favorable determination.

5.2  Opinion of Gary P. Encinas, Esq.

23.1 Consent of Arthur Andersen LLP.

23.2 Consent of Gary P. Encinas, Esq. is included in Exhibit 5.2 to this
     Registration Statement.

24.1 Powers of Attorney.

24.2 Resolution of the Board of Directors of the Registrant authorizing the
     execution of the Registration Statement.

ITEM 9.   UNDERTAKINGS

     (a)  The undersigned registrant hereby undertakes:

          (1)  To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

               (i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;

               (ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-
effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in the registration statement;

               (iii) To include any material information with respect to the
plan of distribution not previously disclosed in

                                       3
the registration statement or any material change to such information in the
registration statement;

          Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not
apply if the registration statement is on Form S-3 or Form S-8 and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed by the registrant pursuant to
section 13 or section 15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.

          (2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

          (3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.

     (b) The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.

     (c) Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

                                       4
Signatures

THE REGISTRANT

Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of San Francisco, State of California on the 14th day of
August, 1997.

                               PG&E CORPORATION
                               (Registrant)

                               By   GARY P. ENCINAS
                                  ---------------------------------------
                                   (Gary P. Encinas, Attorney-in-Fact)

Pursuant to the requirements of the Securities Act of 1933, this registration
statement has been signed by the following persons in the capacities and on the
date indicated.
Signature                    Title               Date
            ---------                    -----               ----
A.   Principal Executive Officer
       *ROBERT D. GLYNN, JR.        President and       August 14, 1997
                                    Chief Executive
                                    Officer

B.   Principal Financial Officer
       *KENT M. HARVEY              Treasurer and       August 14, 1997
                                    Acting Chief
                                    Financial Officer

C.   Controller or Principal
     Accounting Officer
       *CHRISTOPHER P. JOHNS        Controller          August 14, 1997
5
D.   Directors
* STANLEY T. SKINNER         Director    August 14, 1997
       * ROBERT D. GLYNN, JR.       Director    August 14, 1997
       * RICHARD B. MADDEN          Director    August 14, 1997
       * SAMUEL T. REEVES           Director    August 14, 1997
       * ALAN SEELENFREUND          Director    August 14, 1997
       * C. LEE COX                 Director    August 14, 1997
       * DAVID A. COULTER           Director    August 14, 1997
       * RICHARD A. CLARKE          Director    August 14, 1997
       * H. M. CONGER               Director    August 14, 1997
       * MARY S. METZ               Director    August 14, 1997
       * JOHN C. SAWHILL            Director    August 14, 1997
       * WILLIAM S. DAVILA          Director    August 14, 1997
       * DAVID M. LAWRENCE          Director    August 14, 1997
       * REBECCA Q. MORGAN          Director    August 14, 1997
       * BARRY LAWSON WILLIAMS      Director    August 14, 1997
       * CARL E. REICHARDT          Director    August 14, 1997
*By:    GARY P. ENCINAS
    ----------------------------------------------
       (Gary P. Encinas, Attorney-in-Fact)

                                       6
THE PLAN

Pursuant to the requirements of the Securities Act of 1933, the PG&E Gas
Transmission, Texas Corporation Savings Fund Plan has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of San Francisco, State of California, on the 14th
day of August, 1997.

                                 PG&E GAS TRANSMISSION, TEXAS
                                 CORPORATION SAVINGS FUND PLAN

                                   By *Stephen P. Reynolds, sole member
                                       of the Administrative Committee

 
                                 * By   GARY P. ENCINAS
                                      -------------------------------------
                                       (Gary P. Encinas, Attorney-in-Fact)

                                       7
EXHIBIT INDEX

4.1  PG&E Gas Transmission, Texas Corporation Savings Fund Plan.

5.1  Undertaking re Status of Favorable Determination Letter Covering the Plan
     (See Item 8 of this Registration Statement).

5.2  Opinion of Gary P. Encinas, Esq.

23.1 Consent of Arthur Andersen LLP.

23.2 Consent of Gary P. Encinas, Esq. is included in Exhibit 5.2 to this
     Registration Statement.

24.1 Powers of Attorney.

24.2 Resolution of the Board of Directors of the Registrant authorizing the
     execution of the Registration Statement.

                                       8