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PCG » Topics » EARNINGS GUIDANCE

This excerpt taken from the PCG 8-K filed May 4, 2005.

EARNINGS GUIDANCE

          PG&E Corporation is reaffirming its previously issued 2005 guidance for earnings from operations in the range of $2.15 to $2.25 per share, and its 2006 guidance in a range of $2.30 to $2.40 per share. 
          PG&E Corporation bases guidance on “earnings from operations” in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of items that management believes do not reflect the normal course of operations. Earnings from operations are not a substitute or alternative for consolidated net income presented in accordance with GAAP.

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