Pacific Gas & Electric (PCG)

INVESTMENT FUNDS
(as of January 1, 2005)

Participating Investment Funds as of January 1, 2005

(1)

AA Utility Bond Fund. Interest shall be credited daily on the amounts invested in the AA Utility Bond Fund. Such interest shall be at a rate equal to the AA Utility Bond Yield reported by Moody's Investors Service. Such interest shall become a part of the Director's Account and shall be paid at the same time or times as the balance of the Director's Account.

(2)

PG&E CORP Phantom Stock Fund. Amounts credited to the PG&E CORP Phantom Stock Fund shall be converted into units (including fractions computed to three decimal places) each representing a share of PG&E CORP common stock. The value of a unit for purposes of determining the number of units to credit upon initial allocation or upon reallocation from another Investment Fund, and for determining the dollar value of the aggregate number of units to be reallocated from the PG&E CORP Phantom Stock Fund to another Investment Fund and for distributions from the Plan, shall be the closing price of a share of PG&E CORP common stock as traded on the New York Stock Exchange on the date that (i) amounts are credited to a Director's Account in the PG&E CORP Phantom Stock Fund, or (ii) the Plan Administrator receives a reallocation request, in the case of reallocations. If such credit or reallocation occurs after close of the New York Stock Exchange on that day, the price shall be based on the closing price of a share of PG&E CORP common stock on the next day on which such shares are traded on the New York Stock Exchange. Thereafter, the value of a unit shall fluctuate in accordance with the closing price of PG&E CORP common stock on the New York Stock Exchange. Each time that PG&E CORP pays a dividend on its common stock, an amount equal to such dividend payable with respect to each share of PG&E CORP common stock, multiplied by the number of units credited to a Director's Account, shall be credited to the Director's Account and converted into additional units. The number of additional units shall be calculated by dividing the aggregate amount of credited dividends, i.e., the dividend multiplied by the number of units credited to the Director's Account as of the dividend record date, by the closing price of a share of PG&E CORP common stock on the New York Stock Exchange on the dividend payment date. If, after the record date but before the dividend payment date, a Director's balance in the PG&E CORP Phantom Stock Fund has been reallocated to another Investment Fund(s) or has been paid to the Director or to the Director's beneficiary, other than pursuant to an election under Section 7(c)(2) or 8, then an amount equal to the aggregated dividend shall be credited to the Director's Account in such other Investment Fund(s) or paid directly to the Director or the Director's beneficiary, whichever is applicable.

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Exhibit 10.17

INVESTMENT FUNDS
(as of January 1, 2005)

Participating Investment Funds as of January 1, 2005

1.

AA Utility Bond Fund accrues interest on the amount invested in this fund. The interest rate is equal to the AA Utility Bond Yield reported by Moody's Investor Services.

2.

PG&E Corporation Phantom Stock Fund converts contributions and transferred amounts into units of phantom common stock valued at the closing price of a share of PG&E Corporation common stock on the contribution/transfer date. If the transfer request is received after the market closes, the following day's closing price will be used. Thereafter, the value of a unit shall fluctuate depending on the price of PG&E Corporation common stock. Each time a dividend is paid on common stock, an amount equal to such dividend shall be credited to the account as additional units.

3.

SRSP Large Company Stock Index Fund seeks to match the performance of the S&P 500 Index. The Fund invests in all 500 stocks in the S&P 500 Index in proportion to their weightings in the Index. The S&P 500 provides exposure to about 85% of the market value of all publicly traded common stocks in the United States. The strategy of investing in the same stocks as the S&P 500 Index minimizes the need for trading and results in lower expenses. The Fund is managed by State Street Global Advisors (SSgA).

4.

SRSP International Stock Index Fund seeks to match closely the performance of the MSCI EAFE Index. The Fund invests in all of the stocks in the MSCI EAFE Index in proportion to their weightings in the Index. The strategy of investing in the same stocks as the MSCI EAFE minimizes the need for trading and results in lower expenses. The Fund is managed by State Street Global Advisors (SSgA).

5.

SRSP Conservative Asset Allocation Fund is a pre-mixed portfolio of commingled stock and bond funds. The Fund will invest approximately 60% in Fixed Income Securities, 30% in U.S. Large Cap Equities, 5% in U.S. Small Cap Equities, and 5% in International Equities. The underlying funds are managed by State Street Global Advisors (SSgA). These funds are combined and rebalanced daily by Fidelity Management Trust Company on direction from PG&E Corporation.

6.

SRSP Moderate Asset Allocation Fund is a pre-mixed portfolio of commingled stock and bond funds. The Fund will invest approximately 40% in Fixed Income Securities, 42% in U.S. Large Cap Equities, 8% in U.S. Small Cap Equities, and 10% in International Equities. The underlying funds are managed by State Street Global Advisors (SSgA). These funds are combined and rebalanced daily by Fidelity Management Trust Company on direction from PG&E Corporation.

7.

SRSP Aggressive Asset Allocation Fund is a pre-mixed portfolio of commingled stock and bond funds. The Fund will invest approximately 55% in U.S. Large Cap Equities, 20% in Fixed Income Securities, 10% in U.S. Small Cap Equities, and 15% in International Equities. The underlying funds are managed by State Street Global Advisors (SSgA). These funds are combined and rebalanced daily by Fidelity Management Trust Company on direction from PG&E Corporation.

8.

SRSP Stable Value Fund seeks to provide safety of principal and liquidity while providing a higher return over time than that offered by money market funds. The Fund invests in diversified portfolio investment contracts issued by insurance companies, banks, and other financial institutions. An investment contract is an agreement where the issuer promises to pay a specific rate of return to the holder for a period of time. The quality of the promise depends on the

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financial strength of the issuer. The Fund may also hold a small percentage of cash or other short-term investments. The Fund is managed by PRIMCO Capital Management.

9.

SRSP Bond Index Fund seeks to match the returns of the Lehman Brothers Aggregate Bond Index. The Fund invests primarily in government, corporate, mortgage-backed, and asset-backed fixed-income securities. The Fund invests in a well-diversified portfolio that is representative of the broad domestic bond market. The Lehman Brothers Aggregate Bond Index is an unmanaged market-value weighted index of investment-grade, fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of one year or more. The Fund is managed by State Street Global Advisors (SSgA).

10.

SRSP Small Company Stock Index Fund seeks to match the performance of the Russell Small Cap Completeness Index. The Fund invests in all of the stocks in the Russell Special Small Cap Completeness Index in proportion to their weightings in the Index. These stocks represent about 15% of the market value of all publicly traded common stocks in the United States. The strategy of investing in the same stocks as the Russell Small Cap Completeness Index minimizes the need for trading and results in lower expenses. The Fund is managed by State Street Global Advisors (SSgA).

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Exhibit 10.11