This excerpt taken from the PCG 8-K filed Oct 28, 2005.
PG&E Corporations and Pacific Gas and Electric Companys, or the Utilitys, primary market risk results from changes in energy prices. PG&E Corporation and the Utility engage in price risk management, or PRM, activities for non-trading purposes only. Both PG&E Corporation and the Utility may engage in these PRM activities using forward contracts, futures, options, and swaps to hedge the impact of market fluctuations on energy commodity prices, interest rates, and foreign currencies. (See the Risk Management Activities section included in Item 2: Managements Discussion and Analysis of Financial Condition and Results of Operations.)