Pacific Gas & Electric (PCG)

Item 7.01 Regulation FD Disclosure

         The information included in this Current Report on Form 8-K, including Exhibit 99, is being furnished, not filed, pursuant to Item 7.01 of Form 8-K.

          On March 1, 2006, members of PG&E Corporation’s and Pacific Gas and Electric Company's (Utility) management will participate in an investor conference using the presentation slides attached hereto as Exhibit 99.  A webcast of the investor conference and a copy of the presentation slides are available on PG&E Corporation's web site, www.pgecorp.com.

          The attached Exhibit 99 contains forward-looking statements regarding management's guidance for PG&E Corporation's 2006 and 2007 earnings from operations per share, capital expenditures, rate base and rate base growth, anticipated share repurchases and equity issuances, anticipated costs and benefits from Transformation initiatives, anticipated electric resources, energy efficiency funding, forecasted electric and gas sales, and targeted average annual growth rate for PG&E Corporation's earnings per share from operations, and cash flow and liquidity, over the 2006-2010 period.  These statements are based on current expectations and various assumptions which management believes are reasonable, including that substantial capital investments are made in Utility business over the 2006-2010 period, that the Utility earns an authorized return on equity of 11.35%, and that share repurchases are made. These statements are necessarily subject to various risks and uncertainties the realization or resolution of which are outside of management’s control.  Actual results could differ materially.  Factors that could cause actual results to differ materially from those contemplated by the forward looking statements and assumptions include:

• Unanticipated changes in operating expenses or capital expenditures, which may affect the Utility’s ability to earn its authorized rate of return;
   
• How the Utility manages its responsibility to procure electric capacity and energy for its customers;
   
• The adequacy and price of natural gas supplies, the ability of the Utility to manage and respond to the volatility of the natural gas market for its customers;
   
• The operation of the Utility’s Diablo Canyon nuclear power plant, which could cause the Utility to incur potentially significant environmental costs and capital expenditures, and the extent to which the Utility is able to timely increase its spent nuclear fuel storage capacity at Diablo Canyon;
   
• Whether the Utility is able to recognize the anticipated cost benefits and savings to result from its Transformation efforts to improve customer service through implementation of specific initiatives to streamline business processes and deploy new technology;
   
• The outcome of proceedings pending at the Federal Energy Regulatory Commission (FERC) and the California Public Utilities Commission (CPUC), including the Utility’s general rate case and the CPUC’s pending investigation into the Utility’s billing and collection practices;
   
• How the CPUC administers the capital structure, stand-alone dividend, and first priority conditions of the CPUC’s decisions permitting the establishment of holding companies for the California investor-owned electric utilities, and the outcome of the CPUC's new rulemaking proceeding concerning the relationship between the California investor-owned energy utilities and their holding companies and non-regulated affiliates;
   
• The impact of the recently adopted Energy Policy Act of 2005 and future legislative or regulatory actions or policies affecting the energy industry;
   
• The outcome of the litigation pending against the Utility in California state court involving allegations of injury allegedly caused by exposure to chromium at certain of the Utility's gas compressor stations and other pending litigation;
   
• Increased municipalization and other forms of bypass in the Utility’s service territory; and
   
• Other factors discussed in PG&E Corporation's and the Utility's SEC reports.

Item 7.01 Regulation FD Disclosure

          The information included in this Current Report on Form 8-K, including Exhibit 99, is being furnished, not filed, pursuant to Item 7.01 of Form 8-K.

          During the week of November 28 through December 1, 2005, members of PG&E Corporation’s management will participate in meetings with various investment professionals at which the presentation attached hereto as Exhibit 99 will be used.

          The attached Exhibit 99 contains forward-looking statements regarding guidance for PG&E Corporation’s 2005 and 2006 earnings from operations per share, stock repurchases, and dividends, as well as Pacific Gas and Electric Company’s (Utility) anticipated cash flows, capital expenditures, rate base and rate base growth.  These statements are based on certain assumptions, including that the Utility earns its authorized rate of return on equity of 11.22 percent.   These statements are necessarily subject to various risks and uncertainties the realization or resolution of which are outside of management’s control.  These statements are based on current expectations and projections about future events and management’s knowledge of facts at the time the statements were made.  Actual results could differ materially.  Factors that could cause actual results to differ materially from those contemplated by the forward looking statements and assumptions include:

• Unanticipated changes in operating expenses or capital expenditures, which may affect the Utility’s ability to earn its authorized rate of return;
• The adequacy of natural gas supplies and the effect of increasing prices for natural gas on the Utility’s electric generation portfolio and its natural gas distribution operations, the ability of the Utility to manage and respond to increasing natural gas costs successfully and to timely recover its natural gas costs and increased electricity procurement costs;
• The operation of the Utility’s Diablo Canyon nuclear power plant, which exposes the Utility to potentially significant environmental costs and capital expenditure outlays, and the extent to which the Utility is able to timely increase its spent nuclear fuel storage capacity at Diablo Canyon by 2007;
• The outcome of proceedings pending at the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC);
• Whether the assumptions and forecasts underlying the Utility’s CPUC-approved long-term electricity procurement plan prove to be accurate, the terms and conditions of the generation or procurement commitments the Utility enters into in connection with its plan, the extent to which the Utility is able to recover the costs it incurs in connection with these commitments, and the extent to which a failure to perform by any of the counterparties to the Utility’s electricity purchase contracts or the California Department of Water Resources’ contracts allocated to the Utility’s customers affects the Utility’s ability to meet its obligations or to recover its costs;
• The extent to which the CPUC or the FERC delays or denies recovery of the Utility’s costs, including electricity purchase costs, from customers due to a regulatory determination that such costs were not reasonable or prudent or for other reasons, resulting in write-offs of regulatory balancing accounts;
• How the CPUC administers the capital structure, stand-alone dividend, and first priority conditions of the CPUC’s decisions permitting the establishment of holding companies for the California investor-owned electric utilities, and the outcome of the CPUC's new rulemaking proceeding concerning the relationship between the California investor-owned energy utilities and their holding companies and non-regulated affiliates;
• The impact of the recently adopted Energy Policy Act of 2005 and future legislative or regulatory actions or policies affecting the energy industry;
• The timing and resolution of the pending appeal of the bankruptcy court’s confirmation of the Utility’s plan of reorganization;
• The outcome of the litigation pending against the Utility in California state court involving allegations of injury allegedly caused by exposure to chromium at certain of the Utility's gas compressor stations and other pending litigation;
• Increased competition and forms of bypass; and
• Other factors discussed in PG&E Corporation's and the Utility’s SEC reports.

Item 7.01 Regulation FD Disclosure

          The information included in this Current Report on Form 8-K, including Exhibit 99, is being furnished, not filed, pursuant to Item 7.01 of Form 8-K.

          On November 7 and 8, 2005, members of PG&E Corporation’s management will participate in meetings during the Edison Electric Institute Fall Financial Conference at which the presentation attached hereto as Exhibit 99 will be used.

          The attached Exhibit 99 contains forward-looking statements regarding guidance for 2005 and 2006 earnings from operations per share, cash flows, capital expenditures, rate base and rate base growth, stock repurchases and dividends.  These statements are based on certain assumptions, including that the Utility earns its authorized rate of return on equity of 11.22 percent and the issuance of the second series of energy recovery bonds in later 2005. These statements are necessarily subject to various risks and uncertainties the realization or resolution of which are outside of management’s control.  These statements are based on current expectations and projections about future events and management’s knowledge of facts at the time the statements were made.   Actual results could differ materially.  Factors that could cause actual results to differ materially from those contemplated by the forward looking statements and assumptions include:

• Unanticipated changes in operating expenses or capital expenditures, which may affect the Utility’s ability to earn its authorized rate of return;
• The adequacy of natural gas supplies and the effect of increasing prices for natural gas on the Utility’s electric generation portfolio and its natural gas distribution operations, the ability of the Utility to manage and respond to increasing natural gas costs successfully and to timely recover its natural gas costs and increased electricity procurement costs;
• The operation of the Utility’s Diablo Canyon nuclear power plant, which exposes the Utility to potentially significant environmental costs and capital expenditure outlays, and the extent to which the Utility is able to timely increase its spent nuclear fuel storage capacity at Diablo Canyon by 2007;
• The outcome of proceedings pending at the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission (FERC);
• Whether the assumptions and forecasts underlying the Utility’s CPUC-approved long-term electricity procurement plan prove to be accurate, the terms and conditions of the generation or procurement commitments the Utility enters into in connection with its plan, the extent to which the Utility is able to recover the costs it incurs in connection with these commitments, and the extent to which a failure to perform by any of the counterparties to the Utility’s electricity purchase contracts or the California Department of Water Resources’ contracts allocated to the Utility’s customers affects the Utility’s ability to meet its obligations or to recover its costs;
• The extent to which the CPUC or the FERC delays or denies recovery of the Utility’s costs, including electricity purchase costs, from customers due to a regulatory determination that such costs were not reasonable or prudent or for other reasons, resulting in write-offs of regulatory balancing accounts;
• How the CPUC administers the capital structure, stand-alone dividend, and first priority conditions of the CPUC’s decisions permitting the establishment of holding companies for the California investor-owned electric utilities, and the outcome of the CPUC's new rulemaking proceeding concerning the relationship between the California investor-owned energy utilities and their holding companies and non-regulated affiliates;
• The impact of the recently adopted Energy Policy Act of 2005 and future legislative or regulatory actions or policies affecting the energy industry;
• The timing and resolution of the pending appeal of the bankruptcy court’s confirmation of the Utility’s plan of reorganization;
• The outcome of the litigation pending against the Utility in California state court involving allegations of injury allegedly caused by exposure to chromium at certain of the Utility's gas compressor stations and other pending litigation;
• Increased competition and forms of bypass; and
• Other factors discussed in PG&E Corporation's SEC reports.

Item 7.01 Regulation FD Disclosure

          The additional supplemental information included in Exhibit 99.2 is incorporated by reference in response to this Item 7.01, and is deemed to be furnished, not filed, pursuant to Item 7.01 of Form 8-K.

Item 7.01 Regulation FD Disclosure

          The additional supplemental information included in Exhibit 99.2 is incorporated by reference in response to this Item 7.01, and is deemed to be furnished, not filed, pursuant to Item 7.01 of Form 8-K.

Item 7.01 Regulation FD Disclosure

          The additional supplemental information included in Exhibit 99.2 is incorporated by reference in response to this Item 7.01, and is deemed to be furnished, not filed, pursuant to Item 7.01 of Form 8-K.