SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

PG&E CORPORATION

By:  LINDA Y.H. CHENG

       LINDA Y.H. CHENG
       Corporate Secretary

PACIFIC GAS AND ELECTRIC COMPANY

By:    DINYAR B. MISTRY

        DINYAR B. MISTRY
        Vice President and Controller

PACIFIC GAS AND ELECTRIC COMPANY

U.S. TRUSTEE BALANCE SHEET

AS OF NOVEMBER 30, 2003

(in millions, except share amounts)

November, 2003

ASSETS

Current Assets

Cash and cash equivalents

  $              4,068

Accounts receivable:

Customers (net of allowance for doubtful accounts of $58 million)

                 2,310

Related parties

                     34

Regulatory balancing accounts

                    310

Inventories:

Gas stored underground and fuel oil

                    253

Materials and supplies

                    123

Income taxes receivable

                      -  

Prepaid expenses and other

                     59

Assets from price risk management

                      35

Total current assets

                  7,192

Property, Plant, and Equipment

Electric

               20,342

Gas

                 8,295

Construction work in progress

                    370

Total property, plant, and equipment (at original cost)

                29,007

Accumulated depreciation and decommissioning

              (12,891)

Net property, plant, and equipment

                16,116

Other Noncurrent Assets

Regulatory assets

                 1,982

Nuclear decommissioning trust funds

                 1,463

Other

                  1,020

Total other noncurrent assets

                 4,465

TOTAL ASSETS

  $            27,773

LIABILITIES AND EQUITY

Liabilities

Accounts payable

Trade creditors

                    470

Related parties

                     205

Regulatory Balancing Accounts

                    172

Other

                    335

   Accrued taxes

                    765

Rate reduction bonds

                 1,157

QUID's

                      -  

Deferred income taxes

                  1,447

Deferred tax credits

                    128

Asset retirement obligations

                 1,211

Pre-petition secured debt

                 2,837

Pre-petition liabilities

                 3,960

Pre-petition financing debt

                  5,676

Preferred Stock With Mandatory Redemption Provisions

                    137

Other liabilities

                 3,671

Total liabilities

               22,171

Preferred Stock With Mandatory Redemption Provisions

                       -  

Stockholders' Equity

Preferred stock without mandatory redemption provisions

Nonredeemable--5% to 6%, outstanding 5,784,825 shares

                    145

Redeemable--4.36% to 7.04%, outstanding 5,973,456 shares

                    149

Common stock, $5 par value, authorized 800,000,000 shares;

issued 321,314,760 shares

                 1,606

Additional paid in capital

                 1,964

Reinvested earnings

                 1,819

Accumulated other comprehensive loss

                    (81)

Total stockholders' equity

                 5,602

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

  $            27,773

PACIFIC GAS AND ELECTRIC COMPANY

U.S. TRUSTEE BALANCE SHEET

AS OF NOVEMBER 30, 2003

Notes

1

These unaudited financial statements are prepared for the U.S. Trustee and differ from the requirements of generally accepted accounting principles in that they exclude certain financial statements (statements of cash flows, stockholders equity, and other comprehensive income), relevant footnotes and certain reclassifications.

2

These unaudited financial statements were prepared using certain assumptions and estimates.  These assumptions and estimates are subject to revision.  Further, the amounts shown in this statement, when reported on a quarterly basis, may differ materially due to adjustments in accruals, changes in facts and circumstances, changes in estimates, further analysis, and other factors.

3

Cash and cash equivalents have been reduced for uncleared checks.  On the balance sheet included with the Utility's Annual Report, Form 10-K and 10-Q, uncleared checks are treated as an accounts payable liability.

PACIFIC GAS AND ELECTRIC COMPANY

U.S.  TRUSTEE INCOME STATEMENT

FOR THE MONTH ENDED NOVEMBER 30, 2003

AND THE THIRTY-TWO MONTHS ENDED NOVEMBER 30, 2003

Notes

1

These unaudited financial statements are prepared for the U.S. Trustee and differ from the requirements of generally accepted accounting principles in that they exclude certain financial statements (statements of cash flows, stockholders equity, and other comprehensive income), relevant footnotes and certain reclassifications.

2

These unaudited financial statements were prepared using certain assumptions and estimates.  These assumptions and estimates are subject to revision.  Further, the amounts shown in this statement, when reported on a quarterly basis, may differ materially due to adjustments in accruals, changes in facts and circumstances, changes in estimates, further analysis, and other factors.

The results for the month of November 2003 are not indicative of future earnings.  Future earnings could differ materially.

3

These unaudited financial statements were prepared using certain assumptions and estimates, including the estimated amount payable to the California Department of Water Resources (DWR).  The estimated amount recorded is subject to revision and actual results could differ materially.  Revenues collected on behalf of the DWR and the related costs are not reflected in these unaudited financial statements as Pacific Gas and Electric Company is a collection agent for the DWR.

4

Case to date results reflect the entire thirty-two month period ended November 30, 2003.  The bankruptcy petition date is April 6, 2001.