EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE

(in millions, except per share amounts)		Three months ended					Nine months ended
		September 30, ---------------------					September 30, ---------------------
			2001 --------			2000 --------		2001 --------		2000 --------
Income from continuing operations		$		771	$	244	$	570	$	772
Discontinued operations				-  -----		(19) -----		-  -----		(19) -----
Net income		$		771  =====	$	225  =====	$	570  =====	$	753  =====
Weighted average common shares outstanding (2)				363		362		363		361
Add:	Outstanding options, reduced by the number of shares that could be repurchased with the proceeds from such exercise (at average market price)			1  -----		3  -----		-  -----		2  -----
Shares outstanding for diluted calculation				364  =====		365  =====		363  =====		363  =====
EARNINGS (LOSS) PER COMMON SHARE, BASIC (1)
Income from continuing operations		$		2.12	$	0.67	$	1.57	$	2.14
Discontinued operations				-  -----		(0.05) -----		-  -----		(0.05) -----
Net earnings				2.12  =====		0.62  =====		1.57  =====		2.09  =====
EARNINGS (LOSS) PER COMMON SHARE, DILUTED (1)
Income from continuing operations		$		2.12	$	0.67	$	1.57	$	2.12
Discontinued operations				-  -----		(0.05) -----		-  -----		(0.05) -----
Net earnings		$		2.12  =====	$	0.62  =====	$	1.57  =====	$	2.07  =====

(1) This presentation is submitted in accordance with Item 601(b)(11) of Regulation S-K and Statement of Financial Accounting Standards No. 128.

(2) Average common shares outstanding exclude shares held by a subsidiary of PG&E Corporation (23,815,500 shares at September 30, 2000 and 2001) and shares held by the Company PG&E Corporation to secure deferred compensation obligations (281,985 shares at September 30, 2000 and 2001,).