PACIFIC GAS AND ELECTRIC COMPANY
U.S. TRUSTEE BALANCE SHEET
AS OF NOVEMBER 30, 2002
(in millions, except share amounts)
			November, 2002
ASSETS
Current Assets
	Cash and cash equivalents		$               4,144
	Accounts receivable:
		Customers (net of allowance for doubtful accounts of $57 million)	1,558
		Related parties	34
		Regulatory balancing accounts	144
	Inventories:
		Gas stored underground and fuel oil	189
		Materials and supplies	120
	Prepaid expenses and other		89
	Total current assets		6,278
Property, Plant, and Equipment
	Electric		18,844
	Gas		8,064
	Construction work in progress		415
	Total property, plant, and equipment (at original cost)		27,323
	Accumulated depreciation and decommissioning		(13,431)
Net property, plant, and equipment			13,892
Other Noncurrent Assets
	Regulatory assets		1,979
	Nuclear decommissioning trust funds		1,302
	Other		1,810
	Total noncurrent assets		5,091
TOTAL ASSETS			$             25,261
LIABILITIES AND EQUITY
Liabilities
	Accounts payable
		Trade creditors	$                  342
		Related parties	113
		Regulatory Balancing Accounts	514
		Other	228
	Accrued taxes		703
	Rate reduction bonds		1,449
	QUID's		-
	Deferred income taxes		1,140
	Deferred tax credits		144
	Pre-petition secured debt		3,125
	Pre-petition liabilities		3,804
	Pre-petition financing debt		5,695
	Other liabilities		3,387
	Total liabilities		20,644
Preferred Stock With Mandatory Redemption Provisions			137
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 (Accumulated deficit)		616
	Total stockholders' equity		4,480
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$             25,261

PACIFIC GAS AND ELECTRIC COMPANY
U.S. TRUSTEE BALANCE SHEET
AS OF NOVEMBER 30, 2002
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, 2002
AND THE TWENTY MONTHS ENDED NOVEMBER 30, 2002
(in millions)
		Case to date
	Month	twenty months
	ended	ended
	November 30, 2002	November 30, 2002
OPERATING REVENUES	$                    542	$              17,527
OPERATING EXPENSES:
Cost of Electric Energy	152	1,707
Cost of Gas	101	1,742
Operating and Maintenance	290	4,767
Depreciation, Decommissioning, and Amortization	103	1,744
Total Operating Expenses	646	9,960
OPERATING INCOME (LOSS)	(104)	7,567
Interest Income (Expense)	(70)	(1,507)
Professional Fees	(4)	(52)
Other Income and (Expense)	1	(12)
PRE-TAX INCOME (LOSS)	(177)	5,996
Income Taxes	(72)	2,327
EARNINGS (LOSS)	(105)	3,669
Preferred Dividend Requirement	2	42
EARNINGS (LOSS) AVAILABLE FOR (ALLOCATED TO) COMMON STOCK	$                   (107)	$                3,627

PACIFIC GAS AND ELECTRIC COMPANY
U.S.  TRUSTEE INCOME STATEMENT
FOR THE MONTH ENDED NOVEMBER 30, 2002
AND THE TWENTY MONTHS ENDED NOVEMBER 30, 2002
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 2002 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 twenty month period ended November 30, 2002.  The bankruptcy petition date is April 6, 2001.