Exhibit  1
PACIFIC GAS AND ELECTRIC COMPANY
U.S. TRUSTEE BALANCE SHEET
AS OF MAY 31, 2003
(in millions, except share amounts)
			May, 2003
ASSETS
Current Assets
	Cash and cash equivalents		$               3,497
	Accounts receivable:
		Customers (net of allowance for doubtful accounts of $60 million)	1,647
		Related parties	34
		Regulatory balancing accounts	134
	Inventories:
		Gas stored underground and fuel oil	148
		Materials and supplies	125
	Income taxes receivable		125
	Prepaid expenses and other		99
	Assets from price risk management		-
	Total current assets		5,809
Property, Plant, and Equipment
	Electric		19,951
	Gas		8,182
	Construction work in progress		326
	Total property, plant, and equipment (at original cost)		28,459
	Accumulated depreciation and decommissioning		(12,649)
Net property, plant, and equipment			15,810
Other Noncurrent Assets
	Regulatory assets		1,905
	Nuclear decommissioning trust funds		1,353
	Other		1,720
	Total noncurrent assets		4,978
TOTAL ASSETS			$             26,597
LIABILITIES AND EQUITY
Liabilities
	Accounts payable
		Trade creditors	$                  443
		Related parties	156
		Regulatory Balancing Accounts	291
		Other	278
	Accrued taxes		1
	Rate reduction bonds		1,305
	QUID's		-
	Deferred income taxes		1,591
	Deferred tax credits		137
	Asset retirement obligations		1,387
	Pre-petition secured debt		3,031
	Pre-petition liabilities		3,838
	Pre-petition financing debt		5,675
	Other liabilities		3,617
	Total liabilities		21,750
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)		846
	Total stockholders' equity		4,710
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$             26,597

PACIFIC GAS AND ELECTRIC COMPANY
U.S. TRUSTEE BALANCE SHEET
AS OF MAY 31, 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 MAY 31, 2003
AND THE TWENTY-SIX MONTHS ENDED MAY 31, 2003
(in millions)
		Case to date
	Month	twenty-six
	ended	months ended
	May 31, 2003	May 31, 2003
OPERATING REVENUES	$               929	$          22,170
OPERATING EXPENSES:
Cost of Electric Energy	230	2,880
Cost of Gas	109	2,633
Operating and Maintenance	232	6,000
Depreciation, Decommissioning, and Amortization	99	2,357
Total Operating Expenses	670	13,870
OPERATING INCOME (LOSS)	259	8,300
Interest Income (Expense)	(69)	(1,921)
Professional Fees	(2)	(69)
Other Income and (Expense)	1	3
PRE-TAX INCOME (LOSS)	189	6,313
Income Taxes	71	2,401
EARNINGS (LOSS)	118	3,912
Preferred Dividend Requirement	2	54
Cumulative Effect of Change in Accounting Principle	-	1
EARNINGS (LOSS) AVAILABLE FOR (ALLOCATED TO) COMMON STOCK	$               116	$            3,857

PACIFIC GAS AND ELECTRIC COMPANY
U.S.  TRUSTEE INCOME STATEMENT
FOR THE MONTH ENDED MAY 31, 2003
AND THE TWENTY-SIX MONTHS ENDED MAY 31, 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 May 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 twenty-six month period ended May 31, 2003.  The bankruptcy petition date is April 6, 2001.