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

		Three Months Ended
(in millions, except per share amounts)		March 31,
		2004		2003 (1)
Income (loss) from continuing operations		$	3,033	$	(83)
Discontinued operations			-		(265)
Net income (loss) before cumulative effect of changes in accounting principles		3,033		(348)
Cumulative effect of changes in accounting principles		-		(6)
Net income (loss) for basic calculations		3,033		(354)
Earnings (loss) allocated to common shareholders, basic		2,893		(354)
Earnings (loss) allocated to 9.50% Convertible Subordinated Notes, basic		140		-
Net income (loss)		3,033		(354)
9.50% Convertible Subordinated Notes:
Change in market value of dividend participation rights			19		-
Interest expense			4		-
Net Income (Loss) for diluted calculations		$	3,056	$	(354)
Weighted average common shares outstanding, basic (2)		393		382
Add:    9.50 % Convertible Subordinated Notes		19		-
Employee stock options and PG&E Corporation shares held by grantor trusts		7		-
PG&E Corporation Warrants		4		-
Rounding		1		-
Shares outstanding for diluted calculations		424		382
Earnings (Loss) Per Common Share, Basic
Income (loss) from continuing operations		$	7.36	$	(0.22)
Discontinued operations		-		(0.69)
Cumulative effect of changes in accounting principles		-		(0.02)
Net earnings (loss)		$	7.36	$	(0.93)
Earnings Per Common Share, Diluted
Income (loss) from continuing operations		$	7.21	$	(0.22)
Discontinued operations		-		(0.69)
Cumulative effect of changes in accounting principles		-		(0.02)
Net earnings (loss)		$	7.21	$	(0.93)
(1)	Prior period amounts of NEGT, Inc. have been reclassified to discontinued operations.
(2)	Weighted average common shares outstanding exclude shares held by a subsidiary of PG&E Corporation (23,815,500 shares at March 31, 2004 and 2003) and PG&E Corporation shares held by grantor trusts to secure deferred compensation obligations (281,985 shares at March 31, 2004 and 2003).