Exhibit 99

PG&E Corporation:

Preparing For the Future

Investor Meetings

May 15-16, 2007

This presentation contains forward-looking statements regarding management’s guidance for PG&E Corporation’s 2007 and 2008 earnings per share from operations,targeted average annual growth rate for earnings per share from operations, anticipated dividend growth, as well as management’s projections regarding Pacific Gas and Electric Company’s (Utility) capital expenditures, rate base and rate base growth, future electricity resources, and energy efficiency funding levels. These statements are based on current expectations and various assumptions which management believes are reasonable, including that substantial capital investments are made in Utility business over the 2007-2011 period, Utility rate base averages $17 billion in 2007 and $18.7 billion in 2008, that the Utility earns at least its authorized rate of return on equity, and that the Utility’s ratemaking capital structure is maintained at 52 percent equity. These statements and assumptions are necessarily subject to various risks and uncertainties, the realization or resolution of which are outside of management's control. Actual results may differ materially. Factors that could cause actual results to differ materially include:

•

Utility’s ability to timely recover costs through rates;

•

the outcome of regulatory proceedings, including ratemaking proceedings pending at the California Public Utilities Commission (CPUC) and the Federal Energy Regulatory Commission;

•

the adequacy and price of electricity and natural gas supplies, and the ability of the Utility to manage and respond to the volatility of the electricity and natural gas markets;

•

the effect of weather, storms, earthquakes, fires, floods, disease, other natural disasters, explosions, accidents, mechanical breakdowns, acts of terrorism, and other events or hazards that could affect the Utility’s facilities and operations, its customers, and third parties on which the Utility relies;

•

the potential impacts of climate change on the Utility’s electricity and natural gas business;

•

changes in customer demand for electricity and natural gas resulting from unanticipated population growth or decline, general economic and financial market conditions,

changes in technology including the development of alternative energy sources, or other reasons;

•

operating performance of the Utility’s Diablo Canyon nuclear generating facilities (Diablo Canyon), the occurrence of unplanned outages at Diablo Canyon, or the temporary or permanent cessation of operations at Diablo Canyon;

•

the ability of the Utility to recognize benefits from its initiatives to improve its business processes and customer service;

•

the ability of the Utility to timely complete its planned capital investment projects;

•

the impact of changes in federal or state laws, or their interpretation, on energy policy and the regulation of utilities and their holding companies;

•

the impact of changing wholesale electric or gas market rules, including the California Independent System Operator’s new rules to restructure the California wholesale electricity market;

•

how the CPUC administers the conditions imposed on PG&E Corporation when it became the Utility’s holding company;

•

the extent to which PG&E Corporation or the Utility incur costs and liabilities in connection with pending litigation that are not recoverable through rates, from third parties, or through insurance recoveries;

•

the ability of PG&E Corporation and/or the Utility to access capital markets and other sources of credit;

•

the impact of environmental laws and regulations and the costs of compliance and remediation;

•

the effect of municipalization, direct access, community choice aggregation, or other forms of bypass, and

•

other risks and factors disclosed in PG&E Corporation’s and Pacific Gas and Electric Company’s SEC reports.

Cautionary Statement Regarding Forward-Looking Information

Key Takeaways From Today’s Discussion

•

PCG is a core utility holding, delivering strong investment opportunities and low regulatory risk.

•

Potential earnings “upsides” in 2008 and beyond are not included in guidance.

•

Emerging growth strategies present additional business opportunities.

We act with integrity and communicate honestly and openly.

We are passionate about meeting our customers’ needs

and delivering for our shareholders. We are accountable for all of

our own actions: these include safety, protecting the

environment, and supporting our communities. We work together

as a team and are committed to excellence and innovation.

We respect each other and celebrate our diversity.

The

Leading
utility in the
United States

Delighted Energized Rewarded

customers employees shareholders

Our values

Operational excellence

Transformation

Our strategies

Our goals

Our vision

PG&E Vision

Our Business Strategy

•

Competitive customer focus

•

Operational excellence

•

Regulatory alignment

•

Environmental leadership

•

Community involvement

Core Business Growth Opportunities

•

Electric and gas distribution

•

Electric transmission

System reliability

Growth to reach renewable resources

•

Natural gas transmission and storage

•

Electric resource requirements

Energy efficiency

Renewables

Conventional generation

2007

2008

2009

2010

2011

Capital Expenditures ($MM)

1,000

2,000

3,000

2007

2008

2009

2010

2011

$3,200

$2,500

$3,100

$2,200

Common Plant

Electric Trans.

Generation

Distribution

Chart Key

Gas Trans.

Capital Expenditure Outlook

Projected 2007-2011 rate base is not adjusted for the impact of the carrying cost credit that primarily results from the second series of the Energy Recovery Bonds. Earnings will be reduced by an amount equal to the deferred tax balance associated with the Energy Recovery Bonds regulatory asset, multiplied by the utility's equity ratio and by its equity return. The carrying cost credit declines to zero when the taxes are fully paid in 2012.

Rate Base Growth

*	Reg G reconciliation to GAAP for 2006 EPS from Operations and 2007 and 2008 EPS Guidance available in Appendix and at www.pge-corp.com

EPS from Operations*

EPS Guidance

EPS from Operations*: 2007 guidance of $2.70-$2.80 per share

2008 guidance of $2.90-$3.00 per share

Survey of analyst estimates of EPS growth:

Source: Thomson IBIS long-term EPS Growth Consensus Estimate Median May 8, 2007

EPS Growth – Comparator Group

EPS from operations annual growth targeted to average 8%

for 2007 – 2011

Potential Earnings Upsides

•

Transformation benefits

•

Energy efficiency incentives

•

Additional transmission and generation investments

California Energy Policy

PG&E’s resource investment strategy is aligned with California’s Energy Action Plan “preferred loading order”:

Energy Efficiency

Demand Response

Renewable Resources

Distributed Generation

Conventional Resources

Over the past 30 years, California per capita energy use has remained relatively flat compared to the 50% increase in US per capita energy use.

Source: California Energy Commission

California’s Success With Energy Efficiency

2,000

4,000

6,000

8,000

10,000

12,000

14,000

1960

1965

1970

1975

1980

1985

1990

1995

2000

Western Europe

•

About half of expected load growth will be met by energy efficiency

•

PG&E’s budget and goals for 2006-2008:

- Overall energy efficiency budget: $975 million

- PG&E filed goals: 3,063 GWh; 47 MM therms

GWh Savings: Historic and Target

PG&E’s Energy Efficiency Programs

MWs

Demand response impacts expected to double from 2007

Actual and Projected Capacity Savings from Demand Response Programs

Demand Response Programs

*	2008 to 2011 estimates are based on forecasted construction schedules and additional contracted resources

Projected Deliveries Plus Contracts*

2006 deliveries comprised of:

Renewable Portfolio Standard target is 20% by 2010

Renewable Resource Procurement

PPAs Counterparty/Facility	Size (MW)	Target Operational Date	Contract Term (years)
Calpine Hayward	601	2010	10
EIF Firebaugh	399	2009	20
Starwood Firebaugh	118	2009	15
EIF Fresno	196	2009	20
Tierra Energy Hayward	116	2009	20
Total	1,430

Facility	Size (MW)	Status	Target Operational Date	Estimated Capital Costs
Gateway	530	broken ground	2009	$370 million
Humboldt Bay	163	permitting	2009	$239 million
Colusa	657	permitting	2010	$673 million
Total	1,350			$1,282 million

New Generation Resources: Utility-Owned & Conventional Power Purchase Agreements

*	Over 20% of total retail sales expected to be eligible renewable resources coming from utility-owned, QFs, Irrigation Districts, and other sources.

**	May include utility-owned resources.

*	Approximately 13% of total retail sales expected to be eligible renewable resources coming from utility-owned, QFs, Irrigation Districts and other sources.

2007 Projected Sources of Energy

85,500 GWh

2012 Projected Sources of Energy

89,900 GWh

•

Energy efficiency expected to meet half of future load growth

•

Growth in renewable resources and resources with operating flexibility

•

Growth in utility ownership

Long-Term Electric Resources

Changing Legislative Environment for GHG

Recent greenhouse gas legislation:

•

California global warming legislation enacted in 2006

•

Federal legislation expected in 2 to 4 years

PG&E supports:

•

Mandatory market-based approach

•

Encouraging early action toward goals before full regulatory implementation

•

Recognition of prior actions

•

Pursuit of all cost-effective reductions in greenhouse gases

•

International cooperation

*	Comparison companies selected by Innovest. Data include emissions of regulated and unregulated plants. 2004 is the most recent data available.

2004 CO₂Emissions and Emission Rates*

Source: Innovest

Relative CO₂ Emissions Rates - Generation

Emerging Growth Opportunities

PG&E is looking ahead to the future of utility services

•

Clean/renewable fuel technologies

•

Smart Energy Web

•

Plug-in anywhere technologies

•

Sustainable Energy Communities

PCG Investment Opportunity Summary

•

First quartile EPS growth

- Approved infrastructure investment

•

Potential upsides

- Transformation benefits

- Energy efficiency incentives

- Additional transmission and generation investment

Appendix

Investor Meetings

May 15-16, 2007

Business Unit	2006 Rate Base ($B)	Regulation
Electric and gas distribution	$10.3	CPUC
Electric generation	$1.8	CPUC
Gas transmission	$1.5	CPUC
Electric transmission	$2.3	FERC
PCG Total Business	$15.9	85% CPUC/15% FERC

Pacific Gas and Electric Company (PG&E)

•

$12.5 B in Revenues

•

$34.8 B in Assets

•

5.1 MM electric/4.2 MM gas customers

•

$18 B+ of Market Capitalization

Balancing Accounts =	• Cost of procuring energy • Sales volume • Selected other elements of operating costs such as energy conservation programs

Ratemaking =

Projected Test Year

w/ Attrition adjustments

Rate Base =

Net Plant (in service)

deferred taxes from accelerated depreciation

+/- net working capital

(may exclude many balance sheet assets or liabilities)

Ratemaking Summary

Credit Profile

•

Current Ratings

- Utility issuer rating: BBB (S&P) and Baa1 (Moody’s)

- Utility unsecured debt: BBB (S&P) and Baa1 (Moody’s)

•

Average Utility Metrics (2007-2011)*

- S&P Business Profile Rating: 5

- Total Debt to capitalization (EOY): 53.6%

- Funds from Operations Cash Interest Coverage: 5.1x

- Funds from Operations to Average Total Debt: 22%

* Metrics include debt equivalents for long-term power purchase contracts

Dividend Policy

•

Objectives:

- Flexibility

- Sustainability

- Comparability

•

Payout ratio range of 50% - 70%

•

Growth balanced with funding for additional investment opportunities

•

Dividend growth is expected to be generally in line with the growth in EPS from Operations

*	Earnings per share from operations is a non-GAAP measure. This non-GAAP measure is used because it allows investors to compare the core underlying financial performance from one period to another, exclusive of items that do not reflect the normal course of operations

2006

2006 EPS - Reg G Reconciliation

EPS on an Earnings from Operations Basis*	$	2.57
Items Impacting Comparability:
Scheduling Coordinator Cost Recovery		0.21
Environmental Remediation Liability		(0.05	)
Recovery of Interest on PX Liability		0.08
Severance Costs		(0.05	)

EPS on a GAAP Basis	$	2.76

EPS Guidance - Reg G Reconciliation

2007	Low		High
EPS Guidance on an Earnings from Operations Basis*	$	2.70	$	2.80
Estimated Items Impacting Comparability		0.00		0.00
EPS Guidance on a GAAP Basis	$	2.70	$	2.80

2008	Low		High
EPS Guidance on an Earnings from Operations Basis*	$	2.90	$	3.00
Estimated Items Impacting Comparability		0.00		0.00
EPS Guidance on a GAAP Basis	$	2.90	$	3.00

*	Earnings per share from operations is a non-GAAP measure. This non-GAAP measure is used because it allows investors to compare the core underlying financial performance from one period to another, exclusive of items that do not reflect the normal course of operations.