PG&E’S GRC

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: June 4, 2002


Commission File Number	Exact Name of Registrant as specified in its charter	State or other Jurisdiction of Incorporation	IRS Employer Identification Number
_____________	_____________	_____________	_____________
1-12609 1-2348	PG&E Corporation Pacific Gas and Electric Company	California California	94-3234914 94-0742640

Pacific Gas and Electric Company 77 Beale Street, P. O. Box 770000 San Francisco, California 94177		PG&E Corporation One Market, Spear Tower, Suite 2400 San Francisco, California 94105

(Address of principal executive offices) (Zip Code)

Pacific Gas and Electric Company (415) 973-7000		PG&E Corporation (415) 267-7000

(Registrant's telephone number, including area code)

Item 5. Other Events

Pacific Gas and Electric Company Bankruptcy

Monthly Operating Report

On May 30, 2002, Pacific Gas and Electric Company (Utility) filed its monthly operating report for the month ended April 30, 2002, with the U.S. Bankruptcy Court for the Northern District of California (Bankruptcy Court). The Utility's monthly operating report includes an unaudited income statement for the month and an unaudited balance sheet dated as of the end of the month. These unaudited financial statements are attached as Exhibit 99 to this report. Although not included in Exhibit 99, the monthly operating report also includes a statement of receipts and disbursements, as well as other information. The preliminary financial statements were prepared using certain assumptions and estimates that are subject to revision. Any adjustments for these estimates (based upon changes in facts and circumstances, further analysis, and other factors) will be reflected in the financial statements in the period during which such adjustments are made. These adjustments could have a material impact on reported results in the future.

Official Committee of Unsecured Creditors

As previously disclosed, on June 17, 2002, the disclosure statements describing the Utility’s proposed plan of reorganization (PG&E Plan) and the competing alternative proposed plan of reorganization sponsored by the California Public Utilities Commission (CPUC) will be mailed to creditors. On May 31, 2002, the Bankruptcy Court approved the inclusion in the solicitation package of the Official Committee of Unsecured Creditors’ (OCC) report and recommendations regarding the competing plans of reorganization.

With respect to the PG&E Plan, the OCC report highlights the critical prerequisite that the new securities proposed to be issued achieve investment grade status, and their belief that this may be successfully achieved. The OCC report also mentions the objections that will likely be raised by the CPUC during confirmation involving preemption of certain state laws. Lastly, the OCC report states that if the PG&E Plan is confirmed it will likely face legal challenge from the CPUC and the State of California.

With respect to the CPUC plan, the OCC report states that the CPUC has failed to convince the OCC that the reorganized Utility will achieve investment grade status under the alternate plan. The report also states that while the CPUC has asserted in its disclosure statement that the reorganized Utility will be regulated in a way to allow it to recover reasonable, prudently incurred costs and will have an opportunity to earn a reasonable rate of return, the CPUC has failed to accept the OCC’s suggestions concerning objective mechanisms to address their concerns regarding these issues. These two uncertainties cause the OCC to identify as a risk whether the CPUC plan ultimately can be financed.

The OCC report concludes with a recommendation that creditors vote in favor of both plans, but does not take a position on a preference vote for either plan. They state that the PG&E Plan is financially feasible, but faces significant delays because of potential legal challenges. They call the CPUC plan “simpler than the PG&E Plan”, but state that it may not be financeable and also faces litigation delay.

The OCC stated that it will continue to represent and protect the interests of creditors and seek a consensual resolution of the disputes between the proponents of the PG&E Plan and the CPUC plan.

Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits

Exhibit 99 - Pacific Gas and Electric Company Income Statement for the month ended April 30, 2002, and Balance Sheet dated April 30, 2002.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

	PG&E CORPORATION
	By: CHRISTOPHER P. JOHNS

	CHRISTOPHER P. JOHNS Senior Vice President and Controller

	PACIFIC GAS AND ELECTRIC COMPANY
	By: DINYAR B. MISTRY

	DINYAR B. MISTRY Vice President and Controller

Dated: June 4, 2002

Exhibit 99

PACIFIC GAS AND ELECTRIC COMPANY
U.S. TRUSTEE BALANCE SHEET
AS OF APRIL 30, 2002
(in millions, except share amounts)

			April, 2002
ASSETS
Current Assets
	Cash and cash equivalents		$ 4,501
	Accounts receivable:
		Customers (net of allowance for doubtful accounts of $45 million)	1,640
		Related parties	32
		Regulatory balancing accounts	124
	Inventories:
		Gas stored underground and fuel oil	136
		Materials and supplies	117
	Prepaid expenses and other		76
	Total current assets		6,626

Property, Plant, and Equipment
	Electric		18,451
	Gas		7,902
	Construction work in progress		345
	Total property, plant, and equipment (at original cost)		26,698
	Accumulated depreciation and decommissioning		(13,196)
Net property, plant, and equipment			13,502

Other Noncurrent Assets
	Regulatory assets		2,202
	Nuclear decommissioning trust funds		1,344
	Other		1,859
	Total noncurrent assets		5,405
TOTAL ASSETS			$ 25,533

LIABILITIES AND EQUITY
Liabilities
	Accounts payable
		Trade creditors	$ 610
		Related parties	109
		Regulatory Balancing Accounts	339
		Other	219
	Accrued taxes		894
	Rate reduction bonds		1,640
	Deferred income taxes		975
	Deferred tax credits		150
	Pre-petition secured debt		3,107
	Pre-petition liabilities		4,385
	Pre-petition financing debt		6,089
	Other liabilities		3,336
	Total liabilities		21,853

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
	Accumulated deficit		(319)
	Accumulated other comprehensive loss		(2)
	Total stockholders' equity		3,543

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$ 25,533

________________________________________________________________________________________

PACIFIC GAS AND ELECTRIC COMPANY
U.S. TRUSTEE BALANCE SHEET
AS OF APRIL 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 APRIL 30, 2002
AND THE THIRTEEN MONTHS ENDED APRIL 30, 2002
(in millions)
		Case to date
	Month	thirteen months
	ended	ended
	April 30, 2002	April 30, 2002
OPERATING REVENUES	$ 795	$ 11,148

OPERATING EXPENSES:
Cost of Electric Energy	128	436
Cost of Gas	66	1,331
Operating and Maintenance	249	2,940
Depreciation, Decommissioning, and Amortization	90	1,020
Total Operating Expenses	533	5,727

OPERATING INCOME (LOSS)	262	5,421

Interest Income (Expense)	(69)	(970)
Professional Fees	(1)	(15)
Other Income and (Expense)	(1)	(13)

PRE-TAX INCOME (LOSS)	191	4,423

Income Taxes	78	1,704

EARNINGS (LOSS)	113	2,719

Preferred Dividend Requirement	2	27

EARNINGS (LOSS) AVAILABLE FOR (ALLOCATED TO) COMMON STOCK	$ 111	$ 2,692

___________________________________________________________________________________________

PACIFIC GAS AND ELECTRIC COMPANY
U.S. TRUSTEE INCOME STATEMENT
FOR THE MONTH ENDED APRIL 30, 2002
AND THE THIRTEEN MONTHS ENDED APRIL 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 April 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 was the product of the estimated amount of power purchased by the DWR on behalf of retail customers during the current month and the rate of approximately 9 cents per kilowatt hour. The estimated amount recorded is subject to revision and actual results could differ materially from the information provided in this statement.

4		Case to date results reflect the entire thirteen month period ended April 30, 2002. The bankruptcy petition date is April 6, 2001.