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

			Three months ended				Nine months ended
(in millions, except per share amounts)			September 30,				September 30,
			2003		2002 (1)		2003		2002 (1)
Income from continuing operations			$	508	$	479	$	754	$	1,532
Discontinued operations				2		(13)		(365)		(156)
Net income before cumulative effect of changes
	in accounting principles		510		466		389		1,376
Cumulative effect of changes in accounting principles			-		-		(6)		(61)
Net Income			510		466		383		1,315
Interest expense on 9.5% Convertible Subordinated Notes			4		3		12		4
Net Income for Diluted Calculations			$	514	$	469	$	395	$	1,319
Weighted average common shares outstanding, basic (2)			387		373		384		368
Add:		Employee stock options and PG&E Corporation
		shares held by grantor trusts	5		-		2		2
		PG&E Corporation Warrants	5		3		5		1
		9.5% Convertible Subordinated Notes	19		19		19		7
Shares outstanding for diluted calculations			416		395		410		378
Earnings Per Common Share, Basic
Income from continuing operations			$	1.31	$	1.28	$	1.96	$	4.16
Discontinued operations			0.01		(0.03)		(0.95)		(0.42)
Cumulative effect of changes in accounting principles			-		-		(0.01)		(0.17)
Net earnings			$	1.32	$	1.25	$	1.00	$	3.57
Earnings Per Common Share, Diluted
Income from continuing operations			$	1.24	$	1.22	$	1.86	$	4.06
Discontinued operations			-		(0.03)		(0.89)		(0.41)
Cumulative effect of changes in accounting principles			-		-		(0.01)		(0.16)
Net earnings			$	1.24	$	1.19	$	0.96	$	3.49

(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 September 30, 2003 and 2002) and PG&E Corporation shares held by grantor trusts to secure deferred compensation obligations (281,985 shares at September 30, 2003 and 2002).