8-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K/A

AMENDMENT NO. 1 TO

CURRENT REPORT

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

Date of Report: August 21, 2006

(Date of earliest event reported)

PG&E CORPORATION

(Exact Name of Registrant as specified in Charter)

California	1-12609	94-3234914
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Market, Spear Tower, Suite 2400, San Francisco, California 94105

(Address of principal executive offices, zip code)

415-267-7000

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

PACIFIC GAS AND ELECTRIC COMPANY

(Exact Name of Registrant as specified in Charter)

California	1-2348	94-0742640
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

77 Beale Street, P. O. Box 770000, San Francisco, California 94177

(Address of principal executive offices, zip code)

(415) 973-7000

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 ¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 ¨Soliciting Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 ¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

 ¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01 Regulation FD Disclosure

Explanatory Note:

On August 21, 2006, PG&E Corporation and Pacific Gas and Electric Company filed a Current Report on Form 8-K (Report) that is being amended to include Exhibit 99, which has been reformatted for clarity. The information included in Exhibit 99 is incorporated by reference in response to this Item 7.01, and is deemed to be furnished, not filed, pursuant to Item 7.01 of Form 8-K. No other changes are being made to the Report.

Item 9.01 Financial Statements and Exhibits

Exhibits

The following exhibit is being furnished, and is not deemed to be filed:

Exhibit 99   PG&E Corporation investor presentation slides dated August 21, 2006  

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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 hereunto duly authorized.

	PG&E CORPORATION
Dated: August 22, 2006	By:	/s/ G. Robert Powell
		G. ROBERT POWELL Vice President and Controller

	PACIFIC GAS AND ELECTRIC COMPANY
Dated: August 22, 2006	By:	/s/ G. Robert Powell
		G. ROBERT POWELL Vice President and Controller

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EXHIBIT INDEX

No.	Description of Exhibit
Exhibit 99	PG&E Corporation investor presentation slides dated August 21, 2006

EX-99

Exhibit 99

Proposed GRC Settlement, August 21, 2006

This summary contains forward-looking statements regarding management’s guidance for PG&E Corporation’s 2006 and 2007 earnings per share from

operations, capital expenditures, Pacific Gas and Electric Company’s (Utility) rate base and rate base growth, and targeted average annual growth
rate for earnings per share from operations, over the 2006-2010 period. 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 2006-2010 period and
that the Utility earns an authorized return on equity of 11.35%.  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:

•

If the proposed General Rate Case Settlement is not approved;

•

Unanticipated changes in operating expenses or capital expenditures, which may affect the Utility’s ability to earn its authorized rate of return;

•

How the Utility manages its responsibility to procure electric capacity and energy for its customers;

•

The adequacy and price of natural gas supplies, and the ability of the Utility to manage and respond to the volatility of the natural gas market for its

customers;

•

The operation of the Utility’s Diablo Canyon nuclear power plant, which could cause the Utility to incur potentially significant environmental costs and

capital expenditures, and the extent to which the Utility is able to timely increase its spent nuclear fuel storage capacity at Diablo Canyon;

•

Whether the Utility is able to recognize the anticipated cost benefits and savings to result from its efforts to improve customer service through

implementation of specific initiatives to streamline business processes and deploy new technology;

•

The outcome of proceedings pending at the Federal Energy Regulatory Commission and the California Public Utilities Commission (CPUC),

including the CPUC’s pending investigation into the Utility’s billing and collection practices;

•

How the CPUC administers the capital structure, stand-alone dividend, and first priority conditions of the CPUC’s decisions permitting the

establishment of holding companies for the California investor-owned electric utilities, and the outcome of the CPUC's new rulemaking proceeding
concerning the relationship between the California investor-owned energy utilities and their holding companies and non-regulated affiliates;

•

The impact of the recently adopted Energy Policy Act of 2005 and future legislative or regulatory actions or policies affecting the energy industry; ;

•

Increased municipalization and other forms of bypass in the Utility’s service territory; and

•

Other factors discussed in PG&E Corporation's and Pacific Gas and Electric Company’s SEC reports.

Cautionary Statement Regarding Forward-Looking

Information

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2007 GRC Settlement Summary

The proposed GRC Settlement extends the period until the next General Rate

Case to 2011, and if approved, is consistent with PG&E’s previous EPS guidance
for 2006 and 2007, and overall EPS growth rate of at least 7.5% from 2006-2010.

•

Settlement provides revenue certainty through 2010

–

$213 MM revenue increase vs. $395 MM requested in 2007

–

Attrition base revenue increases of $125 MM in 2008-2010, additive to prior year revenues, w/ an additional

$35 MM in 2009 for a double refueling outage at Diablo Canyon

•

  Transformation Savings

–

$41 MM in 2008, and $97 MM in 2009 are factored into the attrition settlement for the benefit of customers.

–

100% of risk and reward for additional transformation benefits accrue to shareholders through 2010

•

  Next Steps in the Schedule

–

9/20/2006:  Opening Briefs by opposing parties.

–

Jan. 2007:Proposed Decision

–

Feb. 2007:Final Decision (rates effective 1/1/07)

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Distribution Generation Electric Transmission Gas Transmission CC8 AMI Technology Common Plant

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Capital expenditures average $2.5B* for years 2006-2010:

($BN)

*  This excludes  potential additional investment such as the Colusa plant under the RFO, and  additional electric and gas transmission projects

Capital Expenditure Outlook

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*  2006-2010 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 regulatory
asset, multiplied by the utility's equity ratio and by its equity return.  The carrying cost credit declines to zero as the taxes are fully paid
through 2012.

Rate Base Growth

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