8-K

UNITED STATES
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: March 9, 2011 (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, CA		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

On March 10, 2011, Kent M. Harvey, Senior Vice President and Chief Financial Officer of PG&E Corporation, will meet with various investment professionals.  The materials attached to this report as Exhibit 99 will be used during these meetings.  These materials can be accessed through the “Investors” section of PG&E Corporation’s website at www.pgecorp.com.  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.

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 materials used in investor discussions on March 10, 2011

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SIGNATURES

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: March 9, 2011	By:	LINDA Y.H. CHENG
		LINDA Y.H. CHENG Vice President, Corporate Governance and Corporate Secretary

	PACIFIC GAS AND ELECTRIC COMPANY
Dated: March 9, 2011	By:	LINDA Y.H. CHENG
		LINDA Y.H. CHENG Vice President, Corporate Governance and Corporate Secretary

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EXHIBIT INDEX

Exhibit 99 PG&E Corporation materials used in investor discussions on March 10, 2011

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EX-99

.

®

PG&E

Corporation

Morgan Stanley Utilities Conference

March 10, 2011

Kent Harvey
Chief Financial Officer, PG&E Corporation

Exhibit 99

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Cautionary Language Regarding
Forward-Looking Statements

This presentation contains forward-looking statements regarding the anticipated outcome and timing
of various regulatory proceedings involving Pacific Gas and Electric Company (“Utility”), estimated
costs and future insurance recoveries associated with the natural gas explosion and fire that occurred
in a residential area of San Bruno, California on September 9, 2010 (“San Bruno Accident”), and
forecasts of equity financing for 2011. These statements are based on various assumptions and
management’s current knowledge of relevant facts.Actual results could differ materially based on
various factors, including:

–the outcome of the investigations of the San Bruno accident by the National Transportation Safety Board and the California
Public Utilities Commission (“CPUC”), the CPUC’s investigation into the Utility’s recordkeeping practices for the San Bruno
gas transmission pipeline that ruptured as well as for the Utility’s entire natural gas transmission system, the CPUC
investigation of the December 24, 2008 natural gas explosion in Rancho Cordova, California, whether the Utility incurs civil
or criminal penalties as a result of these investigations, the outcome of the CPUC’s proceeding to adopt new safety and
reliability regulations for natural gas transmission and distribution pipelines, whether the Utility is required to incur additional
costs for third-party liability claims associated with the San Bruno accident or to comply with regulatory or legislative
mandates which costs the Utility is unable to recover through rates or insurance, and whether the Utility incurs third-party
liabilities or other costs in connection with service disruptions that may occur as the Utility complies with regulatory orders to
decrease pressure in its natural gas transmission system;

–explosions, fires, accidents, mechanical breakdowns, the disruption of information technology and systems, human errors,
and similar events that may occur while operating and maintaining an electric and natural gas system in a large service
territory with varying geographic conditions that can cause unplanned outages, reduce generating output, damage the
Utility’s assets or operations, subject the Utility to third-party claims for property damage or personal injury, or result in the
imposition of civil, criminal, or regulatory fines or penalties on the Utility;

– the impact of storms, earthquakes, floods, drought, wildfires, disease, and similar natural disasters, or acts
of terrorism or vandalism, that affect customer demand or that damage or disrupt the facilities, operations, or
information technology and systems owned by the Utility, its customers, or third parties on which the Utility
relies;

–the extent to which PG&E Corporation or the Utility incurs costs in connection with third-party claims or
litigation, including those arising from the San Bruno accident, that are not recoverable through insurance,
rates, or from other third parties;

–the outcome of federal or state tax audits and the impact of changes in federal or state tax laws, policies, or
regulations, such as The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of
2010, and

–the other factors discussed in PG&E Corporation’s and the Utility’s annual report for the year ended
December 31, 2010 that has been filed with the Securities and Exchange Commission.

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Rate Case UpdatesPage 5

Gas Pipeline UpdatesPage 8

Financial SummaryPage 12

AppendixPage 13

Table of Contents

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The Governor appoints the five Commissioners to six-year terms.

They must be confirmed by the Senate

within one year of appointment.

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2011 General Rate Case

A proposed decision and alternate proposed decision were
issued for the 2011 General Rate Case (2011 - 2013)

Final decision expected Mar/Apr 2011

	Settlement Plus Full Return on Retired Meters	Proposed Decision	Alt. Proposed Decision
Settlement Revenue Requirement Increase	395	395	395
Return on Undepreciated Meters	44	25	35
Impact of Change in Amortization Period		38	38
Levelization Adjustment		(10)	(14)
Total Revenue Requirement Increase Incremental to Settlement	44	53	59
Total Revenue Requirement Increase	439	448	454

Average annual capital expenditures: $2.2 - $2.3B

Attrition revenues: $180M and $185M for 2012 and 2013

Comparison of 2011 Revenue Requirements($ in Millions)

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2011 Gas Transmission and
Storage Rate Case

Sets revenue requirements, rates, terms and conditions for
PG&E’s Gas Transmission and Storage services for 2011 - 2014

PG&E and all but one of the active parties are seeking approval
of a settlement agreement

Settlement revenue requirement: $514M for 2011

$52M increase over 2010

$174M average annual capital expenditures

Attrition revenues: $27M, $24M, and $17M for 2012, 2013 and 2014

The CPUC added a new phase to the case to separately address
pipeline safety measures and emergency response procedures to
ensure the safety and reliability of the gas system

Final GT&S decision expected in Q2 2011
Final decision for new safety phase is expected in Q2 2011

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FERC TO13 Filing

Sets revenue requirements for PG&E’s Electric Transmission
business in 2011

Revenue Requirement Request: $1.026B

Capital Expenditures: $810M

Requested revenues would provide for additional electric
transmission capacity and increased maintenance and
replacement work on substations, to improve overall reliability
of the system

TO13 final decision expected by Q3 2011

RequestApproved Settlement

TO 10$760.5M$718M

TO 11$845.0M$776M

TO 12$946.0M$875M

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San Bruno Update - NTSB

NTSB released preliminary factual report in October 2010

Full report expected about a year after the accident

First Interim report in December 2010

Second interim report in January 2011

Metallurgical analysis commented on physical makeup

of pipe segment and weld qualities

NTSB Fact-Finding Public Hearings in Washington D.C.

March 1 - 3, 2011

•Ruled out external corrosion or excavation-related damage and
noted discrepancy in records

Issued recommendations to validate and verify pipeline
records in January 2011

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San Bruno Update - CPUC

PG&E is complying with all CPUC directives

Completed comprehensive gas leak survey in Q4 2010
Leak rate comparable to other U.S. pipelines

Reduced pressure on selected pipelines to 20% below the
Maximum Allowable Operating Pressure (MAOP)

Began exhaustive records review in January to collect,
validate and verify records

Field testing may be necessary to verify the MAOP
on some pipelines

On 2/24/11, the CPUC began an investigation of the
Utility’s gas pipeline recordkeeping

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Gas Pipeline Safety OIR

On 2/24/11, the CPUC began a proceeding to adopt new
rules on pipeline safety and reliability

Primary OIR objectives

•Develop and adopt safety related changes to the CPUC’s
regulation of natural gas pipelines in California

•Consider ways the CPUC can undertake a comprehensive
risk assessment for natural gas pipelines

•Share recommendations from Independent Review Panel
and provide the public a forum to express their views

CPUC expects to hold Pre-Hearing

Conference in late Q2 2011

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Pipeline 2020

A PG&E initiative to fundamentally improve gas pipeline
integrity and safety

Major focus areas include:

Pipeline 2020 filing targeted for Q2 2011

Expected to be considered in the Pipeline Safety OIR

•Modernizing critical pipeline infrastructure

• Expanding use of remote or automated shut-off valves

• Developingnext-generation inspection technologies

• Developing industry-leading best practices

• Enhancing public safety partnerships

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Financial Summary

For 2011, internal equity sources (approximately $200 million)
expected to be sufficient to meet equity needs

	Third-Party Liability Accrual	Direct Costs
Estimated 2011 Range	$0 - $180 million	$200 - $300 million
Costs in 2010	$220 million accrual	$63 million

Range of Estimates and Charges Related to San Bruno

The CPUC will decide whether the Utility’s ratepayers or
shareholders, or both, will pay for the Utility’s costs incurred in
testing, pipe replacement, or other direct costs.

Ranges do not include potential penalties.

Believe most costs associated with third-party claims will be
recovered through insurance

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Appendix

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Key Regulatory Proceedings