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        PRESS RELEASES 2005
      February 10, 2005
      ISSUED BY:   Corporate Communications 1-800-743-6397


      GAAP Results Will Show One-Time, Non-Cash Items, As Expected

      (San Francisco) – PG&E Corporation (NYSE: PCG) will report fourth quarter and full-year 2004 financial results on Friday, February 18, 2005. As announced last month, the Corporation will host an investor conference for members of the financial community the following week on February 25, 2005, in New York City, at which members of senior management will provide an overview of the business and discuss the Corporation’s strategic focus, capital spending needs, and multi-year financial outlook. The meeting will be available to the public via live webcast. As a result, the Corporation does not plan to hold a conference call in conjunction with the earnings release on February 18.

      In accordance with generally accepted accounting principles (GAAP), PG&E Corporation’s total consolidated net income for the fourth quarter will include a positive one-time, non-cash entry of approximately $685 million necessary to reflect elimination of the Corporation’s equity interest in its former subsidiary, National Energy & Gas Transmission, Inc. (NEGT). As previously reported, this entry will reverse the reported value of the Corporation’s investment in NEGT from a negative number to zero on the balance sheet.

      PG&E Corporation’s total consolidated net income for the year will also reflect the accounting impacts of regulatory assets authorized by regulators last year. As reported in first quarter 2004 results, the regulatory assets add approximately $2.95 billion to the Corporation’s consolidated income statement, even though the amounts do not reflect actual cash received.


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