PG&E (PCG) 8-K Regulation FD Disclosure

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: May 13, 2003
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 9. Regulation FD Disclosure  

The information included in this Current Report on Form 8-K, including the financial and statistical information attached hereto as an exhibit, is being furnished, not filed, pursuant to Item 9 of Form 8-K.

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:  LINDA Y.H. CHENG

       LINDA Y.H. CHENG

       Corporate Secretary

Dated:  May 13, 2003

Pacific Gas and Electric Company [logo]
			Three months ended
			March 31,
			---------------------------------
			2003	2002
			------------	------------
Electric Sales (in millions kWh)
	Residential		7,194	7,022
	Commercial		7,239	7,457
	Industrial		3,543	3,611
	Agricultural		475	462
	Public street and highway lighting		141	145
	Other electric utilities		51	-
			-------------	-------------
	Sales from Energy Deliveries		18,643	18,697
	Total Electric Customers (1)		4,883,841	4,729,364
Bundled Gas Sales (in MMDTh) (2)
	Residential		80	88
	Commercial		27	27
	Industrial		-	-
			-------------	-------------
	Total Bundled Gas Sales		107	115
	Total Transportation Only		124	115
			-------------	-------------
	Total Gas Sales		231	230
	Total Gas Customers (1)		4,045,690	3,923,027
Sources of Electric Energy (in millions kWh)
Utility Generation
	Nuclear		3,266	4,613
	Hydro (net)		2,933	2,469
	Fossil		159	207
			-------------	-------------
	Total Utility Generation		6,358	7,289
Purchased Power
	Qualifying Facilities		4,543	5,266
	Irrigation Districts		1,038	794
	Other Purchased Power (3)		1,771	1,042
			-------------	-------------
	Total Purchased Power		7,352	7,102
Delivery from DWR			6,598	4,125
Delivery to Direct Access Customers			2,318	1,996
Other (includes energy loss)			(3,983)	(1,816)
			-------------	-------------
Total Electric Energy Delivered			18,643	18,696
Diablo Canyon Performance
Overall capacity factors (including refuelings)			70%	98%
Refueling outage period		2/3/03-3/26/03		-
Refueling outage duration (days)			51 days	-
(1) Customers reported as number of active service agreements.  The Utility implemented a new customer information system
in Q4 of 2002, whereby the number of "customers" for Q1 03 is not comparable to the number of "customers" for Q1 02.
(2) The Q1 02 bundled gas sales were reported in millions of MCF, they were converted form MCF to MMDth in this report.
For the reporting period:  MMDTH = MCF *1.108/(1,000,000)
(3) Energy via California Power Exchange, ISO, bilateral contracts, DWR Renewable power, and other Interchange Power.

PG&E NATIONAL ENERGY GROUP (logo)
			Three Months Ended
			3/31/2003		3/31/2002
NEG Earnings Per Share Metrics
	Integrated Energy and Marketing		$           (0.39)		$             0.05
	Interstate Pipeline Operations		0.04		0.05
	Discontinued Operations		(0.18)		0.02
	Eliminations and Other		$           (0.16)		$           (0.02)
		Total Reported - National Energy Group	$           (0.69)		$             0.10
Generating Operations
	Owned and Controlled Capacity in Operation (MW)		1,476		7,099
	Owned and Controlled Capacity in Construction (MW)		0		7,743
	Total Owned and Controlled Capacity (MW)		1,476	1	14,842
	Capital Expenditures ($MM)		$98		$316
	MM MWh generated (owned and controlled)		6.1		9.2
Pipeline Operations
	% of capacity under long-term contracts		94.9%		99.6%
	Average Receipts (MDth/d)
		From Canadian Supply (at Kingsgate)	1,468		2,326
		From Rockies/BC Supply (at Stanfield)	58		5
	Average Deliveries (MDth/d)
		To Pacific Northwest	435		579
		To California	1,062		1,631
		To Nevada	65		86
	Capital Expenditures ($MM)		$3		$42
Trading and Non-Trading Activity Gross Margin ($MM)
	Trading unrealized gain/(loss)		$8		($3)
	Trading realized gain/(loss)		($33)		$45
		Total Mark-to-market Gross Margin	($25)		$42
	Non-Trading MtM gain/(loss) 2
				As of
Value-at-Risk ($MM) 3			3/31/2003		12/31/2002
	Daily Trading VaR at 95% confidence level		$16		$8
	Daily Non-trading VaR at 95% confidence level for contracts that receive MtM accounting treatment		$10		$3
	Daily Non-trading VaR at 95% confidence level for contracts accounted for as hedges		$12		$9
Fair value of price risk management assets and liabilities ($MM)
(of trading and non trading activities) 4
	Price risk management assets		$981		$896
	Price risk management liabilities		$901		$811
	Net Portfolio Value		$80		$85
Maturity of Fair Value of Trading Contracts at March 31, 2003 ($MM)
	Less than one year		$57		($43)
	One to three years		($79)		($13)
	Four to five years		($17)		($28)
	Beyond five years		$50		$62
		Total	$11		($22)
				As of
NEG Capitalization (consolidated)			3/31/2003		12/31/2002
	Debt to Capitalization Ratio		138.2%		127.1%
	Debt to Capitalization Ratio (debt net of cash)		144.2%		129.9%
	Capitalization ($MM)
		Debt	$5,238		$4,877
		Equity	($1,449)		($1,040)
		Cash	$513		$363
1		Owned and contolled capacity excludes assets to be abandoned and assets held for sale.
2		Non-trading MtM gains/(losses) include ineffective hedges associated with assets and contracts that no longer qualify for normal purchases and sales treatment under FAS 133.
3		The NEG expresses value-at-risk as a dollar amount of the potential loss in the fair value of the portfolios based on a 95% confidence level using a one-day liquidation period.
4		Balance excludes price risk management assets (liabilities) held for sale.