UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1997 OR [_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NO. 333-68155 PG&E GAS TRANSMISSION, NORTHWEST CORPORATION SAVINGS FUND PLAN FOR MANAGEMENT EMPLOYEES 2100 SW RIVER PARKWAY PORTLAND, OR 97201 (Full title of the plan and the address of the plan, if different from that of the issuer named below) PG&E CORPORATION ONE MARKET, SPEAR TOWER SUITE 2400 SAN FRANCISCO, CA 94105 (Name of issuer of the securities held pursuant to the Plan of its principal executive office) REQUIRED INFORMATION 1. The Statement of Net Assets Available for Benefits with Fund Information as of December 31, 1997 and 1996 and the Statement of Changes in Net Assets Available for Benefits with Fund Information for the Year Ended December 31, 1997, together with supplemental schedules and the report of Arthur Andersen LLP, independent accountants, are contained in Exhibit 1 to this Annual Report. 2. The Consent of Arthur Andersen LLP, independent accountants, is contained in Exhibit 2 to this Annual Report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. PG&E GAS TRANSMISSION, NORTHWEST CORPORATION SAVINGS FUND PLAN FOR MANAGEMENT EMPLOYEES December 1, 1998 By: /s/ ROBERT T. HOWARD --------------------------- Name: Robert T. Howard Title: Chairman, Employee Benefit and Administrative Finance Committee