_____________________________________________________________________________________
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: November 8,
2006
(Date
of
earliest event reported)
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Commission
File Number
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Exact
Name of Registrant
as
specified in its charter
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State
or Other Jurisdiction of Incorporation or
Organization
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IRS
Employer Identification Number
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1-12609
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PG&E
CORPORATION
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California
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94-3234914
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1-2348
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PACIFIC
GAS AND ELECTRIC COMPANY
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California
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94-0742640
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PG&E
Corporation
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)
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Pacific
Gas and Electric Company
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)
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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):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17
CFR 240.14d-2(b)
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17
CFR 240.13e-4(c))
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Item
2.02 Results of Operations and Financial Condition
The
information included in this Current Report on Form 8-K is being furnished,
not
filed, pursuant to Item 2.02 of Form 8-K.
On
November 8, 2006, PG&E Corporation issued the press release attached hereto
as Exhibit 99.1 announcing its financial results and the financial results
of
its subsidiary, Pacific Gas and Electric Company (Utility), for the quarter
ended September 30, 2006. Additional supplemental information relating to
PG&E Corporation and the Utility is attached as Exhibit 99.2. Much of
this information is derived from PG&E Corporation’s and the Utility’s
combined Quarterly Report on Form 10-Q for the quarter ended September 30,
2006,
to be filed by PG&E Corporation and the Utility with the Securities and
Exchange Commission (SEC), and should be read in conjunction with such Form
10-Q.
Exhibits
99.1 and 99.2 to this report also will be posted on the “Investors” section of
PG&E Corporation’s website at www.pge-corp.com.
PG&E
Corporation presents results and guidance on an “earnings from operations” basis
in order to provide investors with a measure that reflects the underlying
financial performance of the business and offers investors a basis on which
to
compare performance from one period to another, exclusive of items that, in
management’s judgment, are not reflective of the normal course of operations.
The
attached exhibits contain forward-looking statements regarding management’s
guidance for PG&E Corporation’s 2006 and 2007 earnings per share from
operations, 2006
and
2007 rate base, and 2006 and 2007 earnings sensitivities.
These
statements are based on current
expectations and various
assumptions
which
management believes are reasonable,
including that the
Utility earns its authorized rate of return on equity of 11.35% on anticipated
rate base for 2006 and 2007. 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:
| · |
Unanticipated
changes in operating expenses or capital expenditures, which may
affect
the Utility’s ability to earn its authorized rate of return;
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| · |
How
the Utility manages its responsibility to procure electric capacity
and
energy for its customers;
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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;
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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;
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Whether
the Utility is able to recognize the benefits expected to result
from its
efforts to improve customer service through implementation of specific
initiatives to streamline business processes and deploy new technology;
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The
outcome of proceedings pending at the Federal Energy Regulatory Commission
(FERC) and the California Public Utilities Commission (CPUC), including
the Utility’s 2007 General Rate Case and the Utility’s application for
approval of new long-term generation resource commitments;
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| · |
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;
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The
impact of the recently adopted Energy Policy Act of 2005 and future
legislative or regulatory actions or policies affecting the energy
industry;
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Whether
the Utility is determined to be in compliance with all applicable
rules,
regulations, tariffs and orders relating to electricity and natural
gas
utility operations, including those relating to the procurement of
renewable energy, resource adequacy, greenhouse gas emissions, electric
reliability standards, and billing and collection practices, and
the
extent to which a finding of non-compliance could result in customer
refunds, penalties or other non-recoverable
expenses;
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Increased
municipalization and other forms of bypass in the Utility’s service
territory; and
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Other
factors discussed in PG&E Corporation's SEC reports.
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Item
7.01 Regulation FD Disclosure
The
information included in Exhibit 99.2 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 exhibits are being furnished, and are not deemed to be filed:
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Exhibit
99.1
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PG&E
Corporation Press Release Dated November 8, 2006
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Exhibit
99.2
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Additional
Supplemental Information
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SIGNATURE
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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.
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PG&E
CORPORATION
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By:
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/s/
G. Robert Powell
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G.
Robert Powell
Vice
President and Controller
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PACIFIC
GAS AND ELECTRIC COMPANY
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By:
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/s/
G. Robert Powell
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G.
Robert Powell
Vice
President and Controller
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Dated: November
8, 2006
Exhibit
Index
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Exhibit
99.1
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PG&E
Corporation Press Release Dated November 8, 2006
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Exhibit
99.2
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Additional
Supplemental Information
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