SECURITIES AND EXCHANGE COMMISSION

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: July 1, 2004



Commission
File
Number

Exact Name of
Registrant
as specified in
its charter


State or other
Jurisdiction of
Incorporation


IRS Employer
  Identification
Number

_____________

_____________

_____________

_____________

1-12609

1-02348

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 5. Other Events and Regulation FD Disclosure

               On June 29, 2004, PG&E Corporation’s subsidiary, Pacific Gas and Electric Company (Utility), entered into four separate loan agreements, each dated as of June 1, 2004, with the California Pollution Control Financing Authority (Authority), which issued $345,000,000 aggregate principal amount of its Pollution Control Refunding Revenue Bonds (Pacific Gas and Electric Company) 2004 Series A ($70,000,000), 2004 Series B ($90,000,000), 2004 Series C ($85,000,000) and 2004 Series D ($100,000,000) (collectively, “New Bonds”) for the benefit of the Utility in order to refund $345,000,000 of the Authority’s Pollution Control Revenue Bonds (Pacific Gas and Electric Company), 1992 Series A and B and 1993 Series A and B (collectively, “Old Bonds”).

               As previously disclosed, on March 5, 2004, the Utility entered into a term loan facility of $345,000,000 that was used to fund the Utility’s purchase, in lieu of redemption, of the Old Bonds on April 12, 2004, the effective date of the Utility’s plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code.  The proceeds of the Authority’s issuance of the New Bonds were used to refund the Old Bonds held by the Utility.  In turn, the Utility used the funds it received for the Old Bonds to repay the $345,000,000 term loan facility. 


                                                                     

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: LINDA Y.H. CHENG

                                                                     

                                                                  

                                                                     

       LINDA Y.H. CHENG
        Corporate Secretary

                                                                     

PACIFIC GAS AND ELECTRIC COMPANY
       

                                                                     

By: DINYAR B. MISTRY

                                                                     

                                                                     

                                                                     

       DINYAR B. MISTRY
       Vice President and Controller

Dated:  July 1, 2004