fwp
 

Filed Pursuant to Rule 433
Registration No. 333-109994
March 8, 2007
PRICING TERM SHEET
5.80% Senior Notes due March 1, 2037
     
Issuer:
  Pacific Gas and Electric Company
 
   
Security:
  5.80% Senior Notes due March 1, 2037
 
   
Size:
  $700,000,000
 
   
Maturity Date:
  March 1, 2037
 
   
Coupon:
  5.80%
 
   
Interest Payment Dates:
  March 1 and September 1, commencing September 1, 2007
 
   
Price to Public:
  99.454%
 
   
Benchmark Treasury:
  4.50% due February 15, 2036
 
   
Benchmark Treasury Yield:
  4.679%
 
   
Spread to Benchmark Treasury:
  116 basis points
 
   
Yield:
  5.839%
 
   
Optional Redemption:
  Make-Whole Call at Treasuries plus 25 basis points
 
   
Expected Settlement Date:
  March 13, 2007
 
   
CUSIP:
  694308 GJ0
 
   
Anticipated Ratings:
  Baa1 by Moody’s Investors Service, Inc.
 
  BBB by Standard & Poor’s Ratings Services
 
   
Joint Book-Running Managers:
  Barclays Capital Inc.
 
  Citigroup Global Markets Inc.
 
  Deutsche Bank Securities Inc.
 
   
Co-Managers:
  ABN AMRO Incorporated
 
  BNY Capital Markets, Inc.
 
  Loop Capital Markets, LLC
 
  The Williams Capital Group, L.P.
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.
You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. toll free at 1-888-227-2275, Ext. 2663; Citigroup Global Markets Inc. toll free at 1-877-858-5407; or Deutsche Bank Securities Inc. toll free at 1-800-503-4611.