(San Francisco) – PG&E Corporation (NYSE: PCG) today declared the fourth quarter 2008 regular cash dividend of 39 cents per share on the Corporation’s common stock. The dividend is payable on January 15, 2009, to shareholders of record on December 31, 2008.

“PG&E’s quarterly cash dividend reflects the stability of our business and offers an attractive yield to investors,” said Christopher P. Johns, senior vice president, chief financial officer and treasurer, PG&E Corporation.

In addition, PG&E Corporation’s utility subsidiary, Pacific Gas and Electric Company, today declared dividends on all outstanding series of Pacific Gas and Electric Company’s preferred stock for the three months ending January 31, 2009. The dividends will be payable on February 15, 2009, to shareholders of record on January 30, 2009.

In order to be considered a shareholder of record for the common and preferred dividend payments, you must have purchased the stock at least three trading days before the applicable record date.

Pacific Gas and Electric Company will pay dividends on its eight series of preferred stock as follows: