SAN FRANCISCO - Pacific Gas and Electric Company today declared dividends on all outstanding series of the company's preferred stock for the three months ending April 30, 2004. The dividends will be payable on May 15, 2004, to shareholders of record on April 30, 2004.

These are the first quarterly preferred stock dividends declared by Pacific Gas and Electric Company after its emergence from Chapter 11 on April 12, 2004. The company, which was prohibited from making preferred dividend payments while in Chapter 11, paid all previously accumulated, unpaid preferred dividends on emergence in accordance with the court-approved plan of reorganization.

Pacific Gas and Electric Company has the following 11 series of preferred stock with the amount to be paid per series per share as indicated:

Dividend checks will be mailed by the company's transfer agent, Mellon Investor Services, so that, under ordinary circumstances, they will reach shareholders in the United States on the date the dividends are payable