(San Francisco) – Speaking to investors and analysts today in New York at the Merrill Lynch Global Power and Gas Leaders Conference, PG&E Corporation (NYSE: PCG) President and Chief Executive Officer Peter A. Darbee reaffirmed the company’s 2005 and 2006 guidance for earnings from operations. He also outlined the company’s opportunities for substantial investments in Pacific Gas and Electric Company’s utility infrastructure throughout Northern and Central California, including capital expenditures of approximately $1.9 billion per year in 2005 and 2006, and as much as $2.5 billion per year from 2007 through 2009.

As a major driver behind the utility’s investment plans, Darbee cited a company-wide initiative to increase efficiency, strengthen operational performance and improve customer service substantially, with the aim of achieving a vision to become the leading utility in the United States. While the initiative is a three- to five-year effort, Darbee pointed to several areas in which the company is already moving forward aggressively with changes, and he shared several of the benchmarks the company has identified to measure its progress in areas such as purchasing, reliability and customer satisfaction.

Darbee’s remarks and presentation were webcast and are available via replay on PG&E Corporation’s web site at www.pgecorp.com. The replay will be archived for 12 months.