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EXHIBIT 11

PG&E CORPORATION
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE

		Year Ended December 31,
		2004		2003			2002(1)
		(in millions, except per share amounts)
Income from continuing operations		$	3,820	$	791		$	1,723
Discontinued operations			684		(365	)		(2,536	)
Net income (loss) before cumulative effect of changes in accounting principles			4,504		426			(813	)
Cumulative effect of changes in accounting principles			—		(6	)		(61	)
Net income (loss) for basic and diluted calculations			4,504		420			(874	)
Earnings (loss) allocated to common shareholders, basic			4,299		400			(853	)
Earnings (loss) allocated to 9.50% Convertible Subordinated Notes, basic			205		20			(21	)
			4,504		420			(874	)
Earnings (loss) allocated to common shareholders, diluted			4,303		401			(853	)
Earnings (loss) allocated to 9.50% Convertible Subordinated Notes, diluted			201		19			(21	)
			4,504		420			(874	)
Weighted average common shares outstanding, basic(2)			398		385			371
9.50% Convertible Subordinated Notes			19		19			9
Weighted average common shares and participating securities, basic			417		404			380
	Employee stock options, restricted stock, PG&E Corporation shares held by grantor trusts and accelerated share repurchase agreement(3)		7		4			2
	PG&E Corporation Warrants		2		5			2
Weighted average common shares outstanding and participating securities, diluted			426		413			384
Earnings (Loss) Per Common Share, Basic
Income from continuing operations		$	9.16	$	1.96		$	4.53
Discontinued operations			1.64		(0.90	)		(6.67	)
Cumulative effect of changes in accounting principles			—		(0.01	)		(0.16	)
Rounding			—		(0.01	)		—
Net earnings (loss) per common share, basic		$	10.80	$	1.04		$	(2.30	)
Earnings (Loss) Per Common Share, Diluted
Income from continuing operations		$	8.97	$	1.92		$	4.49
Discontinued operations			1.60		(0.88	)		(6.60	)
Cumulative effect of changes in accounting principles			—		(0.01	)		(0.16	)
Rounding			—		(0.01	)		—
Net earnings (loss) per common share, diluted		$	10.57	$	1.02		$	(2.27	)

⁽¹⁾

Prior period amounts of NEGT, Inc. have been reclassified to discontinued operations.

⁽²⁾

Weighted average common shares outstanding exclude shares held by a subsidiary of PG&E Corporation (24,665,500 at December 31, 2004 and 23,815,500 shares at December 31, 2003 and 2002) and PG&E Corporation shares held by grantor trusts to secure deferred compensation obligations (281,985 shares at December 31, 2004, 2003 and 2002).

⁽³⁾

Includes approximately 222,000 shares of PG&E Corporation common stock potentially issuable in settlement of an obligation of PG&E Corporation of approximately $7.4 million under an accelerated share repurchase agreement at December 31, 2004.

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EXHIBIT 11

PG&E CORPORATION COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE