Exhibit 1                               

PACIFIC GAS AND ELECTRIC COMPANY
U.S. TRUSTEE BALANCE SHEET
AS OF AUGUST 31, 2003
(in millions, except share amounts)
			August, 2003
ASSETS
Current Assets
	Cash and cash equivalents		$               4,061
	Accounts receivable:
		Customers (net of allowance for doubtful accounts of $63 million)	1,769
		Related parties	34
		Regulatory balancing accounts	163
	Inventories:
		Gas stored underground and fuel oil	231
		Materials and supplies	121
	Income taxes receivable		-
	Prepaid expenses and other		66
	Assets from price risk management		11
	Total current assets		6,456
Property, Plant, and Equipment
	Electric		20,192
	Gas		8,242
	Construction work in progress		325
	Total property, plant, and equipment (at original cost)		28,759
	Accumulated depreciation and decommissioning		(12,754)
Net property, plant, and equipment			16,005
Other Noncurrent Assets
	Regulatory assets		1,860
	Nuclear decommissioning trust funds		1,401
	Other		1,019
	Total other noncurrent assets		4,280
TOTAL ASSETS			$             26,741
LIABILITIES AND EQUITY
Liabilities
	Accounts payable
		Trade creditors	461
		Related parties	193
		Regulatory Balancing Accounts	108
		Other	279
	Accrued taxes		396
	Rate reduction bonds		1,230
	QUID's		-
	Deferred income taxes		1,524
	Deferred tax credits		132
	Asset retirement obligations		1,411
	Pre-petition secured debt		2,789
	Pre-petition liabilities		3,919
	Pre-petition financing debt		5,672
	Other liabilities		3,217
	Total liabilities		21,331
Preferred Stock With Mandatory Redemption Provisions			137
Stockholders' Equity
	Preferred stock without mandatory redemption provisions
		Nonredeemable--5% to 6%, outstanding 5,784,825 shares	145
		Redeemable--4.36% to 7.04%, outstanding 5,973,456 shares	149
	Common stock, $5 par value, authorized 800,000,000 shares;
		issued 321,314,760 shares	1,606
	Additional paid in capital		1,964
	Reinvested earnings (Accumulated deficit)		1,469
	Accumulated other comprehnsive loss		(60)
	Total stockholders' equity		5,273
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY			$             26,741

PACIFIC GAS AND ELECTRIC COMPANY
U.S. TRUSTEE BALANCE SHEET
AS OF AUGUST 31, 2003
Notes
1	These unaudited financial statements are prepared for the U.S. Trustee and differ from the requirements of generally accepted accounting principles in that they exclude certain financial statements (statements of cash flows, stockholders equity, and other comprehensive income), relevant footnotes and certain reclassifications.
2	These unaudited financial statements were prepared using certain assumptions and estimates.  These assumptions and estimates are subject to revision.  Further, the amounts shown in this statement, when reported on a quarterly basis, may differ materially due to adjustments in accruals, changes in facts and circumstances, changes in estimates, further analysis, and other factors.
3	Cash and cash equivalents have been reduced for uncleared checks.  On the balance sheet included with the Utility's Annual Report, Form 10-K and 10-Q, uncleared checks are treated as an accounts payable liability.

PACIFIC GAS AND ELECTRIC COMPANY
U.S. TRUSTEE INCOME STATEMENT
FOR THE MONTH ENDED AUGUST 31, 2003
AND THE TWENTY-NINE MONTHS ENDED AUGUST 31, 2003
(in millions)
		Case to date
	Month	twenty-nine months
	ended	ended
	August 31, 2003	August 31, 2003
OPERATING REVENUES	$                   1,050	$           25,342
OPERATING EXPENSES:
Cost of Electric Energy	240	3,510
Cost of Gas	92	2,864
Operating and Maintenance	207	6,739
Depreciation, Decommissioning, and Amortization	104	2,682
Total Operating Expenses	643	15,795
OPERATING INCOME (LOSS)	407	9,547
Interest Income (Expense)	(69)	(2,128)
Professional Fees	(2)	(74)
Other Income and (Expense)	1	5
PRE-TAX INCOME (LOSS)	337	7,350
Income Taxes	132	2,809
EARNINGS (LOSS)	205	4,541
Preferred Dividend Requirement	2	60
Cumulative Effect of Change in Accounting Principle	-	1
EARNINGS (LOSS) AVAILABLE FOR (ALLOCATED TO) COMMON STOCK	$                    203	$             4,480

PACIFIC GAS AND ELECTRIC COMPANY
U.S.  TRUSTEE INCOME STATEMENT
FOR THE MONTH ENDED AUGUST 31, 2003
AND THE TWENTY-NINE MONTHS ENDED AUGUST 31, 2003
Notes
1	These unaudited financial statements are prepared for the U.S. Trustee and differ from the requirements of generally accepted accounting principles in that they exclude certain financial statements (statements of cash flows, stockholders equity, and other comprehensive income), relevant footnotes and certain reclassifications.
2	These unaudited financial statements were prepared using certain assumptions and estimates.  These assumptions and estimates are subject to revision.  Further, the amounts shown in this statement, when reported on a quarterly basis, may differ materially due to adjustments in accruals, changes in facts and circumstances, changes in estimates, further analysis, and other factors.
	The results for the month of August 2003 are not indicative of future earnings.  Future earnings could differ materially.
3	These unaudited financial statements were prepared using certain assumptions and estimates, including the estimated amount payable to the California Department of Water Resources (DWR).  The estimated amount recorded is subject to revision and actual results could differ materially.  Revenues collected on behalf of the DWR and the related costs are not reflected in these unaudited financial statements as Pacific Gas and Electric Company is a collection agent for the DWR.
4	Case to date results reflect the entire twenty-nine month period ended August 31, 2003.  The bankruptcy petition date is April 6, 2001.