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        PRESS RELEASES 2005
      October 19, 2005
      ISSUED BY:   Corporate Communications 1-800-743-6397


      (San Francisco) – PG&E Corporation (NYSE:PCG) has approved an increase in its target common stock dividend to $1.32 per share on an annual basis, or $0.33 per share on a quarterly basis, compared with the current quarterly dividend of $0.30 per share. The new level will be reflected when the company declares its fourth quarter dividend in December of this year to be paid in January.

      “In keeping with our policy, this adjustment enables us to maintain a dividend that is comparable with similar utilities and sustainable in the future, while also allowing for adequate financial flexibility to make needed infrastructure and other capital investments in our core utility business,” said Peter A. Darbee, PG&E Corporation President and Chief Executive Officer.

      The Corporation has announced previously that it plans to make utility capital investments of as much as $2.5 billion per year in 2007 through 2009 to improve its energy infrastructure in California and meet the needs of customers. Accordingly, in the near term, dividends are expected to remain in the lower end of the company’s target payout range of 50 percent to 70 percent of earnings per share from operations, in order to ensure that equity funding is readily available to support these investment needs.


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