Webcast Alert: PG&E Corporation Announces Conference Call With Investment Community

Webcast Alert: PG&E Corporation Announces Conference Call With Investment
Community

SAN FRANCISCO, Dec. 19 /PRNewswire-FirstCall/ -- PG&E Corporation
(NYSE: PCG) will hold a conference call for members of the financial community
on December 21, 2007, at 8:30 a.m. PST / 11:30 a.m. EST. Chairman, CEO, and
President Peter Darbee and other members of senior management will provide an
update on the Corporation's financial outlook.
Topics:
-- Reaffirm 2007 and 2008 guidance for EPS from operations.
-- Initiate 2009 guidance for EPS from operations.
-- Reaffirm compound annual growth target for EPS from
operations for 2007 through 2011.
-- Highlights and conclusions from completion of annual planning
process.

When: Friday, December 21, 2007 at 11:30 EST

Where:
http://www.pgecorp.com/investors/investor_info/conference/index.shtml

How: Live over the Internet - logon to the Web address above.

Contact: Corporate Relations 800-743-6397
Investor Relations 415-267-7080

If you are unable to participate during the live webcast, the call will be
archived at
http://www.pgecorp.com/investors/investor_info/conference/index.shtml for one
year.
PG&E Corporation is an energy-based holding company headquartered in San
Francisco, California. With assets valued at $34 billion, its operations
include electric and gas distribution, natural gas and electric transmission,
and electric generation. It is the parent company of Pacific Gas and Electric
Company. For more information, visit the Web site at http://www.pgecorp.com.
This press release contains forward-looking statements regarding
management's guidance for PG&E Corporation's 2007, 2008, and 2009 earnings per
share from operations, and targeted compound annual growth rate for earnings
per share from operations over the 2007-2011 outlook period. These statements
are based on current expectations and various assumptions which management
believes are reasonable, including, among others, that substantial capital
investments are made in Pacific Gas and Electric Company's (Utility) business
over the 2007-2011 period, the Utility earns at least its authorized rate of
return on equity on rate base, and the Utility's ratemaking capital structure
is maintained at 52 percent equity. These statements and assumptions are
necessarily subject to various risks and uncertainties, the realization or
resolution of which are outside of management's control. Actual results may
differ materially. Factors that could cause actual results to differ
materially include:
-- the Utility's ability to timely recover costs through rates and manage
capital and expense costs within authorized levels;
-- the outcome of regulatory proceedings, including pending and future
ratemaking proceedings at the California Public Utilities Commission
(CPUC) and the Federal Energy Regulatory Commission;
-- the adequacy and price of electricity and natural gas supplies, and the

ability of the Utility to manage and respond to the volatility of the
electricity and natural gas markets;
-- the effect of weather, storms, earthquakes, fires, floods, disease,
other natural disasters, explosions, accidents, mechanical breakdowns,
acts of terrorism, and other events or hazards on the Utility's
facilities and operations, its customers, and third parties on which
the Utility relies;
-- the potential impacts of climate change on the Utility's electricity
and natural gas businesses;
-- changes in customer demand for electricity and natural gas resulting
from unanticipated population growth or decline, general economic and
financial market conditions, changes in technology including the
development of alternative energy sources, or other reasons;
-- operating performance of the Utility's Diablo Canyon nuclear generating

facilities (Diablo Canyon), the occurrence of unplanned outages at
Diablo Canyon, or the temporary or permanent cessation of operations at

Diablo Canyon;
-- the ability of the Utility to maintain the cost efficiencies it has
recognized from the completed initiatives to improve its business
processes and customer service and the ability of the Utility to
identify and successfully implement additional cost-efficiency
measures;
-- whether the Utility's planned capital investment projects are completed

within authorized cost amounts;
-- the impact of changes in federal or state laws, or their
interpretation, on energy policy and the regulation of utilities and
their holding companies;
-- the impact of changing wholesale electric or gas market rules,
including the California Independent System Operator's new rules to
restructure the California wholesale electricity market;
-- how the CPUC administers the conditions imposed on PG&E Corporation
when it became the Utility's holding company;
-- the extent to which PG&E Corporation or the Utility incur costs and
liabilities in connection with litigation that are not recoverable
through rates, from third parties, or through insurance recoveries;
-- the ability of PG&E Corporation and/or the Utility to access capital
markets and other sources of credit;
-- the impact of environmental laws and regulations and the costs of
compliance and remediation;
-- the effect of municipalization, direct access, community choice
aggregation, or other forms of bypass; and
-- other risks and factors disclosed in PG&E Corporation's and the
Utility's SEC reports.

SOURCE PG&E Corporation

Corporate Relations, 1-800-743-6397, or Investor Relations +1-415-267-7080,
both of PG&E Corporation