Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SMITH GORDON R
   2. Issuer Name and Ticker or Trading Symbol
PG&E CORP [PCG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
(Last)
(First)
(Middle)
P.O. BOX 770000		 3. Date of Earliest Transaction (Month/Day/Year)
11/29/2004
(Street)

SAN FRANCISCO,, CA 94177		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/29/2004   M   15,000 A $ 28.25 27,390 D  
Common Stock 11/29/2004   S   2,000 D $ 33.66 25,390 D  
Common Stock 11/29/2004   S   1,300 D $ 33.68 24,090 D  
Common Stock 11/29/2004   S   100 D $ 33.69 23,990 D  
Common Stock 11/29/2004   S   500 D $ 33.7 23,490 D  
Common Stock 11/29/2004   S   7,700 D $ 33.72 15,790 D  
Common Stock 11/29/2004   S   3,400 D $ 33.73 12,390 D  
Common Stock 11/29/2004   M   35,000 A $ 30.5 47,390 D  
Common Stock 11/29/2004   S   4,100 D $ 33.73 43,290 D  
Common Stock 11/29/2004   S   13,300 D $ 33.74 29,990 D  
Common Stock 11/29/2004   S   4,900 D $ 33.75 25,090 D  
Common Stock 11/29/2004   S   5,800 D $ 33.76 19,290 D  
Common Stock 11/29/2004   S   900 D $ 33.77 18,390 D  
Common Stock 11/29/2004   S   4,000 D $ 33.78 14,390 D  
Common Stock 11/29/2004   S   2,000 D $ 33.79 12,390 (1) (2) D  
Common Stock               70,321 I Held by Elizabeth and Gordon Smith Family Trust
Common Stock               27,473.95 (3) I Held by Trustee of PG&E Corporation Retirement Savings Plan

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 28.25 11/29/2004   M     15,000   (4) 01/03/2006 Common Stock 15,000 $ 0 0 D  
Stock Option (Right to Buy) $ 30.5 11/29/2004   M     35,000   (5) 01/03/2008 Common Stock 35,000 $ 0 91,400 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SMITH GORDON R
P.O. BOX 770000
SAN FRANCISCO,, CA 94177		       Senior Vice President  

Signatures

 Eric Montizambert, Attorney-in-Fact for Gordon R. Smith (signed Power of Attorney on file with SEC)   12/01/2004
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes 8,506 Special Incentive Stock Ownership Premiums (SISOPs) (phantom stock) awarded pursuant to the PG&E Corporation Executive Stock Ownership Program. SISOPs vest three years after the date of grant subject to accelerated vesting upon certain events. Unvested SISOPs are subject to forfeiture if certain stock ownership targets are not met. Vested SISOPs are automatically payable in an equal number of shares following termination of employment.
(2) The reporting person disclaims beneficial ownership of 3,884 shares included in this total. This report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any purchase.
(3) Represents the approximate number of shares of PG&E Corporation common stock held for the reporting person in the PG&E Corporation Retirement Savings Plan (RSP). That fund holds units consisting of PG&E Corporation common stock and a small short-term investments component. The number of shares is computed by dividing the value of the units by the daily closing price. Dividends are automatically invested in additional units at the election of the participant. Holdings have been trued up to conform to RSP balance at November 29, 2004.
(4) The option vested in three installments on January 2, 1998, 1999, and 2000.
(5) The option vested in three installments on January 2, 2000, 2001, and 2002.

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