<TABLE>
EXHIBIT 11
PG&E CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
<CAPTION>
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Three Months Ended Nine Months Ended
September 30, September 30,
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(in millions, except per share amounts) 2000 1999 2000 1999
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<S> <C> <C> <C> <C>
BASIC EARNINGS PER SHARE (EPS) (1)
Earnings available for common stock $ 225 $ 185 $ 753 $ 538
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Average common shares outstanding 362 367 361 369
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Basic EPS $ .62 $ .50 $2.09 $1.46
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DILUTED EARNINGS PER SHARE (EPS) (1)
Earnings available for common stock $ 225 $ 185 $ 753 $ 538
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Average common shares outstanding 362 367 361 369
Add: outstanding options, reduced by the
number of shares that could be
repurchased with the proceeds from
such exercise (at average market price) 3 1 2 1
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Average common shares outstanding as
adjusted 365 368 363 370
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Diluted EPS $ .62 $ .50 $2.07 $1.45
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<FN>
(1) This presentation is submitted in accordance with Item 601(b)(11) of Regulation S-K and
Statement of Financial Accounting Standards No. 128.
</TABLE>
