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 * KING STREET CAPITAL MGMT LLC   2. Issuer Name and Ticker or Trading Symbol PACIFIC GAS & ELECTRIC CO [PCG.PR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 65 EAST 55TH STREET, 30TH FLOOR 3. Date of Earliest Transaction (Month/Day/Year) 04/12/2004 (Street) NEW YORK, NY 10022 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ 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 Series Y 6.57% Preferred Stock 04/12/2004   D   18,158 D $ 25 163,422 I KSC L.P. Series Y 6.57% Preferred Stock 04/12/2004   D   33,722 D $ 25 303,498 I KSC Ltd. Series Z 6.3% Preferred Stock 04/12/2004   D   3,866 D $ 25 73,414 I KSC L.P. Series Z 6.3% Preferred Stock 04/12/2004   D   7,169 D $ 25 136,351 I KSC Ltd. Series Y 6.57% Preferred Stock 08/03/2004   D   9,079 D $ 25 154,343 I KSC L.P. Series Y 6.57% Preferred Stock 08/03/2004   D   16,861 D $ 25 286,637 I KSC Ltd. Series G 4.8% Preferred Stock 12/20/2004   S   26,880 D $ 21.63 0 I KSC L.P. Series G 4.8% Preferred Stock 12/20/2004   S   49,920 D $ 21.63 0 I KSC Ltd.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KING STREET CAPITAL MGMT LLC 65 EAST 55TH STREET 30TH FLOOR NEW YORK, NY 10022		X
BIONDI O FRANCIS JR 65 EAST 55TH STREET 30TH FLOOR NEW YORK, NY 10022		X
HIGGINS BRIAN J 65 EAST 55TH STREET 30TH FLOOR NEW YORK, NY 10022		X

Signatures

/s/ Brian J. Higgins		12/28/2004
**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).
Remarks: (1) Each of the reporting person and the joint filers disclaims beneficial ownership of the reported securities except to  the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that the reporting  person or any joint filer is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange  Act of 1934, as amended or for any other purpose.  (2) These securities are owned by King Street Capital, L.P.. King Street Capital Management, L.L.C. has been delegated  investment management responsibilities by King Street Advisors, L.L.C., the general partner of King Street Capital, L.P..  O. Francis Biondi, Jr. and Brian J. Higgins are the managing principals of King Street Capital Management, L.L.C.  (3) These securities are owned by King Street Capital, Ltd.. King Street Capital Management, L.L.C. is the investment  manager to King Street Capital, Ltd.. O. Francis Biondi, Jr. and Brian J. Higgins are the managing principals of King  Street Capital Management, L.L.C.

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