Document:

EX-4.5

 Exhibit 4.5 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT dated November 29, 2017 (this “Agreement”) is entered into by and between Pacific Gas and
Electric Company, a California corporation (the “Company”) and Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan
Stanley & Co. LLC, as representatives (the “Representatives”) of the several purchasers named in Schedules I-A, I-B and I-C to the Purchase Agreement (as defined below) (the “Initial Purchasers”). 
 The
Company and the Representatives are parties to the Purchase Agreement dated November 27, 2017 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of (i) $500,000,000 aggregate principal
amount of the Company’s Floating Rate Senior Notes due November 28, 2018 (the “Floating Rate Notes”) (ii) $1,150,000,000 aggregate principal amount of the Company’s 3.30% Senior Notes due December 1, 2027 (the
“2027 Notes”) and (iii) $850,000,000 aggregate principal amount of the Company’s 3.95% Senior Notes due December 1, 2047 (the “2047 Notes” and, together with the Floating Rate Notes and the 2027 Notes, the
“Securities”). Each of the Floating Rate Notes, the 2027 Notes and the 2047 Notes are sometimes referred to herein as a “Series” of Notes. As an inducement to the Initial Purchasers to enter into the Purchase
Agreement, the Company has agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under
the Purchase Agreement. 
 In consideration of the foregoing, the parties hereto agree as follows: 

 

	1.	Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Additional Interest” shall have the meaning set forth in Section 2(d) hereof. 

“Business Day” shall mean any day that is not a Saturday, Sunday or other day on which the U.S. Securities and Exchange
Commission is closed or commercial banks in New York City are authorized or required by law to remain closed. 
 “Company”
shall have the meaning set forth in the preamble and shall also include the Company’s successors. 
 “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended from time to time. 
 “Exchange Act Report” shall mean any
report to be filed by the Company under the Exchange Act. 
 “Exchange Dates” shall have the meaning set forth in
Section 2(a)(ii) hereof. 

  

 “Exchange Offer” shall mean the exchange offer by the Company of Exchange
Securities for Registrable Securities pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a
registration under the Securities Act effected pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration
Statement” shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each
case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. For the avoidance of doubt, any such Exchange Offer Registration Statement may cover, at the
Company’s option, any debt securities issued in exchange for other debt securities of the Company. 
 “Exchange
Securities” shall mean, with respect to the Registrable Securities of each Series, senior notes issued by the Company under the Indenture containing terms identical to the Securities of such Series (except that the Exchange Securities will
not be subject to restrictions on transfer or to any increase in annual interest rate for failure to comply with this Agreement) and to be offered to Holders of Securities of such Series in exchange for Securities of such Series pursuant to the
Exchange Offer. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or
on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities or the Exchange Securities. 

“Holders” shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their
successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that, for purposes of Section 4 and Section 5 hereof, the term “Holders” shall
include Participating Broker-Dealers. 
 “Indemnified Person” shall have the meaning set forth in Section 5(c) hereof.

 “Indemnifying Person” shall have the meaning set forth in Section 5(c) hereof. 

“Indenture” shall mean the Indenture relating to the Securities, dated as of November 29, 2017, between the Company and The
Bank of New York Mellon Trust Company, N.A., as trustee, as the same may be amended and supplemented from time to time in accordance with the terms thereof. 

“Initial Purchasers” shall have the meaning set forth in the preamble. 

“Inspector” shall have the meaning set forth in Section 3(a)(xiv) hereof. 

  
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 “Majority Holders” shall mean, with respect to any Series of Notes, the Holders
of a majority of the aggregate principal amount of the outstanding Registrable Securities of such Series; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities of such Series is required
hereunder, any Registrable Securities of such Series owned directly or indirectly by the Company or any of its controlled affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required
percentage or amount; and provided, further, that if the Company shall issue any additional Securities under the Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration
Statement, such additional Securities of such Series and the Registrable Securities of such Series to which this Agreement relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders of a
specified percentage of Registrable Securities has been obtained. 
 “Notice and Questionnaire” shall mean a notice of
registration statement and selling security holder questionnaire distributed to a Holder by the Company upon receipt of a Shelf Request from such Holder. 

“Participating Broker-Dealers” shall have the meaning set forth in Section 4(a) hereof. 

“Participating Holder” shall mean any Holder of Registrable Securities that has returned a completed and signed Notice and
Questionnaire to the Company in accordance with Section 2(b) hereof. 
 “Person” shall mean an individual,
partnership, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. 

“Prospectus” shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a
part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of
the Registrable Securities or other securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein. 

“Purchase Agreement” shall have the meaning set forth in the preamble. 

“Registrable Securities” shall mean the Securities; provided that any Securities shall cease to be Registrable
Securities at the earliest date (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement,
(ii) when such Securities cease to be outstanding or (iii) except in the case of Securities that otherwise remain Registrable Securities and that are held by an Initial Purchaser and that are ineligible to be exchanged in the Exchange
Offer, when the Exchange Offer is consummated. 
 “Registration Default” shall mean, as to any Series of Notes, the
occurrence of any of the following: (i) the Exchange Offer, with respect to such Series of Notes, is not completed on or prior to the Target Registration Date, (ii) the Shelf Registration Statement, with respect to such Series of Notes, if
required pursuant to Section 2(b)(i) hereof, has not become effective on or prior to the Target Registration Date, (iii) if the Company receives a Shelf Request pursuant to Section 2(b)(ii), the Shelf Registration Statement required
to be filed thereby has not become effective by the later of (a) the Target Registration Date and (b) 90 days after delivery of such 

  
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Shelf Request, (iv) the Shelf Registration Statement, if required by this Agreement, has become effective and thereafter ceases to be effective or the Prospectus contained therein ceases to
be usable, in each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 90 days (whether or not consecutive) in any 12-month period or (v) the Shelf Registration Statement, if required by this Agreement, has become effective and thereafter, on more than two occasions in any 12-month
period during the Shelf Effectiveness Period, the Shelf Registration Statement ceases to be effective or the Prospectus contained therein ceases to be usable, in each case whether or not permitted by this Agreement. 

“Registration Expenses” shall mean any and all reasonable expenses incident to performance of or compliance by the Company
with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including
reasonable fees and disbursements of counsel for any Underwriters or Holders, in each case in connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting
in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar
agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities
laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and, in the case of a Shelf Registration Statement, the fees and disbursements of one counsel for the
Participating Holders (which counsel shall be selected by the Participating Holders holding a majority of the aggregate principal amount of Registrable Securities held by such Participating Holders and which counsel may also be counsel for the
Initial Purchasers) and (viii) the fees and disbursements of the independent registered public accountants of the Company, including the expenses of any special audits or “comfort” letters required by or incident to the performance of
and compliance with this Agreement, but excluding in all cases fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage
commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 
 “Registration
Statement” shall mean any registration statement of the Company that covers any of the Exchange Securities, Registrable Securities or other securities in accordance with the terms of this Agreement and all amendments and supplements to any
such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 

“Representatives” shall have the meaning set forth in the preamble. 

“SEC” shall mean the United States Securities and Exchange Commission. 

“Securities” shall have the meaning set forth in the preamble. 

  
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 “Securities Act” shall mean the Securities Act of 1933, as amended from time to
time. 
 “Shelf Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. 

“Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 

“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company that covers all or a
portion of the Registrable Securities and at the Company’s option, any other debt securities issued by the Company from time to time on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the
SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by
reference therein. 
 “Shelf Request” shall have the meaning set forth in Section 2(b) hereof. 

“Staff” shall mean the staff of the SEC. 

“Suspension Period” shall have the meaning set forth in Section 3(d) hereof. 

“Target Registration Date” shall have the meaning set forth in Section 2(a) hereof. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture. 

“Underwriter” shall have the meaning set forth in Section 3(e) hereof. 

“Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to
the public. 
  

	2.	Registration Under the Securities Act. 

 (a) To the extent not prohibited by any
applicable law or the SEC or applicable interpretations of the Staff, the Company shall prepare and use its commercially reasonable efforts to (i) cause to be filed an Exchange Offer Registration Statement covering an offer to the Holders to
exchange all the Registrable Securities for Exchange Securities, (ii) cause the Exchange Offer Registration Statement to be declared effective under the Securities Act, (iii) consummate the Exchange Offer not later than the 365th day following the date of this Agreement (the “Target Registration Date”) and (iv) have such Registration Statement remain effective until 30 days after the last Exchange Date for use
by one or more Participating Broker-Dealers. 
 The Company shall commence the Exchange Offer by mailing or otherwise transmitting, in
compliance with the applicable procedures of the depositary for such Registrable Securities, the related Prospectus and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law,
substantially the following: 
 (i) that the Exchange Offer is being made pursuant to this Agreement and that all Registrable
Securities validly tendered and not properly withdrawn will be accepted for exchange; 

  
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 (ii) the period of acceptance for exchange (which shall be a period of at least
20 Business Days from the date such notice is mailed) (the “Exchange Dates”); 
 (iii) that any Registrable
Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement, except as otherwise specified herein; 

(iv) that any Holder electing to have Registrable Securities exchanged pursuant to the Exchange Offer will be required to
(A) surrender such Registrable Security, together with the appropriate letters of transmittal, to the institution and at the address and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the
applicable procedures of the depositary for such Registrable Security, in each case on or prior to the last Exchange Date; and 

(v) that any Holder will be entitled to withdraw its election, not later than the last Exchange Date, by (A) sending to
the institution and at the address specified in the notice, a facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a statement that such Holder is
withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of the depositary for the Registrable Securities. 

As a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company that (1) any Exchange
Securities to be received by it will be acquired in the ordinary course of its business, (2) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate in the distribution (within
the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (3) it is not an “affiliate” (within the meaning of Rule 405 under the Securities Act) of the Company and (4) if
such Holder is a broker-dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will deliver a Prospectus
(or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities. 

As soon as practicable after the last Exchange Date, the Company shall: 

(I) accept for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the
Exchange Offer; and 
 (II) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities or
portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities
tendered by such Holder. 

  
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 The Company shall use its commercially reasonable efforts to complete the Exchange Offer as
provided above and shall comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. 

(b) In the event that the Company determines that the Exchange Offer Registration provided for in Section 2(a) hereof would violate any
applicable law or is prohibited by the SEC or applicable interpretations of the Staff, the Company shall use its commercially reasonable efforts to cause to be filed as soon as practicable after such determination a Shelf Registration Statement
providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become effective; provided that no Holder will be entitled to have any Registrable Securities included in any Shelf
Registration Statement, or entitled to use the prospectus forming a part of such Shelf Registration Statement, until such Holder shall have delivered a completed and signed Notice and Questionnaire and provided such other information regarding such
Holder to the Company as is contemplated by Section 3(b) hereof. 
 In the event that the Company receive a written request (a
“Shelf Request”) from any Initial Purchaser representing that it holds Registrable Securities that are or were ineligible to be exchanged in the Exchange Offer, the Company shall use its commercially reasonable efforts to file and
have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) hereof with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange
Offer Registration Statement) with respect to offers and sales of Registrable Securities held by such Initial Purchaser after completion of the Exchange Offer; provided that no Initial Purchaser will be entitled to have any Registrable
Securities included in any Shelf Registration Statement, or entitled to use the prospectus forming a part of such Shelf Registration Statement, until such Initial Purchaser shall have delivered a completed and signed Notice and Questionnaire and
provided such other information regarding such Initial Purchaser to the Company as is contemplated by Section 3(b) hereof. 
 The
Company agrees to use its commercially reasonable efforts to keep the Shelf Registration Statement, if required, continuously effective until the earlier of (x) the date the Securities cease to be Registrable Securities and (y) one year
after the effective date of the Shelf Registration Statement (the “Shelf Effectiveness Period”). The Company further agrees to supplement or amend the Shelf Registration Statement, the related Prospectus and any Free Writing
Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably
requested by a Participating Holder of Registrable Securities with respect to information relating to such Participating Holder, and to use its commercially reasonable efforts to cause any such amendment to become effective, if required, and such
Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable subject to Section 3(d) below. The Company agrees to furnish to the Participating Holders copies of any
such supplement or amendment promptly after its being used or filed with the SEC. 

  
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 (c) The Company shall pay all Registration Expenses in connection with any registration pursuant
to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities
pursuant to the Exchange Offer Registration Statement and the Shelf Registration Statement. 
 (d) If a Registration Default occurs with
respect to the Registrable Securities of such Series, the interest rate on the Registrable Securities of such Series will be increased by (i) 0.25% per annum for the first 90-day period beginning on the day of
such Registration Default and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until, but not including, the date such Registration Default ends, up to a
maximum increase of 0.50% per annum in the aggregate (such interest referred to in clauses (i) and (ii) above, “Additional Interest”). A Registration Default, with respect to the Registrable Securities of a Series, ends when
the Securities of such Series cease to be Registrable Securities or, if earlier, (1) in the case of a Registration Default under clause (i) of the definition thereof, when the Exchange Offer is completed, (2) in the case of a
Registration Default under clause (ii) or clause (iii) of the definition thereof, when the Shelf Registration Statement becomes effective or (3) in the case of a Registration Default under clause (iv) or clause (v) of the
definition thereof, when the Shelf Registration Statement again becomes effective or the Prospectus again becomes usable. If at any time more than one Registration Default has occurred and is continuing, then, until the next date that there is no
Registration Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration Default occurred and ends on such date that
there is no Registration Default. Notwithstanding any of the foregoing, any Registration Default with respect to the Registrable Securities of a Series will be deemed to have ended (and no Registration Default shall subsequently be deemed to occur)
during (a) any Suspension Period or (b) once the Registrable Securities of such Series (i) bear an unrestricted CUSIP number and (ii) may be freely sold without restriction by the Holders thereof pursuant to Rule 144 of the
Securities Act. 
 (e) It is acknowledged that the interest rate increase set forth in Section 2(d) hereof is the sole remedy for any
default hereunder. 
  

	3.	Registration Procedures. 

 (a) In connection with its obligations pursuant to
Section 2(a) and Section 2(b) hereof, the Company shall: 
 (i) prepare and file with the SEC a Registration
Statement on the appropriate form under the Securities Act, which form (A) shall be selected by the Company, (B) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and
(C) shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith; and use its commercially reasonable efforts to cause such
Registration Statement to become effective and remain effective for the applicable period in accordance with Section 2 hereof; 

  
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 (ii) subject to Section 3(d) below, prepare and file with the SEC such
amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented
by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of, and Rule 174, under the Securities Act
that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; 

(iii) to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is required to be
filed by the Company with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed; 

(iv) in the case of a Shelf Registration, furnish to each Participating Holder, counsel for the Initial Purchasers, counsel for
such Participating Holders and each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or supplement
thereto, as such Participating Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and, subject to Section 3(c) hereof, the Company consent to the
use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the Participating Holders and any such Underwriters in connection with the offering
and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment or supplement thereto in accordance with applicable law; 

(v) in the case of a Shelf Registration, use its commercially reasonable efforts to register or qualify the Registrable
Securities under all applicable state securities or blue sky laws of such jurisdictions as any Participating Holder shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such
Participating Holders in connection with any filings required to be made with FINRA; and do any and all other acts and things that may be reasonably necessary or advisable to enable each Participating Holder to complete the disposition in each such
jurisdiction of the Registrable Securities owned by such Participating Holder; provided that the Company shall not be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction
where it would not otherwise be required to so qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so subject; 

(vi) in the case of a Shelf Registration, notify counsel for the Initial Purchasers and notify each Participating Holder and
counsel for such Participating Holders promptly and, if requested by any such Participating Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has
been filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus or any Free 

  
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Writing Prospectus has been filed, (2) of any request by the SEC or any state securities authority for amendments and supplements to a Registration Statement, Prospectus or any Free Writing
Prospectus or for additional information after the Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the
initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the
Securities Act, (4) if, between the applicable effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the Company receives any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that makes any statement
made in such Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus or any Free Writing Prospectus in
order to make the statements therein not misleading and (6) of any determination by the Company that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be
appropriate; 
 (vii) subject to Section 3(d) below, use its commercially reasonable efforts to obtain the withdrawal of
any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities Act, including by filing an amendment to such
Registration Statement on the proper form, as promptly as practicable and provide prompt notice to each Holder or Participating Holder of the withdrawal of any such order or such resolution; 

(viii) in the case of a Shelf Registration, furnish to each Participating Holder upon request, without charge, at least one
conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested in writing); 

(ix) in the case of a Shelf Registration, cooperate with the Participating Holders to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions of
the Indenture) as such Participating Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities; 

(x) upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, subject to Section 3(d) below, use
its commercially reasonable efforts to prepare and file with the SEC a supplement or post-effective amendment to the applicable Exchange Offer Registration Statement or Shelf Registration Statement or the related Prospectus or any Free Writing
Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the 

  
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extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or Free Writing Prospectus, as the case may be, will not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company shall notify the Participating Holders (in the case of a Shelf
Registration Statement) and the Initial Purchasers and any Participating Broker-Dealers known to the Company (in the case of an Exchange Offer Registration Statement) to suspend use of the Prospectus or any Free Writing Prospectus as promptly as
practicable after the occurrence of such an event, and such Participating Holders, such Participating Broker-Dealers and the Initial Purchasers, as applicable, hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case
may be, upon receipt of such notice from the Company until the Company has amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or omission; 

(xi) the Company shall not, at any time after initial filing of a Registration Statement, use or file any Prospectus, any Free
Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing Prospectus, or any document that is to be incorporated by reference into a Registration Statement (other than an Exchange Act Report), a
Prospectus or a Free Writing Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders and their counsel) shall not have previously been advised and furnished a copy
or to which the Initial Purchasers or their counsel or the Participating Holders or their counsel shall reasonably object in writing within five Business Days after receipt thereof; 

(xii) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the
initial effective date of a Registration Statement; 
 (xiii) cause the Indenture to be qualified under the Trust Indenture
Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be so
qualified in accordance with the terms of the Trust Indenture Act; and execute, and use its commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents
required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 
 (xiv) in the case of a
Shelf Registration, make available for inspection by one representative of the Participating Holders and any Underwriter participating in any disposition pursuant to such Shelf Registration Statement (any such Person, an
“Inspector”), at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries; provided that an Inspector shall be required to execute a
customary confidentiality agreement subject to customary exceptions for information provided to financial institutions in connection with information provided for due diligence purposes in connection with a securities offering; 

  
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 (xv) if reasonably requested by any Participating Holder, promptly include in a
Prospectus supplement or post-effective amendment such information with respect to such Participating Holder as such Participating Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such
post-effective amendment as soon as the Company has received notification of the matters to be so included in such filing; 

(xvi) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection
therewith reasonably requested by the majority of Holders in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering; and 

(b) In the case of a Shelf Registration Statement, the Company may require each Holder of Registrable Securities to furnish to the Company a
Notice and Questionnaire and such other information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company may from time to time reasonably request in writing. No Holder of Registrable
Securities shall be entitled to include any of its Registrable Securities in any Shelf Registration pursuant to this Agreement unless such Holder furnishes to the Company in writing, within 20 days after receipt of a written request therefor, such
information as the Company may reasonably request for inclusion in any Shelf Registration or Prospectus included therein, and no such Holder shall be entitled to Additional Interest pursuant hereto following the twentieth day after such request is
received unless and until such Holder shall have provided such information. 
 (c) Each Participating Holder agrees that, upon receipt of any
notice from the Company of the happening of any event of the kind described in Section 3(a)(vi)(3) or Section 3(a)(vi)(5) hereof or any notice pursuant to Section 3(d), such Participating Holder will forthwith discontinue disposition
of Registrable Securities pursuant to the Shelf Registration Statement until such Participating Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated by Section 3(a)(x) hereof
or notice that the period referred to in Section 3(d) has ended and, if so directed by the Company, such Participating Holder will deliver to the Company all copies in its possession, other than permanent file copies then in such Participating
Holder’s possession, of the Prospectus and any Free Writing Prospectus covering such Registrable Securities that is current at the time of receipt of such notice. 

(d) The Company may postpone filing an Exchange Offer Registration Statement or Shelf Registration Statement (or the maintenance of its
effectiveness and usability) if the Company determines in good faith that filing the Exchange Offer Registration Statement or Shelf Registration Statement (or such maintenance of effectiveness and usability) would materially and adversely affect an
offering of securities of the Company or if the Company is in possession of material non-public information the disclosure of which would not be in the best interests of the Company. The Company may give any
such notice only twice during any 365-day period and any such suspensions shall not exceed 90 days in the aggregate during any 365-day period (any such suspension
period, a “Suspension Period”). 

  
 12 

 (e) The Participating Holders who desire to do so may sell such Registrable Securities in an
Underwritten Offering. In any such Underwritten Offering, the investment bank or investment banks and manager or managers (each an “Underwriter”) that will administer the offering will be selected by the Holders of a majority in
principal amount of the Registrable Securities included in such offering and shall be reasonably acceptable to the Company. All expenses of the Underwritten Offering (other than Registration Expenses and expenses of the Company and its subsidiaries)
shall be borne by the Participating Holders and the Underwriters, as agreed amongst them. 
 (f) Each Holder agrees that such Holder shall
not take any action that would result in the Company being required to file with the SEC a free writing prospectus, as defined in Rule 405, as amended, under the Securities Act, prepared by or on behalf of such Holder that otherwise would not be
required to be filed by the Company thereunder, but for the action of such Holder. 
  

	4.	Participation of Broker-Dealers in Exchange Offer. 

 (a) The Staff has taken the position
that any broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a “Participating
Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Securities.

 The Company understands that it is the Staff’s position that if the Prospectus contained in the Exchange Offer Registration
Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the amount of
Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their prospectus delivery obligation under the Securities Act in
connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

(b) In light of the above, and notwithstanding the other provisions of this Agreement, the Company agrees to amend or supplement the Prospectus
contained in the Exchange Offer Registration Statement for a period of up to 30 days after the last Exchange Date, in order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the
positions of the Staff recited in Section 4(a) above. The Company further agrees that Participating Broker-Dealers shall be authorized, subject to Section 3(d), to deliver such Prospectus (or, to the extent permitted by law, make
available) during such period in connection with the resales contemplated by this Section 4. 

  
 13 

 (c) The Initial Purchasers shall have no liability to the Company or any Holder with respect to
any amendment or supplement to the Prospectus contained in the Exchange Offer Registration Statement made pursuant to Section 4(b) hereof. 
  

	5.	Indemnification and Contribution. 

 (a) The Company agrees to indemnify and hold harmless
each Initial Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such
fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to
state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus or any Free
Writing Prospectus, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as
such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser or
information relating to any Holder furnished to the Company in writing by or on behalf of any such parties. In connection with any Underwritten Offering permitted by Section 3, the Company will also indemnify the Underwriters, if any, their
respective affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent and on the same bases as provided above with respect to the indemnification of the Holders, if
requested in connection with any Registration Statement, any Prospectus or any Free Writing Prospectus. 
 (b) Each Holder agrees, severally
and not jointly, to indemnify and hold harmless the Company, the Initial Purchasers and the other selling Holders, the directors of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls
the Company, any Initial Purchaser or any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only
with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such
Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement, any Prospectus and any Free Writing Prospectus. 

(c) If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted
against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify the Person against whom such indemnification may
be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or

  
 14 

 
(b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the
failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an
Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person (which
consent shall not be unreasonably withheld or delayed), be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 5 that the Indemnifying Person may designate
in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying
Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different
from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to one local counsel per jurisdiction) for all Indemnified Persons, and that all such reasonable fees and expenses shall be reimbursed as they are
incurred. Any such separate firm (x) for any Initial Purchaser, its affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by the Representatives, (y) for any Holder, its
directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any
settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or
liability by reason of such settlement or judgment. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or
could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to
such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified
Person. 
 (d) If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or
insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable
by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company from the offering of the 

  
 15 

 Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange
Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) but also the relative fault of the Company on the one hand and the Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant
equitable considerations. The relative fault of the Company on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company or by the Holders and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 5 were determined
by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or
payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such
Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any amount in excess of the amount by which the total price at which the
Securities or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute
pursuant to this Section 5 are several and not joint. 
 (f) The remedies provided for in this Section 5 are not exclusive and
shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
 (g) The indemnity
and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any
Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the officers or directors of or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any
sale of Registrable Securities pursuant to a Shelf Registration Statement. 
  

	6.	General. 

 (a) No Inconsistent Agreements. The Company represents, warrants and
agrees that (i) the rights granted to the Holders hereunder do not in any way conflict in any material respect with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the
Company under any other agreement and (ii) the Company has not entered into, or on or after the date of this Agreement will not enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in
this Agreement or otherwise conflicts in any material respect with the provisions hereof. 

  
 16 

 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company has obtained the written consent of Holders of at least a majority in aggregate
principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided that, with respect to any amendment, modification supplement, waiver or consent to Section 5
above that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of each such Initial Purchaser against which such amendment, modification, supplement, waiver or consent is to be
effective. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 6(b) shall be by a writing executed by each of the parties hereto. 

(c) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
registered first-class mail, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of this
Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Company, initially at the Company’s address set forth in the Purchase Agreement and
thereafter at such other address, notice of which is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses as provided in the Purchase Agreement and thereafter at such
other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all such notices, demands
or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

(d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of
each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held
subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person
shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company with respect to any failure by a Holder to comply with, or any breach by any
Holder of, any of the obligations of such Holder under this Agreement. 

  
 17 

 (e) Third Party Beneficiaries. Each Holder shall be a third-party beneficiary to the
agreements made hereunder (excluding those agreements made in Section 5 hereto) between the Company, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it
deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. 
 (f) Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. 
 (g) Headings. The headings in this Agreement are for convenience of reference only, are not a part of this Agreement and
shall not limit or otherwise affect the meaning hereof 
 (h) Governing Law; Jurisdiction. This Agreement, and any claim, controversy
or dispute arising under or related to this Agreement, shall be governed by and construed in accordance with the laws of the State of New York. The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or
based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the Southern District of New York or any New York State court sitting in the
Borough of Manhattan in New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a
transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and
irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in
any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. 

(i) Entire Agreement; Severability. This Agreement contains the entire agreement between the parties relating to the subject matter
hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or
against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated. The Company and the Initial Purchasers shall
endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions. 

[Signatures on following pages] 

  
 18 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

			
	PACIFIC GAS AND ELECTRIC COMPANY
		
	By:	 	 /s/ Nicholas M. Bijur

		 	 Name: Nicholas M. Bijur
 Title: Vice President
and Treasurer

  

	
	Confirmed and accepted as of the date first above written for themselves and on behalf of the several Initial Purchasers:
	
	BARCLAYS CAPITAL INC.

  

			
	By:	 	 /s/ Robert Stowe

		 	Name: Robert Stowe
		 	Title: Managing Director
	
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ Adam D. Bordner

		 	Name: Adam D. Bordner
		 	Title: Vice President
	
	J.P. MORGAN SECURITIES LLC
		
	By:	 	 /s/ Som Bhattacharyya

		 	Name: Som Bhattacharyya
		 	Title: Executive Director
	
	 MERRILL LYNCH, PIERCE, FENNER &

SMITH INCORPORATED

		
	By:	 	 /s/ David Mikula

		 	Name: David Mikula
		 	Title: Managing Director
	
	MORGAN STANLEY & CO. LLC
		
	By:	 	 /s/ Yurij Slyz

		 	Name: Yurij Slyz
		 	Title: Executive DirectorEX-10.1

 Exhibit 10.1 

Execution Version 

$2,500,000,000 Aggregate Principal Amount 

Pacific Gas and Electric Company 

$500,000,000 Floating Rate Senior Notes due November 28, 2018 

$1,150,000,000 3.30% Senior Notes due December 1, 2027 

$850,000,000 3.95% Senior Notes due December 1, 2047 

PURCHASE AGREEMENT 

November 27, 2017 
 BARCLAYS
CAPITAL INC. 
 CITIGROUP GLOBAL MARKETS INC. 

J.P. MORGAN SECURITIES LLC 

MERRILL LYNCH, PIERCE, FENNER & SMITH 

                          
INCORPORATED 
 MORGAN STANLEY & CO. LLC 

As Representatives of the several 

    Initial Purchasers named in Schedules I-A, I-B and I-C attached hereto 
 c/o Barclays Capital Inc. 

745 Seventh Avenue 
 New York, New York 10019 

Ladies and Gentlemen: 
 Pacific Gas and Electric
Company, a corporation organized under the laws of the State of California (the “Company”), proposes, upon the terms and conditions set forth in this agreement (this “Agreement”), to issue and sell to
Barclays Capital Inc. (“Barclays”) and the other several initial purchasers named in Schedules I-A, I-B and
I-C hereto (the “Initial Purchasers”), for whom Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Morgan Stanley & Co. LLC are acting as representatives (in such capacity, the “Representatives”), (i) $500,000,000 in aggregate principal amount of its floating rate Senior Notes due November 28, 2018 (the
“2018 Notes”), (ii) $1,150,000,000 in aggregate principal amount of its 3.30% Senior Notes due December 1, 2027 (the “2027 Notes”) and (iii) $850,000,000 in aggregate principal amount of its 3.95%
Senior Notes due December 1, 2047 (together with the 2018 Notes and the 2027 Notes, the “Notes”). The Notes will (i) have terms and provisions that are summarized in the Pricing Disclosure Package and Offering
Memorandum (as defined below), and (ii) are to be issued pursuant to an indenture dated as of November 29, 2017 (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee
(the “Trustee”). This Agreement is to confirm the agreement concerning the purchase of the Notes from the Company by the Initial Purchasers. 

 1. Purchase and Resale of the Notes. The Notes will be offered and sold to the Initial
Purchasers without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on an exemption pursuant to Section 4(a)(2) under the Securities Act. The Company has prepared a
preliminary offering memorandum, dated November 27, 2017 (the “Preliminary Offering Memorandum”), pricing term sheets substantially in the form attached hereto as Schedules II-A, II-B and II-C (the “Pricing Term Sheets”) setting forth the terms of the Notes omitted from the Preliminary Offering Memorandum and an offering
memorandum, dated November 27, 2017 (the “Offering Memorandum”), setting forth information regarding the Company, the Notes and the Exchange Notes (as defined herein). The Preliminary Offering Memorandum, as supplemented
and amended as of the Applicable Time (as defined below), together with the Pricing Term Sheets and any of the documents listed on Schedule III hereto are collectively referred to as the “Pricing Disclosure Package”. The
Company hereby confirms that it has authorized the use of the Pricing Disclosure Package and the Offering Memorandum in connection with the offering and resale of the Notes by the Initial Purchasers. “Applicable Time”
means 5.00 p.m. (New York City time) on the date of this Agreement. 
 Any reference to the Preliminary Offering Memorandum, the Pricing
Disclosure Package or the Offering Memorandum shall be deemed to refer to and include the Company’s most recent Annual Report on Form 10-K (the “Annual Report”) and all
subsequent documents filed with the United States Securities and Exchange Commission (the “Commission”) pursuant to Section 13(a), 13(c), 14 or 15(d) of the United States Securities Exchange Act of 1934, as amended (the
“Exchange Act”), on or prior to the date of the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum, as the case may be. Any reference to the Preliminary Offering Memorandum, Pricing
Disclosure Package or the Offering Memorandum, as the case may be, as amended or supplemented, as of any specified date, shall be deemed to include any documents filed with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of
the Exchange Act after the date of the Preliminary Offering Memorandum, Pricing Disclosure Package or the Offering Memorandum, as the case may be, and prior to such specified date. All documents filed under the Exchange Act and so deemed to be
included in the Preliminary Offering Memorandum, Pricing Disclosure Package or the Offering Memorandum, as the case may be, or any amendment or supplement thereto are hereinafter called the “Exchange Act Reports”. 

You have advised the Company that you will offer and resell (the “Exempt Resales”) the Notes purchased by you
hereunder on the terms set forth in each of the Pricing Disclosure Package and the Offering Memorandum, as amended or supplemented, solely to (i) persons whom you reasonably believe to be “qualified institutional buyers” as defined in
Rule 144A under the Securities Act (“Rule 144A”) (each a “QIB”), and (ii) outside the United States to certain persons who are not U.S. Persons (as defined in Regulation S under the Securities Act
(“Regulation S”)) (such persons are referred to in this agreement as “Non-U.S. Persons”) in offshore transactions in reliance on Regulation S. As used herein,
the terms “offshore transaction” and “United States” have the meanings assigned to them in Regulation S. Those persons specified in clauses (i) and (ii) are referred to herein as “Eligible
Purchasers”. 
 Holders (including subsequent transferees) of the Notes will have the registration rights set forth in the
registration rights agreement (the “Registration Rights Agreement”) between the 

  
 2 

 
Company and the Representatives to be dated November 29, 2017 (the “Closing Date”) having substantially the terms described in the Pricing Disclosure Package.
Pursuant to the Registration Rights Agreement, the Company will agree to file with the Commission under the circumstances set forth therein, a registration statement under the Securities Act relating to the Company’s Floating Rate Senior Notes
due November 28, 2018 (the “2018 Exchange Notes”), the 3.30% Senior Notes due December 1, 2027 (the “2027 Exchange Notes”) and 3.95% Senior Notes due December 1, 2047 (together with the
2018 Exchange Notes and the 2027 Exchange Notes, the “Exchange Notes”) to be offered in exchange for the Notes. Such portion of the offering is referred to as the “Exchange Offer”. 

2. Representations, Warranties and Agreements of the Company. The Company represents, warrants and agrees as follows: 

(a) When the Notes are issued and delivered pursuant to this Agreement, such Notes will not be of the same class (within the
meaning of Rule 144A) as securities of the Company that are listed on a national securities exchange registered under Section 6 of the Exchange Act or that are quoted in a United States automated inter-dealer quotation system. 

(b) Assuming the accuracy of your representations and warranties in Section 3(b), the purchase and resale of the Notes
pursuant hereto (including pursuant to the Exempt Resales) are exempt from the registration requirements of the Securities Act. 

(c) No form of general solicitation or general advertising within the meaning of Regulation D under the Securities Act
(“Regulation D”) (including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising) (each, a “General Solicitation”) was used by the Company, any of its affiliates or any of its representatives (other than you, as to whom the Company makes no
representation) in connection with the offer and sale of the Notes. 
 (d) No directed selling efforts within the meaning of
Rule 902 under the Securities Act were used by the Company or any of its representatives (other than you, as to whom the Company makes no representation) with respect to Notes sold outside the United States to
Non-U.S. Persons, and the Company, any affiliate of the Company and any person acting on its or their behalf (other than you, as to whom the Company makes no representation) has complied with and will
implement the “offering restrictions” required by Rule 902 under the Securities Act. 
 (e) Each of the Pricing
Disclosure Package and the Offering Memorandum, each as of (i) its respective date (or in the case of the Pricing Disclosure Package, as of the Applicable Time) and (ii) the Closing Date, contains all the information specified in, and
meeting the requirements of, Rule 144A(d)(4) under the Securities Act. 
 (f) Neither the Company nor any other person acting
on behalf of the Company has sold or issued any securities that would be integrated with the offering of the Notes contemplated by this Agreement pursuant to the Securities Act, the rules and regulations thereunder or the interpretations thereof by
the Commission. 

  
 3 

 (g) No order or decree preventing or suspending the use of the Preliminary
Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum, or any order asserting that the transactions contemplated by this Agreement are subject to the registration requirements of the Securities Act has been issued, and no
proceeding for that purpose has commenced or is pending or, to the knowledge of the Company is contemplated. 
 (h) The
Offering Memorandum will not, as of its date or as of the Closing Date, include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided, however, that the Company makes no representations or warranties as to the information contained in or omitted from the Offering Memorandum in reliance upon and in conformity with information furnished in
writing to the Company by or on behalf of any Initial Purchaser through the Representatives specifically for inclusion therein, it being understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser consists
of the information described as such in Section 8(e) hereof. 
 (i) As of the Applicable Time and the Closing Date,
(i) the Pricing Disclosure Package and (ii) each electronic road show, if any, when taken together as a whole with the Pricing Disclosure Package, did not and will not contain any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Pricing Disclosure Package
based upon and in conformity with written information furnished to the Company by any Initial Purchaser through the Representatives specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf
of any Initial Purchaser consists of the information described as such in Section 8(e) hereof. 
 (j) The Company has
not made any offer to sell or solicitation of an offer to buy the Notes that would constitute a “free writing prospectus” (if the offering of the Notes was made pursuant to a registered offering under the Securities Act), as defined in
Rule 405 under the Securities Act (a “Free Writing Offering Document”) without the prior consent of the Representatives; any such Free Writing Offering Document the use of which has been previously consented to by the
Representatives is listed on Schedule III. 
 (k) Each Free Writing Offering Document listed in Schedule III hereto, when
taken together with the Pricing Disclosure Package, did not, as of the Applicable Time, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that no representation or warranty is made as to information contained in or omitted from a Free Writing Offering Document listed in 

  
 4 

 
Schedule III hereto in reliance upon and in conformity with written information furnished to the Company through the Representatives by or on behalf of any Initial Purchaser specifically for
inclusion therein, which information is specified in Section 8(e). 
 (l) The Exchange Act Reports, did not and will
not, when filed with the Commission, contain an untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(m) The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the
State of California, with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Pricing Disclosure Package and the Offering Memorandum, and is duly
qualified to do business as a foreign corporation and is in good standing under the laws of each jurisdiction which requires such qualification, except where the failure to be so qualified or be in good standing would not, individually or in the
aggregate, have a material adverse effect on the condition (financial or otherwise), earnings, business or properties of the Company and its subsidiaries, taken as a whole (a “Material Adverse Effect”). 

(n) This Agreement has been duly authorized, executed and delivered by the Company. 

(o) The Registration Rights Agreement has been duly authorized and, on the Closing Date, the Registration Rights Agreement will
have been duly executed and delivered by the Company; and the Registration Rights Agreement constitutes a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as the enforcement thereof may
be limited by laws and principles of equity affecting the enforcement of creditors’ rights, including, without limitation, bankruptcy, reorganization, insolvency arrangement, fraudulent conveyance, moratorium, receivership, assignment for the
benefit of creditors laws or by general equitable principles and except as rights to indemnification under the Registration Rights Agreement may be limited by applicable law. 

(p) The Indenture has been duly authorized by the Company and, at the Closing Date, assuming due authorization, execution and
delivery by the Trustee, the Supplemental Indenture will constitute, a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as enforcement thereof may be limited by laws and principles of
equity affecting the enforcement of creditors’ rights, including, without limitation, bankruptcy, reorganization, insolvency arrangement, fraudulent conveyance, moratorium, receivership, assignment for the benefit of creditors laws; and upon
the Closing Date, the Indenture will conform in all material respects to the requirements of the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and the rules and regulations of the Commission applicable
to an indenture that is qualified thereunder. 

  
 5 

 (q) The issuance and sale by the Company of the Notes pursuant to this Agreement
have been duly authorized by all necessary corporate action; and, when issued, authenticated and delivered pursuant to this Agreement against payment of the consideration therefor specified herein, the Notes will be valid and binding obligations of
the Company, enforceable against the Company in accordance with their terms, except as enforcement thereof may be limited by laws or principles of equity affecting creditors’ rights, including, without limitation, bankruptcy, reorganization,
insolvency, arrangement, fraudulent conveyance, moratorium, receivership, assignment for the benefit of creditors laws, and will be entitled to the benefits of the Indenture. 

(r) The issuance and authentication by the Company of the Exchange Notes pursuant to the Indenture and the Exchange Offer
provided for in the Registration Rights Agreement have been duly authorized by all necessary corporate action; and, if and when issued, authenticated and delivered pursuant to the Indenture and the Registration Rights Agreement, the Exchange Notes
will be valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, except as enforcement thereof may be limited by laws or principles of equity affecting creditors’ rights, including, without
limitation, bankruptcy, reorganization, insolvency, arrangement, fraudulent conveyance, moratorium, receivership, assignment for the benefit of creditors laws, and will be entitled to the benefits of the Indenture. 

(s) The Company is not and, after giving effect to the offering and sale of the Notes and the application of the proceeds
thereof as described in the Pricing Disclosure Package and the Offering Memorandum, will not be an “investment company” as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) or a company
“controlled” by an “investment company” within the meaning of the 1940 Act. 
 (t) No consent, approval,
authorization, filing with or order of any court or governmental agency or body is required in connection with the transactions contemplated herein, except such as have been obtained from the California Public Utilities Commission (the
“CPUC”), under the Act, under the Trust Indenture Act or otherwise and such as may be required under the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Notes by the Initial
Purchasers in the manner contemplated herein and in the Pricing Disclosure Package and the Offering Memorandum. 
 (u)
Neither the Company nor any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of any licenses, certificates, permits and other authorizations which, individually or in the aggregate, if the subject
of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Pricing Disclosure Package and the
Offering Memorandum. 
 (v) None of the issue and sale of the Notes, the execution, delivery and performance by the Company
of the Notes, the Exchange Notes, the Indenture, the Registration Rights Agreement and this Agreement, the application of the proceeds from 

  
 6 

 
the sale of the Notes as described under “Use of Proceeds” in each of the Pricing Disclosure Package and the Offering Memorandum, the consummation of any other of the transactions
herein contemplated or the performance by the Company of any of its obligations set forth herein will conflict with or result in, a breach or violation of: (i) the charter, bylaws or comparable constituent documents of the Company or any of its
subsidiaries, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party
or bound or to which its or their property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency,
governmental body, arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of its or their properties, except, in the case of clauses (ii) and (iii) above, for such conflicts, breaches or violations
which could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (w) The
consolidated historical financial statements and schedules of the Company and its consolidated subsidiaries included in the Pricing Disclosure Package and the Offering Memorandum present fairly in all material respects the financial condition,
results of operations and cash flows of the Company and its consolidated subsidiaries as of the dates and for the periods indicated, comply as to form with the applicable accounting requirements of the Act and have been prepared in conformity with
generally accepted accounting principles applied on a consistent basis throughout the periods involved (except as otherwise noted therein). 

(x) There has not occurred any change in the condition, financial or otherwise, or in the earnings, business or operations of
the Company and its subsidiaries, taken as a whole, from that set forth in the Pricing Disclosure Package that would reasonably be expected to have a Material Adverse Effect. 

(y) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Company or any of its subsidiaries or its or their property is pending or, to the best knowledge of the Company, threatened that (i) would reasonably be expected to have a material adverse effect on the performance of this Agreement or the
consummation of any of the transactions contemplated hereby or (ii) would reasonably be expected to have a Material Adverse Effect, whether or not arising from transactions in the ordinary course of business, except as set forth in or
contemplated in the Pricing Disclosure Package and the Offering Memorandum (exclusive of any supplement thereto). 
 (z)
Deloitte & Touche LLP, who have certified certain financial statements of the Company and its consolidated subsidiaries and delivered their report with respect to the audited consolidated financial statements and schedules included in the
Pricing Disclosure Package and the Offering Memorandum, is an independent registered public accounting firm with respect to the Company within the meaning of the Securities Act and the applicable published rules and regulations thereunder and of the
Public Company Accounting Oversight Board. 

  
 7 

 (aa) Except as set forth or contemplated in the Pricing Disclosure Package and
the Offering Memorandum, neither the Company nor any of its subsidiaries is (i) in violation of any statute, rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal
or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”), (ii) owns or operates any
real property contaminated with any substance that is subject to any Environmental Laws, (iii) is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or (iv) is
subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and there is no investigation pending or,
to the Company’s knowledge, threatened against it or its subsidiaries, that could reasonably be expected to lead to the making of such a claim. 

(bb) The Company does not have any significant subsidiaries as defined by Rule 1-02 of
Regulation S-X. 
 (cc) The CPUC has authorized the issuance and sale by the Company
of the Notes, and such authorization is in full force and effect and sufficient for the issuance and sale of the Notes to the Initial Purchasers. 

(dd) The Company and each of its consolidated subsidiaries maintain a system of internal accounting controls over financial
reporting sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any material differences. 

(ee) The Company maintains “disclosure controls and procedures” (as defined in Rule
13a-15(e) of the Exchange Act) and such disclosure controls and procedures were effective as of the end of the Company’s most recently completed fiscal quarter. 

(ff) To the Company’s knowledge, none of the Company, any of its subsidiaries, or any director, officer, agent, affiliate
or employee of the Company or any of its subsidiaries is currently the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not use
the proceeds from the sale of the Notes, or knowingly lend, contribute or otherwise make available such proceeds to any subsidiary, affiliate, joint venture partner or other person or entity for the purpose of financing the activities of any person
currently the subject of any U.S. sanctions administered by OFAC. 

  
 8 

 Any certificate signed by any officer of the Company and delivered to the Initial Purchasers or
counsel for the Initial Purchasers in connection with the offering of the Notes shall be deemed a representation and warranty by the Company, as to matters covered thereby, to each Initial Purchaser. 

3. Purchase of the Notes by the Initial Purchasers, Agreements to Sell, Purchase and Resell. 

(a) The Company hereby agrees, on the basis of the representations, warranties, covenants and agreements of the Initial Purchasers contained
herein and subject to all the terms and conditions set forth herein, to issue and sell to the Initial Purchasers and, upon the basis of the representations, warranties and agreements of the Company herein contained and subject to all the terms and
conditions set forth herein, each Initial Purchaser agrees, severally and not jointly, to purchase from the Company, at a purchase price of (i) 99.850% of the principal amount of the 2018 Notes, (ii) 99.054% of the principal amount of the 2027 Notes
and (iii) 98.689% of the principal amount of the 2047 Notes, plus accrued interest from the Closing Date to the date of payment, if any, the principal amount of Notes set forth opposite the name of such Initial Purchaser in Schedules I-A, I-B and I-C hereto. The Company shall not be obligated to deliver any of the securities to be delivered hereunder except upon
payment for all of the securities to be purchased as provided herein. 
 (b) Each of the Initial Purchasers, severally and not jointly,
hereby represents and warrants to the Company that it will offer the Notes for sale upon the terms and conditions set forth in this Agreement and in the Pricing Disclosure Package. Each of the Initial Purchasers, severally and not jointly, hereby
represents and warrants to, and agrees with, the Company, on the basis of the representations, warranties and agreements of the Company, that such Initial Purchaser: (i) is a QIB with such knowledge and experience in financial and business
matters as is necessary in order to evaluate the merits and risks of an investment in the Notes; (ii) in connection with the Exempt Resales, will solicit offers to buy the Notes only from, and will offer to sell the Notes only to, the Eligible
Purchasers in accordance with this Agreement and on the terms contemplated by the Pricing Disclosure Package; (iii) will not offer or sell the Notes, nor has it offered or sold the Notes by, or otherwise engaged in any form of general
solicitation or general advertising (within the meaning of Regulation D, including, but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or
radio, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act; and (iv) will not
engage in any directed selling efforts within the meaning of Rule 902 under the Securities Act, in connection with the offering of the Notes. The Initial Purchasers have advised the Company that they will offer the Notes to Eligible Purchasers at a
price initially equal to (i) 100% of the principal amount of the 2018 Notes, (ii) 99.704% of the principal amount of the 2027 Notes and (iii) 99.564% of the principal amount of the 2047 Notes, plus accrued interest, if any, from the date of issuance
of the Notes. Such price may be changed by the Initial Purchasers at any time without notice. 
 (c) The Initial Purchasers have not, and
prior to the later of (A) the Closing Date and (B) completion of the distribution of the Notes, will not, use, authorize use of, refer to 

  
 9 

 
or distribute any material in connection with the offering and sale of the Notes other than (i) the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Offering
Memorandum, (ii) any written communication that contains either (x) no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) or (y) “issuer information” that was included (including through
incorporation by reference) in the Preliminary Offering Memorandum or any Free Writing Offering Document listed on Schedule III hereto, (iii) the Free Writing Offering Documents listed on Schedule III hereto, (iv) any written communication
prepared by such Initial Purchaser and approved by the Company in writing, or (v) any written communication relating to, or that contains the terms of, the Notes and/or other information that was included (including through incorporation by
reference) in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum. 
 Each of the Initial
Purchasers understands that the Company and, for purposes of the opinions to be delivered to the Initial Purchasers pursuant to Sections 7(c), 7(d), 7(e) and 7(f) hereof, counsel to the Company, California counsel to the Company, General Counsel to
PG&E Corporation and counsel to the Initial Purchasers, will rely upon the accuracy and truth of the foregoing representations, warranties and agreements, and the Initial Purchasers hereby consent to such reliance. 

4. Delivery of the Notes and Payment Therefor. Delivery to the Initial Purchasers of and payment for the Notes shall be made at the
office of Skadden, Arps, Slate, Meagher & Flom LLP, at 10:00 A.M., New York City time, on the Closing Date. The place of closing for the Notes and the Closing Date may be varied by agreement between the Initial Purchasers and
the Company. 
 The Notes will be delivered to the Initial Purchasers, or the Trustee as custodian for The Depository Trust Company
(“DTC”), against payment by or on behalf of the Initial Purchasers of the purchase price therefor by wire transfer in immediately available funds, by causing DTC to credit the Notes to the account of the Initial Purchasers at
DTC. The Notes will be evidenced by one or more global securities in definitive form (the “Global Notes”) and will be registered in the name of Cede & Co. as nominee of DTC. The Notes to be delivered to the Initial
Purchasers shall be made available to the Initial Purchasers in New York City for inspection and packaging not later than 10:00 A.M., New York City time, on the business day next preceding the Closing Date. 

5. Agreements of the Company. The Company agrees with each of the Initial Purchasers as follows: 

(a) The Company will furnish to the Initial Purchasers, without charge, within two business days of the date of the Offering Memorandum, such
number of copies of the Offering Memorandum as may then be amended or supplemented as they may reasonably request. 
 (b) The Company will
prepare the Offering Memorandum in a form approved (such approval not to be unreasonably withheld or delayed) by the Initial Purchasers and will not make any amendment or supplement to the Pricing Disclosure Package or to the Offering Memorandum
(other than the Exchange Act Reports) of which the Initial Purchasers shall not previously have been advised or to which they shall reasonably object after being so advised. 

  
 10 

 (c) The Company consents to the use of the Pricing Disclosure Package and the Offering Memorandum
in accordance with the securities or Blue Sky laws of the jurisdictions in which the Notes are offered by the Initial Purchasers and by all dealers to whom Notes may be sold, in connection with the offering and sale of the Notes. 

(d) If, at any time prior to completion of the distribution of the Notes by the Initial Purchasers to Eligible Purchasers, any event occurs or
information becomes known that, in the judgment of the Company or in the reasonable opinion of counsel for the Initial Purchasers, should be set forth in the Pricing Disclosure Package or the Offering Memorandum so that the Pricing Disclosure
Package or the Offering Memorandum, as then amended or supplemented, does not include any untrue statement of material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, or if it is necessary to supplement or amend the Pricing Disclosure Package or the Offering Memorandum in order to comply with any law, the Company will forthwith prepare an appropriate supplement or amendment
thereto, and will expeditiously furnish to the Initial Purchasers and dealers a reasonable number of copies thereof. 
 (e) The Company will
not make any offer to sell or solicitation of an offer to buy the Notes that would constitute a Free Writing Offering Document without the prior consent of the Representatives, which consent shall not be unreasonably withheld or delayed. If at any
time following issuance of a Free Writing Offering Document any event occurred or occurs as a result of which such Free Writing Offering Document conflicts with the information in the Preliminary Offering Memorandum, the Pricing Disclosure Package
or the Offering Memorandum or, when taken together with the information in the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum, includes an untrue statement of a material fact or omits to state any material
fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, as promptly as practicable after becoming aware thereof, the Company will give notice thereof to the Initial Purchasers
through the Representatives and, if requested by the Representatives, will prepare and furnish without charge to each Initial Purchaser a Free Writing Offering Document or other document which will correct such conflict, statement or omission. 

(f) The Company will promptly take such actions as the Initial Purchasers may, from time to time, reasonably request to qualify the Notes for
offering and sale under the securities or Blue Sky laws of such jurisdictions as the Initial Purchasers may request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may
be necessary to complete the distribution of the Notes; provided that in connection therewith the Company shall not be required to (i) qualify as a foreign corporation in any jurisdiction in which it would not otherwise be required to so
qualify, (ii) file a general consent to service of process in any such jurisdiction, or (iii) subject itself to taxation in any jurisdiction in which it would not otherwise be subject. 

(g) The Company will not, without the prior written consent of the Representatives, offer, sell, contract to sell, pledge, or otherwise dispose
of (or enter into any 

  
 11 

 
transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or
otherwise) by the Company or any affiliate of the Company or any person in privity with the Company or any affiliate of the Company), directly or indirectly, including the filing (or participation in the filing) of a registration statement with the
Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, any debt securities issued or guaranteed by the Company
(other than the Notes) or publicly announce an intention to effect any such transaction, until the Closing Date; provided that the prior written consent of the Representatives shall not be required for the sale or remarketing of tax-exempt bonds issued by a governmental authority or body for the benefit of the Company or for issuances of commercial paper or other debt securities with scheduled maturities of less than one year. 

(h) So long as any of the Notes are outstanding, the Company will, if it is not then subject to Section 13 or 15(d) of the Exchange Act,
at its expense, furnish to the Initial Purchasers, and, upon request, furnish to the holders of the Notes and prospective purchasers of the Notes, the information required by Rule 144A(d)(4) under the Securities Act (if any). 

(i) The Company will apply the net proceeds from the sale of the Notes to be sold by it hereunder substantially in accordance with the
description set forth in the Pricing Disclosure Package and the Offering Memorandum under the caption “Use of Proceeds.” 
 (j) The
Company and its affiliates will not take, directly or indirectly, any action designed to or that has constituted or that reasonably could be expected to cause or result in the stabilization or manipulation of the price of any security of the Company
in connection with the offering of the Notes. 
 (k) The Company will use its best efforts to permit the Notes to be eligible for clearance
and settlement through DTC. 
 (l) Until the second anniversary of the Closing Date, the Company will not, and will not permit any of its
affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Notes that have been acquired by any of them, except for Notes purchased by the Company or any of its affiliates and resold in a transaction registered under the
Securities Act. 
 (m) The Company agrees not to sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in the Securities Act) that would be integrated with the sale of the Notes in a manner that would require the registration under the Securities Act of the sale to the Initial Purchasers or the Eligible Purchasers of the Notes.

 (n) In connection with any offer or sale of the Notes, the Company will not engage, and will cause its respective affiliates and any
person acting on its behalf (other than, in any case, the Initial Purchasers and any of their affiliates, as to whom the Company makes no covenant) not to engage (i) in any form of general solicitation or general advertising (within the meaning
of Regulation D or any public offering within the meaning of Section 4(a)(2) of the Securities Act in connection with any offer or sale of the Notes and/or (ii) in any directed selling effort with respect to the Notes within the meaning of
Regulation S under the Securities Act, and to comply with the offering restrictions requirement of Regulation S of the Securities Act. 

  
 12 

 (o) The Company agrees to comply with all the terms and conditions of the Registration Rights
Agreement and all agreements set forth in the representation letter of the Company to DTC relating to the approval of the Notes by DTC for “book entry” transfer. 

6. Expenses. Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company
agrees to pay all expenses, costs, fees and taxes incident to and in connection with: (a) the preparation, printing, filing and distribution of the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Offering Memorandum
(including, without limitation, financial statements and exhibits and one or more versions of the Preliminary Offering Memorandum) and all amendments and supplements thereto (including the fees, disbursements and expenses of the Company’s
accountants and counsel); (b) the preparation, printing (including, without limitation, word processing and duplication costs) and delivery of this Agreement, the Indenture, the Registration Rights Agreement, all Blue Sky memoranda and all other
agreements, memoranda, correspondence and other documents printed and delivered in connection therewith and with the Exempt Resales; (c) the issuance and delivery by the Company of the Notes and any taxes payable in connection therewith;
(d) the qualification of the Notes and Exchange Notes for offer and sale under the securities or Blue Sky laws of the several states and any foreign jurisdictions as the Initial Purchasers may designate (including, without limitation, the
reasonable fees and disbursements of the Initial Purchasers’ counsel relating to such registration or qualification); (e) the furnishing of such copies of the Preliminary Offering Memorandum, the Pricing Disclosure Package and the Offering
Memorandum, and all amendments and supplements thereto, as may be reasonably requested for use in connection with the Exempt Resales; (f) the preparation of certificates for the Notes (including, without limitation, printing and engraving
thereof); (g) the approval of the Notes by DTC for “book-entry” transfer; (h) the rating of the Notes and the Exchange Notes; (i) the obligations of the Trustee, any agent of the Trustee and the counsel for the Trustee in
connection with the Indenture, the Notes and the Exchange Notes; and (j) the performance by the Company of its other obligations under this Agreement. 

7. Conditions to Initial Purchasers’ Obligations. The respective obligations of the Initial Purchasers hereunder are subject to the
accuracy, when made and on and as of the Closing Date, of the representations and warranties of the Company contained herein, to the performance by the Company of its obligations hereunder, and to each of the following additional terms and
conditions: 
 (a) Cravath, Swaine & Moore LLP shall have furnished to the Initial Purchasers its written opinion and negative
assurance letter, as counsel to the Company, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers, substantially in the form of Exhibit A hereto. 

(b) Munger, Tolles & Olson LLP shall have furnished to the Initial Purchasers its written opinion, as California counsel to the
Company, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers, substantially in the form of Exhibit B hereto. 

  
 13 

 (c) The General Counsel of the PG&E Corporation shall have furnished to the Initial
Purchasers a written opinion, as General Counsel to the Company, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers, substantially in the form of Exhibit C hereto.

 (d) The Initial Purchasers shall have received from Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Initial Purchasers,
such opinion or opinions and negative assurance letter, dated the Closing Date, with respect to the issuance and sale of the Notes, the Pricing Disclosure Package, the Offering Memorandum and other related matters as the Initial Purchasers may
reasonably require, and the Company shall have furnished to such counsel such documents and information as such counsel reasonably requests for the purpose of enabling them to pass upon such matters. 

(e) The Company shall have requested and caused Deloitte & Touche LLP to have furnished to the Representatives, at the Applicable Time
and at the Closing Date, letters (which may refer to letters previously delivered to one or more of the Representatives), dated respectively as of the Applicable Time and as of the Closing Date, in form and substance satisfactory to the
Representatives, confirming that they are independent accountants within the meaning of the Securities Act and the Exchange Act and the respective applicable rules and regulations adopted by the Commission thereunder and stating in effect
that: 
 (i) in their opinion the audited financial statements and financial statement schedules included or incorporated by reference in
the Pricing Disclosure Package and the Offering Memorandum and reported on by them comply as to form with the applicable accounting requirements of the Securities Act and the Exchange Act and the related rules and regulations adopted by the
Commission; 
 (ii) carrying out certain specified procedures (but not an examination in accordance with generally accepted auditing
standards) which would not necessarily reveal matters of significance with respect to the comments set forth in such letter; and inquiries of certain officials of the Company who have responsibility for financial and accounting matters of the
Company and its subsidiaries as to transactions and events subsequent to September 30, 2017, nothing came to their attention which caused them to believe that, with respect to the period subsequent to September 30, 2017, there were any
changes, at a specified date not more than five days prior to the date of the letter, in the long-term debt or short-term borrowings of the Company and its subsidiaries or the capital stock of the Company or decreases in current assets or the
shareholders’ equity of the Company, as compared with the amounts shown on the September 30, 2017 consolidated balance sheet included or incorporated by reference in the Pricing Disclosure Package and the Offering Memorandum, or for the
period from October 1, 2017 to such specified date there were any decreases, as compared with the corresponding period in the preceding year in operating revenues, income before income taxes or net income of the Company and its subsidiaries,
except in all instances for changes or decreases set forth in such letter, in which case the letter shall be accompanied by an explanation by the Company as to the significance thereof unless said explanation is not deemed necessary by the
Representatives; and 
 (iii) they have performed certain other specified procedures as a result of which they determined that certain
information of an accounting, financial or statistical nature 

  
 14 

 
(which is limited to accounting, financial or statistical information derived from the general accounting records of the Company and its subsidiaries) set forth in the Pricing Disclosure Package
and the Offering Memorandum, including the information set forth under the captions “Ratio of Earnings to Fixed Charges” and “Capitalization” in the Pricing Disclosure Package and the Offering Memorandum, and the information
included or incorporated by reference in Items 1, 1A, 6, 7 and 7A of the Company’s Annual Report on Form 10-K and the information included in “Management’s Discussion and Analysis of Financial
Conditions and Results of Operations” included in any Quarterly Report on Form 10-Q filed by the Company and incorporated by reference in the Pricing Disclosure Package and the Offering Memorandum, agrees
with the accounting records of the Company and its subsidiaries, excluding any questions of legal interpretation. 
 (f) Subsequent to the
Applicable Time, there shall not have been (i) any material change or decrease specified in the letter or letters referred to in paragraph f of this Section 7 or (ii) any change in or affecting the condition (financial or
otherwise), earnings, business or properties of the Company and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Pricing Disclosure Package
and the Offering Memorandum the effect of which, in any case referred to in clause (i) or (ii) above, is, in the judgment of the Representatives, so material and adverse as to make it impractical or inadvisable to proceed with the offering
or delivery of the Notes as contemplated by the Pricing Disclosure Package and the Offering Memorandum. 
 (g) The Company shall have
furnished to the Representatives a certificate of the Company, signed by the Chairman of the Board, the Chief Executive Officer, the President, any Senior Vice President or the Treasurer and by the Chief Financial Officer of the Company, dated the
Closing Date, to the effect that the signers of such certificate have carefully examined the Pricing Disclosure Package and the Offering Memorandum, as well as any electronic road show used in connection with the offering of the Notes, and this
Agreement and that the representations and warranties of the Company in this Agreement are true and correct on and as of the Closing Date with the same effect as if made on the Closing Date and the Company has complied with all the agreements and
satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date. 
 (h) Subsequent to the Applicable
Time, there shall not have been any decrease in the rating of any of PG&E Corporation’s or the Company’s debt securities by any “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of
the Exchange Act) or any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating. 

(i) The Notes shall be eligible for clearance and settlement through DTC. 

(j) The Company shall have executed and delivered the Registration Rights Agreement, and the Initial Purchasers shall have received an original
copy thereof, duly executed by the Company. 

  
 15 

 (k) The Company and the Trustee shall have executed and delivered the Indenture, and the Initial
Purchasers shall have received an original copy thereof, duly executed by the Company and the Trustee. 
 (l) On or prior to the Closing
Date, the Company shall have furnished to the Initial Purchasers such further certificates and documents as the Initial Purchasers may reasonably request. 

If any of the conditions specified in this Section 7 shall not have been fulfilled when and as provided in this Agreement, or if any of
the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the Representatives and counsel for the Initial Purchasers, this Agreement and all obligations of the Initial
Purchasers hereunder may be canceled at, or at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall be given to the Company in writing or by telephone or facsimile confirmed in writing. 

The documents required to be delivered by this Section 7 shall be delivered at the office of Skadden, Arps, Slate, Meagher & Flom
LLP, counsel for the Initial Purchasers, at Four Times Square, New York, New York, on the Closing Date. 
 8. Indemnification and
Contribution. 
 (a) The Company hereby agrees to indemnify and hold harmless each Initial Purchaser, its affiliates, directors, officers
and employees and each person, if any, who controls any Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any loss, claim, damage or liability, joint or several, or
any action in respect thereof (including, but not limited to, any loss, claim, damage, liability or action relating to purchases and sales of Notes), to which that Initial Purchaser, affiliate, director, officer, employee or controlling person may
become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in any Free
Writing Offering Document, the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum or in any amendment or supplement thereto or (ii) the omission or alleged omission to state in any Free Writing Offering
Document, the Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum, or in any amendment or supplement thereto, any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and shall reimburse each Initial Purchaser and each such affiliate, director, officer, employee or controlling person promptly upon demand for any legal or other expenses reasonably incurred
by that Initial Purchaser, affiliate, director, officer, employee or controlling person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are incurred;
provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or alleged untrue statement or omission
or alleged omission made in any Preliminary Offering Memorandum, the Pricing Disclosure Package or Offering Memorandum, or in any such amendment or supplement thereto, in reliance upon and in conformity with written information concerning such
Initial Purchaser furnished to the 

  
 16 

 
Company through the Representatives by or on behalf of any Initial Purchaser specifically for inclusion therein, which information consists solely of the information specified in
Section 8(e). The foregoing indemnity agreement is in addition to any liability that the Company may otherwise have to any Initial Purchaser or to any affiliate, director, officer, employee or controlling person of that Initial Purchaser. 

(b) Each Initial Purchaser, severally and not jointly, hereby agrees to indemnify and hold harmless the Company, its officers and employees,
each of its directors, and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any loss, claim, damage or liability, joint or several, or
any action in respect thereof, to which the Company or any such director, officer, employee or controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or
is based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in any Free Writing Offering Document, Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum or in any
amendment or supplement thereto or (ii) the omission or alleged omission to state in any Free Writing Offering Document, Preliminary Offering Memorandum, the Pricing Disclosure Package or the Offering Memorandum, or in any amendment or
supplement thereto, any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, but in each case only to the extent that the untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in conformity with written information concerning such Initial Purchaser furnished to the Company through the Representatives by or on behalf of that Initial Purchaser
specifically for inclusion therein, which information is limited to the information set forth in Section 8(e). The foregoing indemnity agreement is in addition to any liability that any Initial Purchaser may otherwise have to the Company or any
such director, officer, employee or controlling person. 
 (c) Promptly after receipt by an indemnified party under this Section 8 of
notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of the claim or the
commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability that it may have under paragraphs (a) or (b) above except to the extent it has been
materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure and; provided, further, that the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that
it may have to an indemnified party otherwise than under paragraphs (a) or (b) above. If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be
entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party. After notice from the
indemnifying party to the indemnified party of its election to assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified party under this Section 8 for any legal or other expenses subsequently
incurred by the indemnified party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that the indemnified party shall have the right to employ counsel to represent jointly the
indemnified party and those other indemnified parties 

  
 17 

 
and their respective directors, officers, employees and controlling persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought under this
Section 8, if (i) the indemnified party and the indemnifying party shall have so mutually agreed; (ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party;
(iii) the indemnified party and its directors, officers, employees and controlling persons shall have reasonably concluded that there may be legal defenses available to them that are different from or in addition to those available to the
indemnified party; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the indemnified parties or their respective directors, officers, employees or controlling persons, on the one hand, and the
indemnifying party, on the other hand, and representation of both sets of parties by the same counsel would be inappropriate due to actual or potential differing interests between them, and in any such event the fees and expenses of such separate
counsel shall be paid by the indemnifying party. No indemnifying party shall (x) without the prior written consent of the indemnified parties (which consent shall not be unreasonably withheld), settle or compromise or consent to the entry of
any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such
claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include a statement as to, or an
admission of fault, culpability or a failure to act by or on behalf of any indemnified party, or (y) be liable for any settlement of any such action effected without its written consent (which consent shall not be unreasonably withheld), but if
settled with the consent of the indemnifying party or if there be a final judgment of the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by
reason of such settlement or judgment. 
 (d) If the indemnification provided for in this Section 8 shall for any reason be unavailable
to or insufficient to hold harmless an indemnified party under Section 8(a) or 8(b) in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of
indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to
reflect the relative benefits received by the Company, on the one hand, and the Initial Purchasers, on the other, from the offering of the Notes, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Initial Purchasers, on the other, with respect to the statements or
omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Initial Purchasers, on
the other hand, with respect to such offering shall be deemed to be in the same proportion as the total net proceeds from the offering of the Notes purchased under this Agreement (before deducting expenses) received by the Company, on the one hand,
and the total discounts and commissions received by the Initial Purchasers with respect to the Notes purchased under this Agreement, on the other hand, bear to the total gross proceeds from the offering of the Notes under this Agreement. The
relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the

  
 18 

 
Company, or the Initial Purchasers, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and
the Initial Purchasers agree that it would not be just and equitable if contributions pursuant to this Section 8(d) were to be determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by
any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof,
referred to above in this Section 8(d) shall be deemed to include, for purposes of this Section 8(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 8(d), no Initial Purchaser shall be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Initial Purchaser
with respect to the offering of the Notes exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations to
contribute as provided in this Section 8(d) are several in proportion to their respective purchase obligations and not joint. 
 (e) The
Initial Purchasers severally confirm and the Company acknowledges and agrees that the statements with respect to the offering of the Notes by the Initial Purchasers set forth in (i) the last paragraph on the front cover of the Offering
Memorandum and (ii) in the section entitled “Plan of Distribution,” the paragraph related to concessions, reallowances, stabilization, syndicate covering transactions and penalty bids in the Pricing Disclosure Package and the Offering
Memorandum are correct and constitute the only information concerning such Initial Purchasers furnished in writing to the Company by or on behalf of the Initial Purchasers specifically for inclusion in the Preliminary Offering Memorandum, the
Pricing Disclosure Package and the Offering Memorandum, in any amendment or supplement thereto, or in any Blue Sky Application or Marketing Materials. 

9. Defaulting Initial Purchasers. 

(a) If, on the Closing Date, any Initial Purchaser defaults on its obligations to purchase the Notes that it has agreed to purchase under this
Agreement, the remaining non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Notes by the non-defaulting Initial Purchasers or
other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for
the purchase of such Notes, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase the Notes
on such terms. In the event that within the respective prescribed periods, the non-defaulting Initial Purchasers notify the Company that they have so arranged for the purchase of such Notes, or the Company
notifies the non-defaulting Initial Purchasers that it has so arranged for the purchase of such Notes, either the non-defaulting Initial Purchasers or the Company may
postpone the Closing Date for up to seven full business days in order to effect any changes that, in the opinion of counsel for the Company or counsel for the Initial Purchasers, may be necessary in the Pricing Disclosure

  
 19 

 
Package, the Offering Memorandum or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Pricing Disclosure Package or the Offering
Memorandum that effects any such changes. For all purposes in this Agreement, unless the context requires otherwise, the term “Initial Purchaser” includes any party not listed in Schedules I-A, I-B or I-C hereto that, pursuant to this Section 9, purchases Notes that a defaulting Initial Purchaser agreed, but subsequently failed, to purchase. 

(b) If, after giving effect to any arrangements for the purchase of the Notes of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such Notes that remains unpurchased does not exceed
one-eleventh of the aggregate principal amount of all the Notes, then the Company shall have the right to require each non-defaulting Initial Purchaser to purchase the
principal amount of Notes that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser’s pro rata share (based on the principal amount of Notes that such Initial Purchaser agreed to purchase hereunder) of the
Notes of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements have not been made; provided, however, that the non-defaulting Initial Purchasers shall not be
obligated to purchase more than 110% of the aggregate principal amount of Notes that they agreed to purchase on the Closing Date pursuant to the terms of Section 3. 

(c) If, after giving effect to any arrangements for the purchase of the Notes of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such Notes that remains unpurchased exceeds
one-eleventh of the aggregate principal amount of all the Notes, or if the Company shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on
the part of the non-defaulting Initial Purchasers. Any termination of this Agreement pursuant to this Section 9 shall be without liability on the part of the Company, except that the Company will continue
to be liable for the payment of expenses as set forth in Sections 6 and 11 and except that the provisions of Section 8 shall not terminate and shall remain in effect. 

(d) Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Company or any non-defaulting Initial Purchaser for damages caused by such Initial Purchaser’s default. 
 10.
Termination. This Agreement shall be subject to termination in the absolute discretion of the Representatives, by notice given to the Company prior to delivery of and payment for the Notes, if at any time prior to such delivery and payment:
(a) (i) trading in the common stock of PG&E Corporation shall have been suspended by the Commission or the New York Stock Exchange, (ii) trading in any series of the preferred stock of the Company shall have been suspended by the
Commission or the NYSE MKT LLC, (iii) (A) trading in securities generally on the New York Stock Exchange shall have been suspended or limited, (B) minimum prices shall have been established on either of such exchanges, or (C) there
shall have been a material disruption in the clearance or settlement of securities generally on either of such exchanges which makes it, in the sole judgment of the Representatives, impractical or inadvisable to proceed with the offering or delivery
of the Notes as contemplated by this Agreement, the Pricing Disclosure Package or the Offering Memorandum, (b) a banking 

  
 20 

 
moratorium shall have been declared either by Federal, California or New York State authorities, (c) there shall have occurred any outbreak or escalation of hostilities, declaration by the
United States of a national emergency or war, or other calamity or crisis which makes it, in the sole judgment of the Representatives, impractical or inadvisable to proceed with the offering or delivery of the Notes as contemplated by this
Agreement, the Pricing Disclosure Package or the Offering Memorandum or (d) there shall have been such a material adverse change in general economic, political or financial conditions or the financial markets in the United States which makes
it, in the sole judgment of the Representatives, impractical or inadvisable to proceed with the offering or delivery of the Notes as contemplated by this Agreement, the Pricing Disclosure Package or the Offering Memorandum. 

11. Reimbursement of Initial Purchasers’ Expenses. If the sale of the Notes provided for herein is not consummated because any
condition to the obligations of the Initial Purchasers set forth in Section 7 hereof is not satisfied, because of any termination pursuant to Section 10 hereof or because of any refusal, inability or failure on the part of the Company to
perform any agreement herein or comply with any provision hereof other than by reason of a default by any of the Initial Purchasers, the Company shall reimburse the Initial Purchasers severally through the Representatives, on demand for all expenses
(including reasonable fees and disbursements of counsel) that shall have been incurred by them in connection with the proposed purchase and sale of the Notes. 

12. Notices, etc. All statements, requests, notices and agreements hereunder shall be in writing, and: 

(a) if to any Initial Purchasers, shall be sent by hand delivery, mail, overnight courier or facsimile transmission to: 

Barclays Capital Inc. 
 745
Seventh Avenue 
 New York, NY 10019 

Attention: Syndicate Registration 

Facsimile: (646) 834-8133 

Citigroup Global Markets Inc. 

388 Greenwich Street 
 New York,
NY 10013 
 Attention: General Counsel 

Facsimile: (646) 291-1469 

J.P. Morgan Securities LLC 

383 Madison Avenue 
 New York,
NY 10179 
 Attention: Investment Grade Syndicate Desk – 3rd Floor 

Facsimile: (212) 834-6081 

  
 21 

 Merrill Lynch, Pierce, Fenner & Smith 

                     Incorporated

 50 Rockefeller Plaza 
 NY1-050-12-01 
 New York,
NY 10020 
 Attention: High Grade Transaction Management/Legal 

Facsimile: (646) 855-5958 

Morgan Stanley & Co. LLC 

1585 Broadway, 29th Floor 

New York, NY 10036 
 Attention:
Investment Banking Division 
 Facsimile: (212) 507-8999 

with a copy to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

4 Times Square 
 New York, NY
10036 
 Attention: Andrea Nicolas 

Facsimile: (917) 777-2964 

and with a copy, in the case of any notice pursuant to 

Section 8(c), to the Director of Litigation: 

Barclays Capital Inc. 
 745
Seventh Avenue 
 New York, NY 10019 

Attention: Office of the General Counsel 

(b) if to the Company, shall be sent by mail, telex, overnight courier or facsimile transmission to: 

with a copy to: 

Company’s General Counsel 

Pacific Gas and Electric Company 

77 Beale Street, 
 San
Francisco, CA 94105 
 Attention: General Counsel 

Fax: (415) 973-6374 

Any such statements, requests, notices or agreements shall take effect at the time of receipt thereof. The Company shall be entitled to act
and rely upon any request, consent, notice or agreement given or made on behalf of the Initial Purchasers by the Representatives. 

  
 22 

 13. Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of
and be binding upon the Initial Purchasers, the Company, and their respective successors. This Agreement and the terms and provisions hereof are for the sole benefit of only those persons, except that the representations, warranties, indemnities and
agreements of the Company and the Initial Purchasers contained in this Agreement shall also be deemed to be for the benefit of affiliates, directors, officers and employees of the Initial Purchasers or the Company, respectively, and each person or
persons, if any, controlling any Initial Purchaser or the Company, respectively, within the meaning of Section 15 of the Securities Act. Nothing in this Agreement is intended or shall be construed to give any person, other than the persons
referred to in this Section 13, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. 

14. Survival. The respective indemnities, rights of contribution, representations, warranties and agreements of the Company and the
Initial Purchasers contained in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall survive the delivery of and payment for the Notes and shall remain in full force and effect, regardless of any
termination of this Agreement or any investigation made by or on behalf of any of them or any person controlling any of them. 
 15.
Definition of the Terms “Business Day”, “Affiliate”, and “Subsidiary”. For purposes of this Agreement, (a) “business day” means any day on which the New York Stock Exchange, Inc. is open for trading,
and (b) “affiliate” and “subsidiary” have the meanings set forth in Rule 405 under the Securities Act. 
 16.
Governing Law & Venue. This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.
The Company and each of the Initial Purchasers agree that any suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New
York and County of New York, and waives any objection that such party may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any suit, action or proceeding.

 17. Waiver of Jury Trial. The Company and each of the Initial Purchasers hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

18. No Fiduciary Duty. The Company acknowledges and agrees that in connection with this offering, or any other services the Initial
Purchasers may be deemed to be providing hereunder, notwithstanding any preexisting relationship, advisory or otherwise, between the parties or any oral representations or assurances previously or subsequently made by the Initial Purchasers:
(a) no fiduciary or agency relationship exists between the Company and any other person, on the one hand, and the Initial Purchasers, on the other hand; (b) the Initial Purchasers are not acting as advisors, expert or otherwise, to the
Company, including, without limitation, with respect to the determination of the purchase price of the Notes, and such relationship between the Company, on the one hand, and the Initial Purchasers, on the other hand, is entirely

  
 23 

 
and solely commercial, based on arms-length negotiations; (c) any duties and obligations that the Initial Purchasers may have to the Company shall be limited to those duties and obligations
specifically stated herein; (d) the Initial Purchasers and their respective affiliates may have interests that differ from those of the Company; and (e) the Company has consulted its own legal and financial advisors to the extent it deemed
appropriate. The Company hereby waives any claims that the Company may have against the Initial Purchasers with respect to any breach of fiduciary duty in connection with the Notes. 

19. Counterparts. This Agreement may be executed in one or more counterparts and, if executed in more than one counterpart, the executed
counterparts shall each be deemed to be an original but all such counterparts shall together constitute one and the same instrument. 
 20.
Headings. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 

  
 24 

 Execution Version 

If the foregoing correctly sets forth the agreement between the Company, and the Initial Purchasers, please indicate your acceptance in the
space provided for that purpose below. 
  

			
	 Very truly yours,
  

PACIFIC GAS AND ELECTRIC COMPANY

		
	By	 	      /s/ Nicholas M. Bijur
		 	Name: Nicholas M. Bijur
		 	Title: Vice President and Treasurer

  
 [Signature Page to
Purchase Agreement] 

 Accepted: 

By BARCLAYS CAPITAL INC., as Authorized Representative 

 

			
		
	By:	 	/s/ Robert Stow
		 	Name: Robert Stow
		 	Title: Managing Director

 By Citigroup Global Markets Inc., as Authorized Representative 

 

			
		
	By	 	/s/ Adam D. Bordner
		 	Name: Adam D. Bordner
		 	Title: Vice President

 By J.P. Morgan Securities LLC, as Authorized Representative 

 

			
		
	By	 	/s/ Som Bhattacharyya
		 	Name: Som Bhattacharyya
		 	Title: Executive Director

 By MERRILL LYNCH, PIERCE,
FENNER & SMITH 
 INCORPORATED, as Authorized Representative

  

			
		
	By	 	/s/ David Mikula
		 	Name: David Mikula
		 	Title: Managing Director

 By MORGAN STANLEY & CO. LLC, as
Authorized Representative 
  

			
		
	By	 	/s/ Yurij Slyz
		 	Name: Yurij Slyz
		 	Title: Executive Director

  
 [Signature Page to
Purchase Agreement] 

					
	SCHEDULE I-A	 
	 Initial Purchasers
	  	Principal
Amount of
Notes to be
Purchased	 
	 Barclays Capital Inc.
	  	$	76,000,000	 
	 Citigroup Global Markets Inc.
	  	$	76,000,000	 
	 J.P. Morgan Securities LLC
	  	$	76,000,000	 
	 Merrill Lynch, Pierce, Fenner &
Smith
                 Incorporated
	  	$	76,000,000	 
	 Morgan Stanley & Co. LLC
	  	$	76,000,000	 
	 CIBC World Markets Corp.
	  	$	17,000,000	 
	 Mizuho Securities Americas Inc.
	  	$	17,000,000	 
	 MUFG Securities Americas Inc.
	  	$	17,000,000	 
	 SMBC Nikko Securities America, Inc.
	  	$	17,000,000	 
	 U.S. Bancorp Investments, Inc.
	  	$	17,000,000	 
	 CastleOak Securities, L.P.
	  	$	8,750,000	 
	 Great Pacific Securities
	  	$	8,750,000	 
	 Loop Capital Markets LLC
	  	$	8,750,000	 
	 Samuel A. Ramirez & Company, Inc.
	  	$	8,750,000	 
		  	  
	  
	 
	 Total
	  	$	500,000,000	 
		  	  
	  
	 

					
	SCHEDULE I-B	 
	 Initial Purchasers
	  	Principal
Amount of
Notes to be
Purchased	 
	 Barclays Capital Inc.
	  	$	174,800,000	 
	 Citigroup Global Markets Inc.
	  	$	174,800,000	 
	 J.P. Morgan Securities LLC
	  	$	174,800,000	 
	 Merrill Lynch, Pierce, Fenner &
Smith
                 Incorporated
	  	$	174,800,000	 
	 Morgan Stanley & Co. LLC
	  	$	174,800,000	 
	 CIBC World Markets Corp.
	  	$	39,100,000	 
	 Mizuho Securities Americas Inc.
	  	$	39,100,000	 
	 MUFG Securities Americas Inc.
	  	$	39,100,000	 
	 SMBC Nikko Securities America, Inc.
	  	$	39,100,000	 
	 U.S. Bancorp Investments, Inc.
	  	$	39,100,000	 
	 CastleOak Securities, L.P.
	  	$	20,125,000	 
	 Great Pacific Securities
	  	$	20,125,000	 
	 Loop Capital Markets LLC
	  	$	20,125,000	 
	 Samuel A. Ramirez & Company, Inc.
	  	$	20,125,000	 
		  	  
	  
	 
	 Total
	  	$	1,150,000,000	 
		  	  
	  
	 

					
	SCHEDULE I-C	 
	 Initial Purchasers
	  	Principal
Amount of
Notes to be
Purchased	 
	 Barclays Capital Inc.
	  	$	129,200,000	 
	 Citigroup Global Markets Inc.
	  	$	129,200,000	 
	 J.P. Morgan Securities LLC
	  	$	129,200,000	 
	 Merrill Lynch, Pierce, Fenner &
Smith
                 Incorporated
	  	$	129,200,000	 
	 Morgan Stanley & Co. LLC
	  	$	129,200,000	 
	 CIBC World Markets Corp.
	  	$	28,900,000	 
	 Mizuho Securities Americas Inc.
	  	$	28,900,000	 
	 MUFG Securities Americas Inc.
	  	$	28,900,000	 
	 SMBC Nikko Securities America, Inc.
	  	$	28,900,000	 
	 U.S. Bancorp Investments, Inc.
	  	$	28,900,000	 
	 CastleOak Securities, L.P.
	  	$	14,875,000	 
	 Great Pacific Securities
	  	$	14,875,000	 
	 Loop Capital Markets LLC
	  	$	14,875,000	 
	 Samuel A. Ramirez & Company, Inc.
	  	$	14,875,000	 
		  	  
	  
	 
	 Total
	  	$	850,000,000	 
		  	  
	  
	 

 SCHEDULE II-A 

PRICING TERM SHEET 
  

 
 Pacific Gas and Electric Company 

$500,000,000 Floating Rate Senior Notes due November 28, 2018 

November 27, 2017 
  

			
	 Issuer:
	  	Pacific Gas and Electric Company
	 Trade Date:
	  	November 27, 2017
	 Settlement Date:
	  	November 29, 2017
	 Principal Amount:
	  	$500,000,000
	 Maturity Date:
	  	November 28, 2018
	 Coupon:
	  	3-month USD LIBOR + 23 basis points
	 Benchmark Treasury Yield:
	  	3-month USD LIBOR
	 Spread to Benchmark:
	  	+ 23 basis points
	 Issue Price:
	  	100%
	 Interest Payment Dates:
	  	February 28, 2018, May 28, 2018, August 28, 2018 and the Maturity Date
	 Interest Determination Dates:
	  	Second London business day immediately preceding the original issue date, or the second London business day immediately preceding the applicable interest reset date.
	 Day Count Convention:
	  	Actual/360
	 Denominations:
	  	$100,000/$1,000
	 CUSIP:
	  	694308 HT7 (144A); U69430 AD5 (Reg S)
	 ISIN:
	  	US694308HT74 (144A); USU69430AD52 (Reg S)
	 Concurrent Debt Offerings:
	  	 $1,150,000,000 principal amount of 3.30% Senior Notes Due December 1, 2027

$850,000,000 principal amount of 3.95% Senior Notes Due December 1, 2047

	 Use of Proceeds:
	  	We expect to use the net proceeds from this and the concurrent debt offerings to repay all of the $700,000,000 outstanding principal amount of our 5.625% senior notes due November 30, 2017, all of the $250,000,000
outstanding principal amount of our floating rate senior notes due November 30, 2017, all of our $250,000,000 floating rate unsecured term loan maturing February 22, 2018, and a portion of our 8.25% senior notes due October 15, 2018,
and the balance, if any, for general corporate purposes, which may include capital expenditures and repayment of outstanding commercial paper.
	 Registration Rights:
	  	The senior notes will have registration rights, as more fully described in the Preliminary Offering Memorandum.

			
	 Joint Book-Running Managers:
	  	 Barclays Capital Inc.
 Citigroup Global
Markets Inc.
 J.P. Morgan Securities LLC
 Merrill Lynch,
Pierce, Fenner & Smith
                     Incorporated

Morgan Stanley & Co. LLC

	 Co-Managers:
	  	 CastleOak Securities, L.P.
 CIBC World
Markets Corp.
 Great Pacific Securities 
Loop Capital Markets LLC

Mizuho Securities USA LLC
 MUFG Securities Americas Inc.

Samuel A. Ramirez & Company, Inc.
 SMBC Nikko Securities
America, Inc.
 U.S. Bancorp Investments, Inc.

 The Notes have not been registered under the U.S. Securities Act of 1933 and are being offered only to qualified
institutional buyers under Rule 144A and outside the United States in compliance with Regulation S. 
 You may obtain a copy of
the Preliminary Offering Memorandum and Final Offering Memorandum (when available) for this transaction by calling your sales representative from (i) Barclays Capital Inc., toll free at 1-888-603-5847, (ii) Citigroup Global Markets Inc., toll free at
1-800-831-9146, (iii) J.P. Morgan Securities LLC, toll free at 1-212-834-4533, (iv) Merrill Lynch, Pierce, Fenner & Smith Incorporated, toll free at
1-800-294-1322 or (v) Morgan Stanley & Co. LLC, toll free at 1-866-718-1649. 

 SCHEDULE II-B 

PRICING TERM SHEET 
  

 
 Pacific Gas and Electric Company 

$1,150,000,000 3.30% Senior Notes due December 1, 2027 

November 27, 2017 
  

			
	 Issuer:
	  	Pacific Gas and Electric Company
	 Trade Date:
	  	November 27, 2017
	 Settlement Date:
	  	November 29, 2017
	 Principal Amount:
	  	$1,150,000,000
	 Maturity Date:
	  	December 1, 2027
	 Coupon:
	  	3.30%
	 Benchmark Treasury:
	  	2.25% due November 15, 2027
	 Benchmark Treasury Yield:
	  	2.335%
	 Spread to Benchmark Treasury:
	  	+100 basis points
	 Yield to Maturity:
	  	3.335%
	 Issue Price:
	  	99.704%
	 Interest Payment Dates:
	  	June 1 and December 1, commencing June 1, 2018
	 Redemption Provisions:
	  	 At any time prior to September 1, 2027 (the date that is three months prior to the maturity date), we may, at our option, redeem the
2027 notes in whole or in part at a redemption price equal to the greater of:
  

•    100% of the principal amount of the 2027 notes to be redeemed; or

•    as determined by the Quotation Agent, the sum of the present values of the remaining
scheduled payments of principal and interest on the 2027 notes to be redeemed (not including any portion of payments of interest accrued as of the redemption date) calculated as if the maturity date of the 2027 notes was September 1, 2027 (the
date that is three months prior to the maturity date), discounted to the redemption date on a semiannual basis at the Adjusted Treasury Rate plus 15 basis points,
  

plus, in either case, accrued and unpaid interest to, but not including, the redemption date.

 
 At any time on or after September 1, 2027 (the date that is three months prior to
the maturity date), we may redeem the 2027 notes, in whole or in part, at 100% of the principal amount of the 2027 notes being redeemed, plus accrued and unpaid interest to, but not including, the redemption
date.

			
	 Denominations:
	  	$100,000/$1,000
	 CUSIP:
	  	694308 HV2 (144A); U69430 AE3 (Reg S)
	 ISIN:
	  	US694308HV21 (144A); USU69430AE36 (Reg S)
	 Concurrent Debt Offerings:
	  	 $500,000,000 principal amount of Floating Rate Senior Notes Due November 28, 2018

$850,000,000 principal amount of 3.95% Senior Notes Due December 1, 2047

	 Use of Proceeds:
	  	We expect to use the net proceeds from this and the concurrent debt offerings to repay all of the $700,000,000 outstanding principal amount of our 5.625% senior notes due November 30, 2017, all of the $250,000,000
outstanding principal amount of our floating rate senior notes due November 30, 2017, all of our $250,000,000 floating rate unsecured term loan maturing February 22, 2018, and a portion of our 8.25% senior notes due October 15, 2018,
and the balance, if any, for general corporate purposes, which may include capital expenditures and repayment of outstanding commercial paper.
	 Registration Rights:
	  	The senior notes will have registration rights, as more fully described in the Preliminary Offering Memorandum.
	 Joint Book-Running Managers:
	  	 Barclays Capital Inc.
 Citigroup Global
Markets Inc.
 J.P. Morgan Securities LLC
 Merrill Lynch,
Pierce, Fenner & Smith
                     Incorporated

Morgan Stanley & Co. LLC

	 Co-Managers:
	  	 CastleOak Securities, L.P.
 CIBC World
Markets Corp.
 Great Pacific Securities 
Loop Capital Markets LLC

Mizuho Securities USA LLC
 MUFG Securities Americas Inc.

Samuel A. Ramirez & Company, Inc.
 SMBC Nikko Securities
America, Inc.
 U.S. Bancorp Investments, Inc.

 The Notes have not been registered under the U.S. Securities Act of 1933 and are being offered only to qualified
institutional buyers under Rule 144A and outside the United States in compliance with Regulation S. 
 You may
obtain a copy of the Preliminary Offering Memorandum and Final Offering Memorandum (when available) for this transaction by calling your sales representative from (i) Barclays Capital Inc., toll free at 1-888-603-5847, (ii) Citigroup Global Markets Inc., toll free at
1-800-831-9146, (iii) J.P. Morgan Securities LLC, toll free at 1-212-834-4533, (iv) Merrill Lynch, Pierce, Fenner & Smith Incorporated, toll free at
1-800-294-1322 or (v) Morgan Stanley & Co. LLC, toll free at 1-866-718-1649. 

 SCHEDULE II-C 

PRICING TERM SHEET 
  

 
 Pacific Gas and Electric Company 

$850,000,000 3.95% Senior Notes due December 1, 2047 

November 27, 2017 
  

			
	 Issuer:
	  	Pacific Gas and Electric Company
	 Trade Date:
	  	November 27, 2017
	 Settlement Date:
	  	November 29, 2017
	 Principal Amount:
	  	$850,000,000
	 Maturity Date:
	  	December 1, 2047
	 Coupon:
	  	3.95%
	 Benchmark Treasury:
	  	2.75% due August 15, 2047
	 Benchmark Treasury Yield:
	  	2.775%
	 Spread to Benchmark Treasury:
	  	+120 basis points
	 Yield to Maturity:
	  	3.975%
	 Issue Price:
	  	99.564%
	 Interest Payment Dates:
	  	June 1 and December 1, commencing June 1, 2018
	 Redemption Provisions:
	  	 At any time prior to June 1, 2047 (the date that is six months prior to the maturity date), we may, at our option, redeem the 2047
notes in whole or in part at a redemption price equal to the greater of:
  

•    100% of the principal amount of the 2047 notes to be redeemed; or

•    as determined by the Quotation Agent, the sum of the present values of the remaining
scheduled payments of principal and interest on the 2047 notes to be redeemed (not including any portion of payments of interest accrued as of the redemption date) calculated as if the maturity date of the 2047 notes was June 1, 2047 (the date
that is six months prior to the maturity date), discounted to the redemption date on a semiannual basis at the Adjusted Treasury Rate plus 20 basis points,
  

plus, in either case, accrued and unpaid interest to, but not including, the redemption date.

 
 At any time on or after June 1, 2047 (the date that is six months prior to the
maturity date), we may redeem the 2047 notes, in whole or in part, at 100% of the principal amount of the 2047 notes being redeemed, plus accrued and unpaid interest to, but not including, the redemption
date.

			
	 Denominations:
	  	$100,000/$1,000
	 CUSIP:
	  	694308 HX8 (144A); U69430 AF0 (Reg S)
	 ISIN:
	  	US694308HX86 (144A); USU69430AF01 (Reg S)
	 Concurrent Debt Offerings:
	  	 $500,000,000 principal amount of Floating Rate Senior Notes Due November 28, 2018

$1,150,000,000 principal amount of 3.30% Senior Notes Due December 1, 2027

	 Use of Proceeds:
	  	We expect to use the net proceeds from this and the concurrent debt offerings to repay all of the $700,000,000 outstanding principal amount of our 5.625% senior notes due November 30, 2017, all of the $250,000,000
outstanding principal amount of our floating rate senior notes due November 30, 2017, all of our $250,000,000 floating rate unsecured term loan maturing February 22, 2018, and a portion of our 8.25% senior notes due October 15, 2018,
and the balance, if any, for general corporate purposes, which may include capital expenditures and repayment of outstanding commercial paper.
	 Registration Rights:
	  	The senior notes will have registration rights, as more fully described in the Preliminary Offering Memorandum.
	 Joint Book-Running Managers:
	  	 Barclays Capital Inc.
 Citigroup Global
Markets Inc.
 J.P. Morgan Securities LLC
 Merrill Lynch,
Pierce, Fenner & Smith
                     Incorporated

Morgan Stanley & Co. LLC

	 Co-Managers:
	  	 CastleOak Securities, L.P.
 CIBC World
Markets Corp.
 Great Pacific Securities 
Loop Capital Markets LLC

Mizuho Securities USA LLC
 MUFG Securities Americas Inc.

Samuel A. Ramirez & Company, Inc.
 SMBC Nikko Securities
America, Inc.
 U.S. Bancorp Investments, Inc.

 The Notes have not been registered under the U.S. Securities Act of 1933 and are being offered only to qualified
institutional buyers under Rule 144A and outside the United States in compliance with Regulation S. 
 You may obtain a copy of
the Preliminary Offering Memorandum and Final Offering Memorandum (when available) for this transaction by calling your sales representative from (i) Barclays Capital Inc., toll free at 1-888-603-5847, (ii) Citigroup Global Markets Inc., toll free at
1-800-831-9146, (iii) J.P. Morgan Securities LLC, toll free at 1-212-834-4533, (iv) Merrill Lynch, Pierce, Fenner & Smith Incorporated, toll free at
1-800-294-1322 or (v) Morgan Stanley & Co. LLC, toll free at 1-866-718-1649. 

 SCHEDULE III 
  

	A.	None 

  

	B.	None 

 Exhibit A 

Company Counsel Opinion 

[Attached] 

 Company Counsel Negative Assurance Letter 

[Attached] 

 Exhibit B 

California Company Counsel Opinion 

[Attached] 

 Exhibit C 

General Counsel Opinion 

[Attached]

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