PG&E; electric bills could be cut $2 by May 1.

The San Francisco-based utility, which provides gas and electric service as far south as San Luis Obispo, said it will ask the state Public Utilities Commission on April 4 to cut rates by $662 million. The company earlier this week filed for a $256-million decrease in its gas rates. At the same time, Chairman Frederick Mielke said PG&E; will slash its requested 1987 general rate increase to $690 million from $972 million. Coincidentally, the PUC public staff, which represents utility customers, recommended that PG&E; be granted no more than a $47-million increase next year.