Equity

9 Months Ended

Sep. 30, 2012

Equity

NOTE 5: EQUITY

PG&E Corporation's and the Utility's changes in equity for the nine months ended September 30, 2012 were as follows:

	PG&E Corporation			Utility
	Total			Total
(in millions)	Equity			Shareholders' Equity
Balance at December 31, 2011	$	12,353		$	12,384
Comprehensive income		865			824
Common stock issued		720			-
Share-based compensation expense		41			1
Common stock dividends declared		(584	)		(537	)
Preferred stock dividend requirement		-			(10	)
Preferred stock dividend requirement of subsidiary		(10	)		-
Equity contributions		-			715
Balance at September 30, 2012	$	13,385		$	13,377

During the nine months ended September 30, 2012, PG&E Corporation issued 5,446,542 shares of its common stock under its 401(k) plan, its Dividend Reinvestment and Stock Purchase Plan, and its share-based compensation plans for total cash proceeds of $214 million.

During the nine months ended September 30, 2012, PG&E Corporation issued 5,446,760 shares of its common stock under the Equity Distribution Agreement executed in November 2011 for cash proceeds of $234 million, net of fees and commissions of $2 million.  At September 30, 2012, PG&E Corporation had the ability to issue an additional $64 million of its common stock under the Equity Distribution Agreement.

On March 20, 2012, PG&E Corporation sold 5,900,000 shares of its common stock in an underwritten public offering for cash proceeds of $254 million, net of fees and commissions.

During the nine months ended September 30, 2012, PG&E Corporation contributed equity of $715 million to the Utility to maintain the Utility's CPUC-authorized capital structure, which consists of 52% common equity and 48% debt and preferred stock.