Equity

9 Months Ended

Sep. 30, 2013

Equity

NOTE 5: EQUITY

PG&E Corporation's and the Utility's changes in equity for the nine months ended September 30, 2013 were as follows:

	PG&E Corporation			Utility
	Total			Total
(in millions)	Equity			Shareholders' Equity
Balance at December 31, 2012	$	13,326		$	13,460
Comprehensive income		769			741
Equity contributions		-			835
Common stock issued		741			-
Share-based compensation expense		43			(1	)
Common stock dividends declared		(609	)		(537	)
Preferred stock dividend requirement		-			(10	)
Preferred stock dividend requirement of subsidiary		(10	)		-
Balance at September 30, 2013	$	14,260		$	14,488

In May 2013, PG&E Corporation entered into a new equity distribution agreement providing for the sale of PG&E Corporation common stock having an aggregate gross sales price of up to $400 million.  As of September 30, 2013, PG&E Corporation sold common stock having an aggregate gross sales price of $150 million under this agreement.  During the three and nine months ended September 30, 2013, PG&E Corporation paid commissions of $1 million, respectively, under this agreement.

During the nine months ended September 30, 2013, PG&E Corporation issued 18 million shares of its common stock for aggregate net cash proceeds of $724 million in the following transactions:

• 7 million shares were sold in an underwritten public offering for cash proceeds of $300 million, net of fees and commissions;

• 6 million shares were issued for cash proceeds of $212 million under the PG&E Corporation 401(k) plan, the Dividend Reinvestment and Stock Purchase Plan, and share-based compensation plans; and

• 5 million shares were sold for cash proceeds of $212 million, net of commissions paid of $2 million, under equity distribution agreements.