Equity

3 Months Ended

Mar. 31, 2015

Equity

NOTE 5: EQUITY

PG&E Corporation’s and the Utility’s changes in equity for the three months ended March 31,2015were as follows:

	PG&E Corporation		Utility
	Total		Total
(in millions)	Equity		Shareholders' Equity
Balance at December 31, 2014	$	16,000	$	16,229
Comprehensive income		17		4
Equity contributions		-		100
Common stock issued		156		-
Share-based compensation		6		(1)
Common stock dividends declared		(221)		(179)
Preferred stock dividend requirement		-		(3)
Preferred stock dividend requirement of subsidiary		(3)		-
Balance at March 31, 2015	$	15,955	$	16,150

In February 2015, 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 $500 million.  During the three months ended March 31,2015, PG&E Corporation sold 1.4 million shares under the February 2015 equity distribution agreement for cash proceeds of $74 million, net of commissions paid of $1 million.

In addition, PG&E Corporation issued common stock under the PG&E Corporation 401(k) plan, the Dividend Reinvestment and Stock Purchase Plan, and share-based compensation plans.  During the threemonths ended March 31,2015,

2.2 million shares were issued for cash proceeds of $77 million under these plans.