Equity

3 Months Ended

Mar. 31, 2012

Equity

NOTE 5: EQUITY

PG&E Corporation's and the Utility's changes in equity for the three months ended March 31, 2012 were as follows:

	PG&E Corporation			Utility
(in millions)	Total Equity			Total Shareholders'  Equity
Balance at December 31, 2011		$ 12,353			$ 12,384
Comprehensive income		246			241
Common stock issued		393			-
Share-based compensation expense		16			-
Common stock dividends declared		(193	)		(179	)
Preferred stock dividend requirement		-			(3	)
Preferred stock dividend requirement of subsidiary		(3	)		-
Equity contributions		-			385
Balance at March 31, 2012		$ 12,812			$ 12,828

During the three months ended March 31, 2012, PG&E Corporation issued 3,363,617 shares of its common stock under the Equity Distribution Agreement executed in November 2011, its 401(k) plan, its Dividend Reinvestment and Stock Purchase Plan, and upon exercises of employee stock options for total cash proceeds of $133 million, net of fees and commissions of $1 million. At March 31, 2012, PG&E Corporation had the ability to issue an additional $219 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 three months ended March 31, 2012, PG&E Corporation contributed equity of $385 million to the Utility to maintain its CPUC-authorized capital structure, which consists of 52% common equity and 48% debt and preferred stock.

Pacific Gas And Electric Company [Member]

Equity

NOTE 5: EQUITY

PG&E Corporation's and the Utility's changes in equity for the three months ended March 31, 2012 were as follows:

	PG&E Corporation			Utility
(in millions)	Total Equity			Total Shareholders'  Equity
Balance at December 31, 2011		$ 12,353			$ 12,384
Comprehensive income		246			241
Common stock issued		393			-
Share-based compensation expense		16			-
Common stock dividends declared		(193	)		(179	)
Preferred stock dividend requirement		-			(3	)
Preferred stock dividend requirement of subsidiary		(3	)		-
Equity contributions		-			385
Balance at March 31, 2012		$ 12,812			$ 12,828

During the three months ended March 31, 2012, PG&E Corporation issued 3,363,617 shares of its common stock under the Equity Distribution Agreement executed in November 2011, its 401(k) plan, its Dividend Reinvestment and Stock Purchase Plan, and upon exercises of employee stock options for total cash proceeds of $133 million, net of fees and commissions of $1 million. At March 31, 2012, PG&E Corporation had the ability to issue an additional $219 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 three months ended March 31, 2012, PG&E Corporation contributed equity of $385 million to the Utility to maintain its CPUC-authorized capital structure, which consists of 52% common equity and 48% debt and preferred stock.