8-K

_____________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: July 31, 2013

(Date of earliest event reported)

Commission File Number	Exact Name of Registrant as specified in its charter	State or Other Jurisdiction of Incorporation or Organization	IRS Employer Identification Number
1-12609	PG&E CORPORATION	California	94-3234914
1-2348	PACIFIC GAS AND ELECTRIC COMPANY	California	94-0742640

77 Beale Street P.O. Box 770000 San Francisco, California 94177  (Address of principal executive offices) (Zip Code) (415) 973-1000 (Registrant's telephone number, including area code)	77 Beale Street P.O. Box 770000 San Francisco, California 94177 (Address of principal executive offices) (Zip Code) (415) 973-7000 (Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting Material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

The information included in this Current Report on Form 8-K is being furnished, not filed, pursuant to Item 2.02 of Form 8-K.

On July 31, 2013, PG&E Corporation will post on its website an earnings announcement disclosing its financial results and the financial results of its subsidiary, Pacific Gas and Electric Company (Utility), for the quarter ended June 30, 2013.  The earnings announcement is attached as Exhibit 99.1 to this report.  PG&E Corporation also will hold a webcast conference call to discuss financial results and management’s business outlook.  The earnings announcement contains information about how to access the webcast.  The slide presentation, which includes an Appendix containing supplemental information relating to PG&E Corporation and the Utility, will be used by management during the webcast and is attached as Exhibit 99.2 to this report.  The Exhibits will be posted on PG&E Corporation’s website at www.pgecorp.com under the “Investors” tab.

Item 7.01 Regulation FD Disclosure

The information included in the Exhibits to this report is incorporated by reference in response to this Item 7.01, and is deemed to be furnished, not filed, pursuant to Item 7.01 of Form 8-K.

Item 9.01 Financial Statements and Exhibits

Exhibits

The following Exhibits are being furnished, and are not deemed to be filed:

Exhibit 99.1	PG&E Corporation earnings announcement dated July 31, 2013
Exhibit 99.2	Slides relating to webcast conference call

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

PG&E CORPORATION
By:	DINYAR B. MISTRY
	Dinyar B. Mistry Vice President and Controller
PACIFIC GAS AND ELECTRIC COMPANY
By:	DINYAR B. MISTRY
	Dinyar B. Mistry Vice President, Chief Financial Officer and Controller

Dated:           July 31, 2013

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Exhibit Index

Exhibit 99.1	PG&E Corporation earnings announcement dated July 31, 2013
Exhibit 99.2	Slides relating to webcast conference call

EX-99.1

Corporate Affairs 77 Beale Street San Francisco, CA 94105 1-415-973-5930 Exhibit 99.1     

July 31, 2013

CONTACT: PG&E External Communications - (415) 973-5930

PG&E CORPORATION REPORTS SECOND-QUARTER 2013 RESULTS

SAN FRANCISCO, Calif.—PG&E Corporation’s (NYSE: PCG) second-quarter 2013 net income after dividends on preferred stock (also called “income available for common shareholders”) reported in accordance with generally accepted accounting principles (GAAP) was $328 million, or $0.74 per share. This compares with $235 million, or $0.55 per share, for the second quarter of 2012, when Pacific Gas and Electric Company took a substantial charge for third-party claims related to the San Bruno natural gas pipeline accident and incurred higher costs to validate pipeline records and operating pressures. On a non-GAAP basis, excluding items that management does not consider part of normal, ongoing operations, results were $348 million, or $0.79 per share, compared to $343 million, or $0.81 per share for the second quarter of 2012.

“During the quarter, we continued to make good progress on our gas-related commitments as well as our goals for electric system safety and reliability,” said Tony Earley, Chairman, CEO, and President of PG&E Corporation. “However, a timely and balanced resolution of the penalties related to the San Bruno accident will be important to our ability to continue providing safe, reliable, and affordable service to our customers in the years ahead.”

The total cost to shareholders for natural gas pipeline safety-related work incurred since the San Bruno accident or committed over the next several years exceeds $2.2 billion.

2013 Earnings Guidance

PG&E Corporation is maintaining its previously issued 2013 guidance range for non-GAAP earnings from operations of $2.55 to $2.75 per share. On a GAAP basis, the range for projected earnings is $1.71 to $2.27 per share.

Guidance is based on various assumptions, including a lower authorized return on equity and additional equity issuances. Guidance also reflects assumptions regarding unrecovered shareholder costs to improve the safety of the gas pipeline system and a $200 million fine that was accrued in 2011.

These and other assumptions are provided in an appendix to the presentation accompanying the earnings release, available on PG&E Corporation's website at: http://www.pgecorp.com/news/press_releases/Release_Archive2013/130731press_release.shtml.

PG&E Corporation discloses historical financial results and provides guidance based on “earnings from operations” in order to provide a measure that allows investors to compare the underlying financial performance of the business from one period to another, exclusive of items that management believes do not reflect the normal course of operations. Earnings from operations are not a substitute or alternative for consolidated income available for common shareholders presented in accordance with GAAP. See the accompanying exhibits for a reconciliation of the differences between results and guidance based on earnings from operations and results and guidance based on consolidated income available for common shareholders.

Supplemental Financial Information

In addition to the financial information accompanying this release, presentation slides for today's conference call with the financial community have been furnished to the Securities and Exchange Commission and are available on PG&E Corporation’s website cited above.

Conference Call with the Financial Community to Discuss Financial Results

Today's call at 11:00 a.m., Eastern Time, is open to the public on a listen-only basis via webcast. Please visit http://www.pgecorp.com/investors/investor_info/conference/ for more information and instructions for accessing the webcast. The call will be archived on the website. Alternatively, a toll-free replay of the conference call may be accessed shortly after the live call until 8:00 p.m. Eastern Time, August 14, 2013, by dialing (866) 415-9493. International callers may dial (205) 289-3247. For both domestic and international callers, the pin number 23955# will be required to access the replay.

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 Management's statements regarding guidance for PG&E Corporation’s future financial results and earnings from operations per common share and the underlying assumptions constitute forward-looking statements that are necessarily subject to various risks and uncertainties. These statements reflect management’s judgment and opinions which are based on current expectations and various forecasts, estimates, and projections, the realization or resolution of which may be outside of management’s control. Some of the factors that could cause actual results to differ materially include:

· the outcome of the CPUC’s pending investigations related to the Utility’s natural gas operating practices and the San Bruno accident, including the ultimate amount of fines payable to the State General Fund and the extent to which the Utility’s past and future unrecovered and unrecoverable costs to perform work associated with its natural gas system are considered in reaching the final outcome;

· the ultimate amount of third-party liability incurred in connection with the San Bruno accident and the timing and amount of related insurance recoveries;

· the outcome of the pending criminal investigation related to the San Bruno accident, including the ultimate amount of fines that may be imposed and the impact of remedial measures such as the appointment of an independent monitor;

· whether PG&E Corporation and the Utility are able to repair the reputational harm that they have suffered, and may suffer in the future, due to the negative publicity surrounding the San Bruno accident, the related civil litigation, and the pending investigations, including any charge or finding of criminal liability;

· the ultimate amount of costs the Utility incurs in the future that are not recovered through rates, including costs to perform incremental work to improve the safety and reliability of electric and natural gas operations;

· the outcomes of ratemaking proceedings, such as the 2014 General Rate Case, the electric transmission owner rate cases, and the 2015 Gas Transmission and Storage rate case;

· the amount and timing of additional common stock issuances by PG&E Corporation the proceeds of which are contributed as equity to maintain the Utility’s authorized capital structure as it incurs charges and costs, including costs and fines associated with natural gas matters, that are not recoverable through rates or insurance; and changes in the availability and cost of borrowing and debt financing;

· the impact of environmental remediation laws, regulations, and orders;  the extent to which the Utility is able to recover environmental remediation costs in rates or from other sources; and the ultimate amount of environmental remediation costs the Utility incurs but does not recover, such as the remediation costs associated with the Utility’s natural gas compressor station site located near Hinkley, California;

· the impact of new legislation, regulations, recommendations, policies, decisions, or orders relating to the operations, seismic design, security, safety, or decommissioning of nuclear generation facilities, the storage of spent nuclear fuel or cooling water intake;

· the occurrence of events, including cyber-attacks, that can cause unplanned outages, reduce generating output, disrupt the Utility’s service to customers, or damage or disrupt the facilities, operations, or information technology and systems owned by the Utility, its customers, or third parties on which the Utility relies; and whether the occurrence of such events subject the Utility to third-party liability for property damage or personal injury, or result in the imposition of civil, criminal, or regulatory penalties on the Utility; and

· the other factors and risks discussed in PG&E Corporation’s and the Utility’s 2012 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.

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PG&E Corporation

Condensed Consolidated Statements of Income

(in millions, except per share amounts)

	(Unaudited)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions, except per share amounts)	2013			2012			2013			2012
Operating Revenues
Electric	$	3,059		$	2,931		$	5,858		$	5,703
Natural gas		717			662			1,590			1,531
Total operating revenues		3,776			3,593			7,448			7,234
Operating Expenses
Cost of electricity		1,189			962			2,172			1,821
Cost of natural gas		179			132			525			475
Operating and maintenance		1,256			1,426			2,594			2,794
Depreciation, amortization, and decommissioning		516			606			1,019			1,190
Total operating expenses		3,140			3,126			6,310			6,280
Operating Income		636			467			1,138			954
Interest income		2			3			4			4
Interest expense		(177	)		(176	)		(353	)		(350	)
Other income, net		24			32			52			58
Income Before Income Taxes		485			326			841			666
Income tax provision		153			87			267			191
Net Income		332			239			574			475
Preferred stock dividend requirement of subsidiary		4			4			7			7
Income Available for Common Shareholders	$	328		$	235		$	567		$	468
Weighted Average Common Shares Outstanding, Basic		442			423			438			419
Weighted Average Common Shares Outstanding, Diluted		443			425			439			421
Net Earnings Per Common Share, Basic	$	0.74		$	0.56		$	1.29		$	1.12
Net Earnings Per Common Share, Diluted	$	0.74		$	0.55		$	1.29		$	1.11
Dividends Declared Per Common Share	$	0.46		$	0.46		$	0.91		$	0.91

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Reconciliation of PG&E Corporation’s Earnings from Operations to Consolidated Income Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles (“GAAP”)

Second Quarter, 2013 vs. 2012

(in millions, except per share amounts)

	Three Months Ended June 30,				Six Months Ended June 30,
	Earnings		Earnings per Common Share (Diluted)		Earnings		Earnings per Common Share (Diluted)
	2013	2012	2013	2012	2013	2012	2013	2012
PG&E Corporation Earnings from Operations (1)	$ 348	$ 343	$ 0.79	$0.81	$ 624	$ 715	$ 1.42	$ 1.70
Items Impacting Comparability: (2)
Natural gas matters (3)	(17)	(108)	(0.04)	(0.26)	(54)	(205)	(0.12)	(0.49)
Environmental-related costs (4)	(3)	-	(0.01)	-	(3)	(42)	(0.01)	(0.10)
PG&E Corporation Earnings on a GAAP basis	$ 328	$ 235	$ 0.74	$ 0.55	$ 567	$ 468	$ 1.29	$ 1.11

(1) “Earnings from operations” is not calculated in accordance with GAAP and excludes items impacting comparability as described in Note (2) below.

(2) Items impacting comparability reconcile earnings from operations with Consolidated Income Available for Common Shareholders as reported in accordance with GAAP.

(3) The Utility incurred net costs of $29 million and $91 million, on a pre-tax basis, during the three and six months ended June 30, 2013, respectively, in connection with natural gas matters.  (The after-tax amounts of $17 million and $54 million appear in the table above.)  These amounts included pipeline-related costs to validate operating pressures and perform other activities associated with the Utility’s pipeline safety enhancement plan that were disallowed by the CPUC, costs related to the Utility’s multi-year effort to identify and remove encroachments from transmission pipeline rights-of-way and other gas-related work, and legal and other expenses.  These costs were partially offset by insurance recoveries. There were no additional charges recorded for this period related to fines or third-party claims.

(pre-tax)	Three Months Ended June 30, 2013				Six Months Ended June 30, 2013
Pipeline-related costs		$	(74	)	$	(136	)
Penalties			-			-
Third-party claims			-			-
Insurance recoveries			45			45
Natural gas matters		$	(29	)	$	(91	)

(4) During the three and six months ended June 30, 2013, the Utility recorded a charge of $5 million, pre-tax, for environmental remediation costs associated with the Utility's natural gas compressor site located near Hinkley, California.

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Key Drivers of PG&E Corporation Earnings per Common Share (“EPS”) from Operations

Second Quarter, 2013 vs. 2012

($/Share, Diluted)

Second Quarter 2012 EPS from Operations (1)	$	0.81
Nuclear refueling outage		0.06
Growth in rate base earnings		0.05
Miscellaneous		0.01
Reduction in authorized cost of capital		(0.09	)
Gas transmission revenues		(0.01	)
Impact of capital spending over authorized		(0.01	)
Increase in shares outstanding		(0.03	)
Second Quarter 2013 EPS from Operations (1)	$	0.79
2012 YTD EPS from Operations (1)	$	1.70
Growth in rate base earnings		0.10
Reduction in authorized cost of capital		(0.19	)
Miscellaneous		(0.06	)
Timing of incremental work		(0.03	)
Gas transmission revenues		(0.02	)
Impact of capital spending over authorized		(0.01	)
Increase in shares outstanding		(0.07	)
2013 YTD EPS from Operations (1)	$	1.42

(1) See Reconciliation of PG&E Corporation Earnings from Operations to Consolidated Income Available for Common Shareholders in Accordance with GAAP for a reconciliation of EPS from Operations to EPS on a GAAP basis.

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PG&E Corporation EPS Guidance

2013 EPS Guidance	Low			High
Estimated EPS on an Earnings from Operations Basis	$	2.55		$	2.75
Estimated Items Impacting Comparability: (1)
Natural Gas Matters (2)		(0.80	)		(0.47	)
Environmental-Related Costs (3)		(0.04	)		(0.01	)
Estimated EPS on a GAAP Basis	$	1.71		$	2.27

(1) Items impacting comparability reconcile earnings from operations with Consolidated Income Available for Common Shareholders as reported in accordance with GAAP.

(2) This range corresponds to the range of unrecovered costs associated with natural gas matters, after-tax, of $356 million and $211 million. The pre-tax range of costs for items in Natural Gas Matters is shown below.

	2013
(in millions, pre-tax)	Low EPS guidance range			High EPS guidance range
Pipeline-related costs (a)	$	(500	)	$	(400	)
Penalties (b)		-			-
Third-party claims (c)		(145	)		0
Insurance recoveries (d)		45			45
Natural gas matters	$	(600	)	$	(355	)

(a) The range of $400 million to $500 million reflects pipeline-related expenses that are not recoverable through rates, including costs to perform work associated with the Utility’s pipeline safety enhancement plan, work related to the Utility’s multi-year effort to identify and remove encroachments from transmission pipeline rights-of-way, the integrity management of transmission pipelines and other gas-related work, and legal and other expenses.

(b) The ultimate amount of fines imposed on the Utility that is payable to the State General Fund could be materially higher than the $200 million previously accrued.  The guidance provided does not include any potential future penalties (other than those already accrued).

(c) Based on the cumulative charges recorded to net income through 2012 of $455 million, the cumulative range of losses for third-party claims related to the San Bruno accident is $455 million to $600 million. The guidance provided does not include potential losses for punitive damages, if any.

(d) Although the Utility believes that a significant portion of the costs it incurs for third-party claims will be recovered through its insurance, the amount and timing of future recoveries is uncertain.  The guidance provided includes only insurance recoveries deemed probable under applicable accounting standards.

(3) This range corresponds to the environmental-related cost range of $5 million to $30 million, pre-tax, primarily reflecting additional potential costs for the Utility’s whole house water replacement systems and other remedial measures associated with the Hinkley natural gas compressor site. The guidance provided is based on the assumption that the final groundwater remediation plan is adopted as proposed.

Actual financial results for 2013 may differ materially from the EPS guidance provided.  Please see the accompanying discussion of factors that could cause actual results to differ materially.

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EX-99.2

PG&E Corporation Second Quarter Earnings Call July 31, 2013 This presentation is not complete without the accompanying statements made by management during the webcast conference call held on July 31, 2013. This presentation, including Exhibits, and the accompanying press release, were attached to PG&E Corporation’s Current Report on Form 8-K that was furnished to the Securities and Exchange Commission on July 31, 2013 and, along with the replay of the conference call, are also available on PG&E Corporation’s website at www.pge-corp.com.

* Key Focus Areas Position company for success Partner effectively Resolve gas issues Execute critical gas work Complete regulatory proceedings as soon as possible Rigorous multi-year planning Drive continuous improvement Strengthen local presence Engage in public policy development

* Regulatory and Operational Updates Executing on Operations Gas Progress (YTD) 66 miles of pipe strength tested or validated through records Replaced 19 miles of pipe, upgraded 27 miles for smart pig Installed 19 automatic or remote shutoff valves Completed ~3,200 miles of Centerline survey Electric Performance Gateway operations – safety performance Successful maintenance outage at Helms Diablo outages resolved Regulatory Update Gas investigations – Awaiting ALJ ruling on PG&E motion General Rate Case – Hearings underway, concluding August 9 TO 15 – Filed July 24

* Q2 2013: Earnings Results See Exhibit A for additional detail.

* EPS from Operations Q2 2013: Q over Q Comparison EPS from Operations is not calculated in accordance with GAAP and excludes items impacting comparability. See Exhibit A for a reconciliation of EPS from Operations to EPS on a GAAP basis. (1) Other reflects lower gas transmission revenues, financing and depreciation costs for capital spending in excess of authorized levels, higher below-the-line costs, and miscellaneous other items. See Exhibit B for additional detail. (1)

* (1) The guidance range for 2013 does not include future insurance recoveries or potential penalties (other than those already accrued) or any potential punitive damages. 2013 EPS Guidance See Exhibit 1 for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. See Exhibit E for additional detail.

Appendix Appendix

* Table of Contents Appendix 1 – Safe Harbor Statements and Regulatory and Guidance Matters Exhibit 1: Safe Harbor Statements page 10 Exhibit 2: Gas Regulatory Proceedings Calendar page 11 Exhibit 3: Gas Pipeline Safety Costs page 12 Exhibit 4: CPSD Recommended Penalty – Total Shareholder Impact page 13 Exhibit 5: Assumptions for 2013 Guidance page 14 Exhibit 6: Earnings from Operations Comparison page 15 Exhibit 7: 2013 Natural Gas Matters page 16 Exhibit 8: 2013 Equity Issuance page 17 Exhibit 9: Looking Ahead: Capital Expenditures page 18 Exhibit 10: Looking Ahead: Rate Base Growth page 19 Exhibit 11: Looking Ahead: Natural Gas Matters page 20 Appendix 2 – Supplemental Earnings Materials Exhibit A: Reconciliation of PG&E Corporation Earnings from Operations to Consolidated page 22 Income Available for Common Shareholders in Accordance with GAAP Exhibit B: Key Drivers of PG&E Corporation Earnings per Common Share from Operations page 23 Exhibit C: Operational Performance Metrics page 24 - 25 Exhibit D: Sales and Sources Summary page 26 Exhibit E: EPS Guidance page 27 Exhibit F: General Earnings Sensitivities page 28 Exhibit G: Summary of Selected Regulatory Cases page 29 - 31

Appendix Appendix 1

* Exhibit 1: Safe Harbor Statements Management's statements regarding guidance for PG&E Corporation’s future financial results and earnings from operations per common share, general earnings sensitivities, and the underlying assumptions about the future levels of capital expenditures, rate base, costs, and equity issuances, constitute forward-looking statements that are necessarily subject to various risks and uncertainties. These statements reflect management’s judgment and opinions which are based on current expectations and various forecasts, estimates, and projections, the realization or resolution of which may be outside of management’s control. PG&E Corporation and Pacific Gas and Electric Company (“Utility”) are not able to predict all the factors that may affect future results. Some of the factors that could cause actual results to differ materially include: the outcome of the CPUC’s pending investigations related to the Utility’s natural gas operating practices and the San Bruno accident, including the ultimate amount of fines payable to the State General Fund and the extent to which the Utility’s past and future unrecovered and unrecoverable costs to perform work associated with its natural gas system are considered in reaching the final outcome; the ultimate amount of third-party liability incurred in connection with the San Bruno accident and the timing and amount of related insurance recoveries; the outcome of the pending criminal investigation related to the San Bruno accident, including the ultimate amount of fines that may be imposed and the impact of remedial measures such as the appointment of an independent monitor; whether PG&E Corporation and the Utility are able to repair the reputational harm that they have suffered, and may suffer in the future, due to the negative publicity surrounding the San Bruno accident, the related civil litigation, and the pending investigations, including any charge or finding of criminal liability; the ultimate amount of costs the Utility incurs in the future that are not recovered through rates, including costs to perform incremental work to improve the safety and reliability of electric and natural gas operations; the outcomes of ratemaking proceedings, such as the 2014 General Rate Case, the electric transmission owner rate cases, and the 2015 Gas Transmission and Storage rate case; the amount and timing of additional common stock issuances by PG&E Corporation the proceeds of which are contributed as equity to maintain the Utility’s authorized capital structure as it incurs charges and costs, including costs and fines associated with natural gas matters, that are not recoverable through rates or insurance; and changes in the availability and cost of borrowing and debt financing; the impact of environmental remediation laws, regulations, and orders; the extent to which the Utility is able to recover environmental remediation costs in rates or from other sources; and the ultimate amount of environmental remediation costs the Utility incurs but does not recover, such as the remediation costs associated with the Utility’s natural gas compressor station site located near Hinkley, California; the impact of new legislation, regulations, recommendations, policies, decisions, or orders relating to the operations, seismic design, security, safety, or decommissioning of nuclear generation facilities, the storage of spent nuclear fuel or cooling water intake; the occurrence of events, including cyber-attacks, that can cause unplanned outages, reduce generating output, disrupt the Utility’s service to customers, or damage or disrupt the facilities, operations, or information technology and systems owned by the Utility, its customers, or third parties on which the Utility relies; and whether the occurrence of such events subject the Utility to third-party liability for property damage or personal injury, or result in the imposition of civil, criminal, or regulatory penalties on the Utility; and the other factors and risks discussed in PG&E Corporation’s and the Utility’s 2012 Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.

* 7/18: PG&E motion to reopen record Exhibit 2: Gas Regulatory Proceedings Calendar Recordkeeping OII I. 11-02-016 Class Location OII I. 11-11-009 Gas Pipeline OII I. 12-01-007 Gas Pipeline Safety OIR R. 11-02-019 10/29: PSEP update application 5/24: PG&E coordinated reply briefs on fines & remedies 6/7: Rebuttal briefs on fines & remedies 7/8: CPSD request to file amended reply brief 5/6: Briefs on fines & remedies 7/10: Responses to CPSD request 7/16: CPSD amended brief 7/26: Responses to PG&E motion 7/30: Quarterly compliance filing

* Exhibit 3: Gas Pipeline Safety Costs * Expenses in excess of amounts authorized in 2011-2014 Gas Transmission & Storage Rate Case ("Gas Accord V")

* Exhibit 4: CPSD Recommended Penalty – Total Shareholder Impact (1) Actual and forecast costs borne by shareholders for gas pipeline safety work, 2010 and beyond. See Exhibit 3 for additional detail. (2) The CPSD penalty recommendation proposes a $300 million fine and recognizes only $435 million of shareholder-funded PSEP spending. The CPSD equates its recommendation to a total of $2.25 billion, which would require $1.515 billion in incremental shareholder-funded gas safety work.

* Authorized ROE: 10.4% CPUC 9.1% FERC Cost of Capital Authorized Rate Base (weighted average) ($ billions) Exhibit 5: Assumptions for 2013 Guidance EPS Factors - Incremental O&M spending ($250 M) - Financing and depreciation costs for incremental capex (~$1B) - CWIP earnings 100% offset - Lower gas storage revenues + Energy efficiency incentive revenues Equity Ratio: 52% Capital Expenditures Forecast ($ millions) *Electric Transmission rate base reflects full TO14 request Excerpt from Q4 2012 Earnings Package, Feb 21, 2013

* 2012 EPS from Operations Exhibit 6: Earnings from Ops Comparison ROE reductions Higher shares CWIP earnings 100% offset by below-the-line costs Capital expenditures exceeding authorized + Rate base growth $3.22 $2.55 - 2.75 2013 EPS from Operations Earnings from Operations is not calculated in accordance with GAAP and excludes items impacting comparability. Excerpt from Q4 2012 Earnings Package, Feb 21, 2013

* Exhibit 7: 2013 Natural Gas Matters (1) Unrecovered PSEP Expense includes what was previously called “PSEP” and “PSEP - Not Requested.” Assumes no additional disallowed capital. (2) For 2013 and 2014, right-of-way expense is expected to represent more than half of Emerging Work costs. Excerpt from Q4 2012 Earnings Package, Feb 21, 2013

* 2012 2013(1) ~$775M $1B - 1.2B + Lower earnings from operations + Higher capital expenditures + Q4 2012 PSEP capital charge Exhibit 8: 2013 Equity Issuance (1) The guidance range for 2013 does not include potential penalties (other than those already accrued). See Exhibit 1 for factors that could cause actual results to differ materially from the guidance presented and underlying assumptions. Excerpt from Q4 2012 Earnings Package, Feb 21, 2013

* Exhibit 9: Looking Ahead: Capital Expenditures Capital Expenditures 2014 - 2016 $4.5B - 5.5B $4.5B - 6B $4.5B - 6B 2014 2015 2016* The high end of the range reflects capex at GRC request levels, including attrition amounts for 2015 and 2016, and current views of other future gas and electric proceedings. The low end reflects capex consistent with 2013 spending levels, adjusted for completion of the Cornerstone and Utility-owned Solar PV programs. *Excludes Oakley Plant Excerpt from Q4 2012 Earnings Package, Feb 21, 2013

* 2014 2016* Exhibit 10: Looking Ahead: Rate Base Growth Rate Base Growth 2014 - 2016 *Excludes Oakley Plant The high end of the range reflects capex at GRC request levels, including attrition amounts for 2015 and 2016, and current views of other future gas and electric proceedings. The low end reflects capex consistent with 2013 spending levels, adjusted for completion of the Cornerstone and Utility-owned Solar PV programs. Excerpt from Q4 2012 Earnings Package, Feb 21, 2013

* Exhibit 11: Looking Ahead: Natural Gas Matters Excerpt from Q4 2012 Earnings Package, Feb 21, 2013

Appendix 2 Appendix

* Exhibit A: Reconciliation of PG&E Corporation Earnings from Operations to Consolidated Income Available for Common Shareholders in Accordance with Generally Accepted Accounting Principles (“GAAP”) “Earnings from operations” is not calculated in accordance with GAAP and excludes items impacting comparability as described in Note (2) below. Items impacting comparability reconcile earnings from operations with Consolidated Income Available for Common Shareholders as reported in accordance with GAAP. The Utility incurred net costs of $29 million and $91 million, on a pre-tax basis, during the three and six months ended June 30, 2013, respectively, in connection with natural gas matters. (The after-tax amounts of $17 million and $54 million appear in the table above.) These amounts included pipeline-related costs to validate operating pressures and perform other activities associated with the Utility’s pipeline safety enhancement plan that were disallowed by the CPUC, costs related to the Utility’s multi-year effort to identify and remove encroachments from transmission pipeline rights-of-way and other gas-related work, and legal and other expenses. These costs were partially offset by insurance recoveries. There were no additional charges recorded for this period related to fines or third-party claims. Second Quarter, 2013 vs. 2012 (in millions, except per share amounts) (4) During the three and six months ended June 30, 2013, the Utility recorded a charge of $5 million, pre-tax, for environmental remediation costs associated with the Utility's natural gas compressor site located near Hinkley, California.

* Exhibit B: Key Drivers of PG&E Corporation Earnings per Common Share (“EPS”) from Operations (1) See Exhibit A for a reconciliation of EPS from Operations to EPS on a GAAP basis. Second Quarter, 2013 vs. 2012 ($/Share, Diluted)

* Exhibit C: Operational Performance Metrics It is possible to meet EOY target while missing YTD target, as most metrics have YTD targets that vary from EOY targets. The 2013 target for earnings from operations is not publicly reported but is consistent with the guidance range provided for 2013 EPS from operations of $2.55 to $2.75. Second Quarter 2013 Performance See following page for definitions of the operational performance metrics.

* Definitions of 2013 Operational Performance Metrics from Exhibit C The Operational Performance Metrics focus on three areas: safety (public and employee), customer service, and financial performance. The column titled “Meets YTD Target” shows illustratively whether or not the metric has met the year-to-date target, which may be different from the EOY target. Safety Public and employee safety are measured in four areas: (1) Nuclear Operations Safety, (2) Gas Operations Safety, (3) Electric Operations Safety, and (4) Employee Safety. The safety of the Utility’s nuclear power operations is represented by 12 performance indicators for nuclear power generation reported to the Institute of Nuclear Power Operations (“INPO”) and compared to industry benchmarks. The safety of the Utility’s natural gas operations is represented by (a) the number of certain open leaks at year-end and (b) the timeliness (measured in minutes) of on-site response to gas emergency service calls. The safety of the Utility’s electric operations is represented by (a) the percentage improvement in the number of wire down events with resulting sustained unplanned outages, and (b) the percentage of time that Utility personnel are on site within 60 minutes after receiving a 911 call of a potential PG&E electric hazard. The safety of the Utility’s employees is represented by (a) the number of lost workday cases incurred per 200,000 hours worked (or for approximately every 100 employees), and (b) the number of serious motor vehicle incidents that the driver could have reasonably avoided, per one million miles driven. Customer Customer satisfaction and service reliability are measured by: The overall satisfaction (measured as a score of zero to 100) of customers with the products and services offered by the Utility, as measured through a quarterly survey performed by an independent third-party research firm. The number of third party “dig-ins” (i.e., damage resulting in repair or replacement of underground facility) to Utility gas and electric assets per 1,000 Underground Service Alert (USA) tickets. The timeliness (measured in days) of gas asset information being entered into the Utility’s gas mapping system after a gas project is completed. The efficient completion of certain committed work for gas operations-related programs. The index is comprised of five components related to the completion of committed work and three components related to the cost of completing the work. The total time (measured in minutes) the average customer is without electric power during a given time period. Financial Earnings from operations measures PG&E Corporation’s earnings power from ongoing core operations. It allows investors to compare the underlying financial performance of the business from one period to another, exclusive of items that management believes do not reflect the normal course of operations (items impacting comparability). The measurement is not in accordance with GAAP. For a reconciliation of earnings from operations to earnings in accordance with GAAP, see Exhibit A.

* Exhibit D: Pacific Gas and Electric Company Sales and Sources Summary Second Quarter, 2013 vs. 2012 Please see the 2012 Annual Report on Form 10-K for additional information about operating statistics. Includes sources of electric energy totaling 298 kWh and 1,303 kWh for the three months ended June 30, 2013 and 2012, respectively, and 2,333 kWh and 3,136 kWh for the six months ended June 30, 2013 and 2012, respectively.

* Items impacting comparability reconcile earnings from operations with Consolidated Income Available for Common Shareholders as reported in accordance with GAAP. This range corresponds to the range of unrecovered costs associated with Natural gas matters, after-tax, of $356 million and $211 million. The pre-tax range of costs for items in Natural Gas Matters is shown below. The range of $400 million to $500 million reflects pipeline-related expenses that are not recoverable through rates, including costs to perform work associated with the Utility’s pipeline safety enhancement plan, work related to the Utility’s multi-year effort to identify and remove encroachments from transmission pipeline rights-of-way, the integrity management of transmission pipelines and other gas-related work, and legal and other expenses. The ultimate amount of fines imposed on the Utility that is payable to the State General Fund could be materially higher than the $200 million previously accrued. The guidance provided does not include any potential future fines (other than those already accrued). Based on the cumulative charges recorded to net income through 2012 of $455 million, the cumulative range of losses for third-party claims related to the San Bruno accident is $455 million to $600 million. The guidance provided does not include potential losses for punitive damages, if any. Although the Utility believes that a significant portion of the costs it incurs for third-party claims will be recovered through its insurance, the amount and timing of future recoveries is uncertain. The guidance provided includes only insurance recoveries deemed probable under applicable accounting standards. (3) This range corresponds to the environmental-related cost range of $5 million to $30 million, pre-tax, primarily reflecting additional potential costs for the Utility’s whole house water replacement systems and other remedial measures associated with the Hinkley natural gas compressor site. The guidance provided is based on the assumption that the final groundwater remediation plan is adopted as proposed. Actual financial results for 2013 may differ materially from the EPS guidance provided. For a discussion of the factors that may affect future results, see Exhibit 1. Exhibit E: PG&E Corporation EPS Guidance

* These general earnings sensitivities on factors that may affect 2013 earnings are forward-looking statements that are based on various assumptions. Actual results may differ materially. For a discussion of the factors that may affect future results, see Exhibit 1. Exhibit F: General Earnings Sensitivities PG&E Corporation and Pacific Gas and Electric Company

* Exhibit G: Pacific Gas and Electric Company Summary of Selected Regulatory Cases

* Exhibit G: Pacific Gas and Electric Company Summary of Selected Regulatory Cases

* Exhibit G: Pacific Gas and Electric Company Summary of Selected Regulatory Cases