Equity

6 Months Ended

Jun. 30, 2013

Equity

NOTE 5: EQUITY

PG&E Corporation's and the Utility's changes in equity for the six months ended June 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		604			575
Common stock issued		573			-
Share-based compensation expense		31			(1	)
Common stock dividends declared		(405	)		(358	)
Preferred stock dividend requirement		-			(7	)
Preferred stock dividend requirement of subsidiary		(7	)		-
Equity contributions		-			665
Balance at June 30, 2013	$	14,122		$	14,334

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 June 30, 2013, PG&E Corporation common stock having an aggregate gross sales price of $50 million had been sold under this equity distribution agreement.

During the six months ended June 30, 2013, PG&E Corporation issued 14 million shares of its common stock for aggregate net cash proceeds of $562 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;

• 4 million shares were issued for cash proceeds of $149 million under the PG&E Corporation 401(k) plan, the Dividend Reinvestment and Stock Purchase Plan, and share-based compensation plans; and

• 3 million shares were sold for cash proceeds of $113 million, net of commissions paid of $1 million, under the equity distribution agreements.    

During the six months ended June 30, 2013, PG&E Corporation contributed equity of $665 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.