Equity

9 Months Ended

Sep. 30, 2014

Equity

NOTE 5: EQUITY

PG&E Corporation's and the Utility's changes in equity for the nine months ended September 30, 2014 were as follows:

	PG&E Corporation			Utility
	Total			Total
(in millions)	Equity			Shareholders' Equity
Balance at December 31, 2013	$	14,594		$	14,841
Comprehensive income		1,291			1,271
Equity contributions		-			705
Common stock issued		759			-
Share-based compensation		41			(5	)
Common stock dividends declared		(644	)		(537	)
Preferred stock dividend requirement		-			(10	)
Preferred stock dividend requirement of subsidiary		(10	)		-
Balance at September 30, 2014	$	16,031		$	16,265

In February 2014, 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 and nine months ended September 30, 2014, PG&E Corporation sold 2 million and 11 million shares, respectively, under the February 2014 equity distribution agreement for cash proceeds of $67 million and $496 million, respectively, exhausting the remaining capacity under this agreement. These amounts are net of commissions paid of $1 million and $4 million, respectively.

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 nine months ended September 30, 2014, 7 million shares were issued for cash proceeds of $247 million under these plans.