Equity

6 Months Ended

Jun. 30, 2012

Equity

NOTE 5: EQUITY

PG&E Corporation’s and the Utility’s changes in equity for the six months ended June 30, 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		493		476
Common stock issued		573		-
Share-based compensation expense		29		1
Common stock dividends declared		(387)		(358)
Preferred stock dividend requirement		-		(7)
Preferred stock dividend requirement of subsidiary		(7)		-
Equity contributions		-		565
Balance at June 30, 2012		$ 13,054		$ 13,061

During the six months ended June 30, 2012, PG&E Corporation issued 3,253,982 shares of its common stock under its 401(k) plan, its Dividend Reinvestment and Stock Purchase Plan, and its share-based compensation plans for total cash proceeds of $124 million.

During the six months ended June 30, 2012, PG&E Corporation issued 4,303,576 shares of its common stock under the Equity Distribution Agreement executed in November 2011 for cash proceeds of $183 million, net of fees and commissions of $2 million. At June 30, 2012, PG&E Corporation had the ability to issue an additional $115 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 six months ended June 30, 2012, PG&E Corporation contributed equity of $565 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.