PG&E Corporation is committed to the fair disclosure of information about PG&E Corporation consistent with the Securities and Exchange Commission’s Regulation Fair Disclosure (“Regulation FD”). For purposes of this policy, “public disclosure” means filing or furnishing a Form 8-K with the Securities and Exchange Commission (SEC), or by disseminating information through another method (or combination of methods) of disclosure that is reasonably designed to provide broad, non-exclusionary distribution of the information to the public. The Corporation provides public disclosure through various means including publicly noticed Webcasts, SEC reports, and press releases.

It is PG&E Corporation’s policy is to maintain an active and open public dialogue with shareholders, institutional investors, broker/dealers, and sell-side analysts (collectively, “Securities Market Participants”), that provides full, fair, accurate, timely and understandable disclosure of the Corporation’s historical performance and future prospects in accordance with generally accepted accounting principles, and with the rules and regulations established by the SEC. PG&E Corporation further believes that the market for its securities is best served when its strategies, business strengths, risks, and growth opportunities are publicly articulated.

Compliance

It is PG&E Corporation’s policy to comply with all periodic reporting and disclosure requirements, including Regulation FD. It has been, and continues to be, our practice to disclose material information about the company publicly and timely, not selectively.

Employees of PG&E Corporation will not disclose material non-public information about the company except as provided for by SEC rules and regulations, including Regulation FD. If any employee determines that material non-public information has been disclosed, that employee should contact the Investor Relations organization immediately. Investor Relations will determine the appropriate public disclosure that will have to be made in accordance with SEC rules and regulations.

Compliance Guidelines for this Regulation FD Disclosure Policy

PG&E Corporation has established the following guidelines to ensure compliance with Regulation FD, and avoid selective disclosure of material non-public information.

I. Public Posting

PG&E Corporation will post this policy statement on its website at www.pgecorp.com and update it as necessary to ensure that Securities Market Participants are informed about the Corporation’s disclosure policy.

II. Authorized Representatives of Corporation

a. Persons authorized to communicate on behalf of the Corporation to Securities Market Participants are limited to the President and Chief Executive Officer, the Chief Financial Officer, Controller, the Presidents and Chief Financial Officers of Corporate subsidiaries, the Vice President of Investor Relations, and the Investor Relations staff. A member of the Investor Relations organization must participate in all communications between the designated officers and Securities Market Participants except for communications between the CEO and CFO of the Corporation and Securities Market Participants.

b. In addition, the Corporate Secretary and such members of the Corporate Secretary’s staff as are designated by the Corporate Secretary are authorized to communicate with shareholders and beneficial owners in response to inquiries regarding shareholder accounts and other administrative matters. A member of the Investor Relations staff is not required to participate in, or review, such communications.

c. Other officers or employees of the Corporation may communicate, from time to time, with Securities Markets Participants, subject to the approval of the Vice President of Investor Relations. Such communications may occur only when a member of the Investor Relations organization is participating and after such officer or employee has completed financial disclosure training pursuant to the following Section III (a). Authorized representatives and employees are not authorized to communicate business or financial information about the Corporation that is material non-public information, except through Corporation-approved public disclosure.

d. It is our policy that, except as specified under (a), (b) and (c) above, employees shall not communicate with Securities Market Participants, and should refer all questions to the Investor Relations organization. This policy will be communicated broadly to employees at least annually.

e. The Corporation believes that one-on-one communications with Securities Market Participants are a valuable component of its Investor Relations program. Except as provided in clauses (a) and (b) above, a member of the Investor Relations organization shall participate in such conversations. During such conversations, authorized representatives may discuss information the Corporation has previously publicly disclosed, non-material information, and generally known company or industry-related information.

f. In order to ensure that complete and accurate information is obtained, Securities Market Participants should direct all inquiries regarding the Corporation’s financial condition, results of operations, strategies and other similar matters, to the Investor Relations organization. Statements by employees or agents who are not authorized representatives of the Corporation should not be relied upon.

III. Financial Disclosure Training

a. All employees covered by Section II (a), (b), and (c) above, shall be required to undertake appropriate training and preparation before participating in discussions with any Securities Market Participants. Such training will be repeated and updated periodically as necessary.

IV. Quarterly Earnings Release Conference Calls and Updates

a. We will hold quarterly investor conference calls open to the public and media, and provide public notice about the call through a media release, by electronic distribution, posting on at least one well known public financial information website, and the PG&E Corporation website. Before the conference call, we will furnish our quarterly or annual written earnings release to the SEC on a Form 8-K.

b. Playback of the conference call will be provided on the PG&E Corporation website after the conference call.

c. When we provide guidance relative to PG&E Corporation financial goals, all guidance, and changes to or affirmations of guidance, will be provided through public disclosure.

d. As needed, from time to time, we will hold topical investor conference calls open to the public and media, and provide public notice about the call through a media release, by electronic distribution, posting on at least one well known public financial information website, and the PG&E Corporation website.

e. Following any investor call or public comment, we will not provide new material information or elaborate in a material way beyond what was covered during the call or public comment.

V. Analyst Models and Reports

If requested, we will review draft analyst reports and model inputs of actual results for accuracy on publicly disclosed facts only.

VI. Presentations

a. We will use the safe harbor guidelines for forward-looking information as part of individual, group, and investor conference communications formats.

b. PG&E Corporation will participate in securities firm-sponsored and other investor conferences only to the extent that they are Webcast and adequate prior public notice is given. It will be our practice to issue media releases in conjunction with the Corporation’s major presentations scheduled during the year, and to post those presentations on our website.

c. The Corporation will participate in other forums at which Securities Market Participants could be present, including industry seminars, trade shows, employee, retiree, annual shareholder meetings, and meetings with commercial partners that are shareholders. We do not intend to disclose any material non-public information during these meetings.

VII. Media Communications

Although the Corporation recognizes that Regulation FD does not apply to communications with the media, it is the Corporation’s policy to publicly disclose material information before discussion with individuals representing the media.

Further Information about Regulation FD

All inquiries regarding the provisions or procedures associated with this policy should be addressed to the Investor Relations Department at:

(415) 267-7080, or
invrel@pge-corp.com