(San Francisco) – PG&E Corporation (NYSE:
PCG) today declared a first quarter 2005 regular cash
dividend of 30 cents per share on the Corporation’s
common stock. The dividend is payable on April 15,
2005, to shareholders of record on March 31, 2005.
“The declaration of a common stock dividend
is a major milestone that reflects our commitment to
pay a dividend comparable to other companies in the
utility and power sector now that we have strengthened
our balance sheet,” said Peter A. Darbee, President
The Corporation last declared a common stock dividend
in October 2000 for the fourth quarter of that year.
PG&E Corporation announced its plans to re-establish
a target annual common stock dividend of $1.20 per
share, or 30 cents per share on a quarterly basis,
in October of last year, noting that the actual declaration
of a dividend had been deferred until Pacific Gas and
Electric Company’s capital structure reached
an equity ratio of 52 percent.
The target reflects the Corporation’s policy
to pay dividends at levels that strike a balance among
comparability with dividend yields and payout ratios
of similar utility companies, the ability to sustain
payments in the future, and the desire to retain adequate
financial flexibility to make investments in its core
business. The Corporation’s dividend policy results
in a target payout ratio of 50 percent to 70 percent,
relative to earnings per share from operations.
Pacific Gas and Electric Company Preferred Stock Dividends
In addition, PG&E Corporation’s utility
unit, Pacific Gas and Electric Company, today declared
dividends on all outstanding series of Pacific Gas
and Electric Company’s preferred stock for the
three months ending April 30, 2005. The dividends will
be payable on May 15, 2005, to shareholders of record
on April 29, 2005.
Pacific Gas and Electric Company will pay dividends
on its 11 series of preferred stock as follows:
|First Preferred Stock, $25 Par Value
||Quarterly Dividend to be Paid Per Share
|5.00% Series A