This excerpt taken from the PCG 8-K filed Dec 28, 2005.
A. PG&E Corporation Common Stock Dividend
On December 21, 2005, the PG&E Corporation Board of Directors declared a quarterly common stock dividend of $0.33 per share, reflecting the increased annual dividend target of $1.32 that was approved by the Board on October 19, 2005. The new dividend is consistent with the previously approved dividend policy and dividend payout ratio range (the proportion of earnings paid out as dividends) of 50 percent to 70 percent. The Board of Directors retains authority to change its common stock dividend policy and its dividend payout ratio at any time, especially if unexpected events occur that would change the Board's views as to the prudent level of cash conservation. The dividend is payable on January 16, 2006 to shareholders of record on December 30, 2005.