California utilities regulator okays $45 million penalty for PG&E over 2021 Dixie fire
Reuters
Published Jan 25, 2024 05:25PM ET
Updated Jan 25, 2024 07:45PM ET
(Reuters) -The California Public Utilities Commission (CPUC) on Thursday approved a $45 million settlement agreement between its Safety and Enforcement Division (SED) and Pacific Gas and Electric Company (PG&E (NYSE:PCG)), for the utility's part in the destructive 2021 Dixie wildfire.
The Dixie fire started on July 13, 2021, after a tree fell on PG&E electrical distribution wires, resulting in more than 963,000 acres being burned across multiple counties.
The agreement consists of a $2.5 million fine to the California General Fund, $2.5 million payment to tribes impacted by the fire for remediation, and $40 million for capital expenditures to transition records to electronic format.
The settlement agreement was reached after SED concluded its investigation and issued an Administrative Consent Order.
"PG&E will not request rate recovery for these expenses, so these costs will not impact customers," the company said in a mailed statement.
New technologies are being introduced that can detect potential threats to the electric grid and rapidly reduce or shut off power to help prevent wildfire ignitions, PG&E said in its statement.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.