This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Pacific Gas & Electric Co., whose faulty equipment was blamed for sparking California’s worst wildfire of 2019, will pay $125 million in fines and penalties under a settlement reached with state regulators, officials announced Thursday.

Under a settlement agreement with the California Public Utilities Commission’s Safety and Enforcement Division, PG&E shareholders will pay a $40-million fine into the state’s general fund.

The utility also agreed not to raise rates to cover the $85-million cost for permanent removal of abandoned transmission facilities, bringing the total fines and penalties to $125 million.

An investigation by state fire officials found that a faulty PG&E transmission line sparked the Kincade fire, which tore through more than 77,000 acres of Northern California wine country in 2019.

Read the full story on LATimes.com.