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.
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