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PG&E Nears $1.7 Billion Settlement in California Fire Penalties

  • Utility is said to have set aside funds to cover the penalties
  • Company would spend $50 million on corrective measures in deal
Half A Million Californians Lose Power As Big Blaze Rages
Photographer: David Paul Morris/Bloomberg
Updated on

PG&E Corp. is nearing a settlement with California regulators that would have it paying more than $1.7 billion in penalties for failing to properly maintain equipment involved in sparking wildfires in 2017, people familiar with the matter said.

The bankrupt California utility has agreed to invest $50 million in corrective measures. The rest of the settlement would involve money the company has already spent on maintenance and inspections that it would be barred from recovering from customers, said the people, who asked not to be identified because the information isn’t public.