- PG&E (NYSE:PCG) faces the threat of an increased penalty related to the 2010 San Bruno gas pipeline explosion and fire, as new California Public Utilities Commission President Michael Picker says he will seek a $1.6B penalty on the utility instead of the $1.4B recommended in September.
- According to the proposal, the cost of the penalties would be borne only by the utility and its shareholders; ratepayers would see no additional costs pass on to them and even receive a one-time $400M credit.
- Combined with earlier penalties, the new proposal would boost the total tally of penalties against PG&E to more than $2.2B.