- California's Public Utilities Commission votes unanimously to levy $1.6B in penalties against PG&E (NYSE:PCG -1.6%) for alleged violations involving the deadly natural gas pipeline explosion that rocked San Bruno in 2010.
- Of the $1.6B, $850M is earmarked for gas pipeline safety improvements, $400M will be rebated to the utility’s gas customers in the form of a credit on their monthly bills, PG&E will pay $300M directly to the state of California, and $50M will go toward various pipeline safety remedies identified by the PUC.
- "We are deeply sorry for this tragic event,” says PG&E CEO Tony Earley, adding that the company does not plan to appeal the PUC ruling.
-
Earlier: PG&E penalty could hit $1.6B as regulator vote set