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PG&E agrees to $86.5M penalty over improper contact with regulators

Mar. 30, 2017 8:23 AM ETPG&E Corporation (PCG) StockPCGBy: Carl Surran, SA News Editor
  • Pacific Gas and Electric (NYSE:PCG) agrees to an $86.5M penalty to settle allegations that it engaged in improper backdoor communications with California regulators following the deadly 2010 San Bruno pipeline explosion.
  • Most of the settlement consists of PG&E forgoing $63.5M in revenue it otherwise would have collected during 2018-19 from customers, whom the company says will see monthly bills falling an average of $0.22.
  • Thousands of emails released in the wake of the explosion showed PG&E officials and California Public Utilities Commission regulators treating each other to meals and privately discussing public business involving the two entities.

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