California regulator hikes PG&E wildfire fine to $2.1B

• California's Public Utilities Commission adds more than $400M to a proposed fine against PG&E (NYSE:PCG) to $2.1B for its role in a series of deadly wildfires in 2017-18 that landed the company in bankruptcy.
• The record penalty imposed today by a PUC administrative law judge raises the punishment that had been determined in a $1.7B settlement announced in December.
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• Several consumer groups had said the settlement was too lenient in light of the destruction caused by the fires, and the PUC agreed upon further review.
• The harsher punishment includes a $200M payment to be earmarked for people who lost family members, homes and businesses in the fires.
• As part of the previous settlement, PG&E had projected it would realize $469M in tax savings, but the new ruling would require the company to funnel any tax savings to hold down prices charged to the 16M customers who rely on the utility for electricity.
• PCG -2.7% after-hours.