PG&E (NYSE:PCG) +1.7% in Wednesday’s buying and selling after saying it reached a settlement with the Shasta County District Lawyer that can dismiss legal prices arising from the 2020 Zogg Fireplace whereas the utility pays $50M in penalties.
PG&E (PCG) mentioned it agreed to proceed a number of initiatives to additional cut back the chance of wildfires and to pay $45M to native fireplace departments and districts, legislation enforcement, and group and non-profit organizations to rebuild and strengthen the communities affected by the Zogg Fireplace, plus a $5M civil penalty to Shasta County.
The brand new settlement follows a Superior Court docket order dismissing greater than half of the 31 unique legal prices and a second ruling tentatively dismissing all remaining felony prices.
The Zogg Fireplace killed 4 individuals, burned greater than 200 constructions and destroyed greater than 56K acres in northern California; Cal Fireplace decided the hearth was attributable to a tree falling on one of many firm’s energy strains.
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