PCG - PG&E's new wildfire safety plan would speed up burying power lines

PG&E (PCG -0.5%) filed its 2022 Wildfire Mitigation Plan with California regulators late Friday, with plans to underground at least 175 miles of power lines this year in high fire-risk areas en route to further increasing the pace to complete ~3,600 miles by 2026. The utility said its wildfire risk reduction measure would reduce the need for trimming and removing trees and lower the costs of vegetation management work over time. PG&E also said it will expand its Enhanced Powerline Safety Settings program to reduce the risk of ignitions from its electric equipment in the short term, as well as improve public safety power shutoffs through situational awareness and forecasting. Citing PG&E's "meaningful progress in reducing wildfire risk," analysts at RBC Capital remove their Speculative Risk qualifier from the stock, awarding a new Outperform rating with a $16 price target. PG&E is restoring dividends on its eight series of preferred stock and

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PG&E's new wildfire safety plan would speed up burying power lines