PCG - PG&E says criminal charges dismissed in deadly 2020 wildfire

2023-05-31 15:25:54 ET

PG&E ( NYSE: PCG ) +1.7% in Wednesday's trading after saying it reached a settlement with the Shasta County District Attorney that will dismiss criminal charges arising from the 2020 Zogg Fire while the utility pays $50M in penalties.

PG&E ( PCG ) said it agreed to continue several initiatives to further reduce the risk of wildfires and to pay $45M to local fire departments and districts, law enforcement, and community and non-profit organizations to rebuild and strengthen the communities affected by the Zogg Fire, plus a $5M civil penalty to Shasta County.

The new agreement follows a Superior Court order dismissing more than half of the 31 original criminal charges and a second ruling tentatively dismissing all remaining felony charges.

The Zogg Fire killed four people, burned more than 200 structures and destroyed more than 56K acres in northern California; Cal Fire determined the fire was caused by a tree falling on one of the company's power lines.

More on PG&E:

• Financial and valuation comparison to sector peers
• Analysis: PG&E: Advancing Growth Through Renewable Energy Integration
• Stock price return: Up 8% YTD, up 38.5% in the past 12 months

For further details see: