PCG - PG&E to pay $55M in safety settlements over Kincaid Dixie wildfires

PG&E (NYSE:PCG) plunges ~5% after agreeing Monday to pay $55M as part of settlements to avoid criminal prosecution for two major wildfires started by its power lines in northern California, and said it will not seek recovery of those costs from customers. The financial commitments include $35M to local non-profit organizations such as volunteer fire departments and local schools, a $7.5M civil penalty paid to Sonoma County related to the 2019 Kincade Fire and $1M to each of five North Valley counties related to the 2021 Dixie Fire. PG&E also committed to a five-year independent monitorship of its vegetation management and system inspection work in the six counties. The utility said the settlement agreements will resolve legal proceedings in 2019 Kincade Fire, and no charges will be filed in connection with the 2021 Dixie Fire. PG&E is restoring dividends on its eight series of preferred stock and paying 17 quarters

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PG&E to pay $55M in safety settlements over Kincaid, Dixie wildfires