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.
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PG&E says criminal charges dismissed in deadly 2020 wildfire