California Regulator Initiates $45M Penalty For PG&E Over 2021 Dixie Fire - PG&E (NYSE:PCG)

The California Public Utilities Commission (CPUC) has proposed a $45 million penalty against PG&E Corporation (NYSE:PCG) in connection with the 2021 Dixie Fire.

Under the proposed Administrative Consent Order (ACO) and Agreement, PG&E would pay a $45 million shareholder-funded penalty consisting of a $2.5 million fine to the California General Fund, $2.5 million to tribes impacted by the Dixie Fire, and $40 million for capital expenditures to transition records to electronic format.

The Dixie Fire, which started on July 13, 2021, resulted from a tree falling on PG&E’s electrical distribution lines, burning more than 963,000 acres in multiple counties.

The proposal aligns with the CPUC’s commitment to safety, as outlined in the Enforcement Policy adopted in November 2020.

The proposed settlement will be on the CPUC’s Nov. 16, 2023, Voting Meeting agenda, which may adopt, reject, or modify the proposal.

Attorneys for Northern California residents impacted by the Dixie Fire and Fly Fire filed a class action lawsuit in San Francisco Superior Court.

Price Action: PCG shares closed higher by 0.45% at $15.58 on Monday.

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