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The California Public Utilities Commission has given the green light to a settlement with Pacific Gas & Electric (NYSE:PCG) that will see the company shelling out $45 million in penalties for the devastating 2021 Dixie Fire which raged through Northern California.
As per the terms of the agreement, the utility giant will allocate $40 million in shareholder funds towards transitioning its records to electronic format for distribution patrols and inspections. An additional $2.5 million will be designated for tribes impacted by the fire for remediation, with another $2.5 million going into the state’s General Fund.
The PUC revealed that the settlement was hammered out subsequent to the conclusion of the Safety and Enforcement Division’s investigation and the issuance of an Administrative Consent Order after discovering various violations.
According to officials, the Dixie Fire was sparked on July 13, 2021, when a tree fell and made contact with energized conductors owned and operated by PG&E (PCG), resulting in the ignition of the second largest wildfire in the history of California as documented by Cal Fire.
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