California Regulator Initiates $45M Penalty For PG&E Over 2021 Dixie Fire
Portfolio Pulse from Shivani Kumaresan
The California Public Utilities Commission (CPUC) has proposed a $45 million penalty against PG&E Corporation (NYSE:PCG) in relation to the 2021 Dixie Fire. The penalty includes a $2.5 million fine to the California General Fund, $2.5 million to tribes impacted by the fire, and $40 million for capital expenditures to transition records to electronic format. The proposal will be on the CPUC’s Nov. 16, 2023, Voting Meeting agenda.
October 10, 2023 | 10:31 am
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PG&E Corporation faces a proposed $45 million penalty in relation to the 2021 Dixie Fire. The proposal will be on the CPUC’s Nov. 16, 2023, Voting Meeting agenda.
The proposed penalty could have a negative impact on PG&E's financials. The company's stock price may be negatively affected in the short term due to the potential financial burden and the negative publicity associated with the penalty.
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