FILE PHOTO: A PG&E truck carrying an American Flag drives past PG&E repair trucks in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage
(Reuters) – PG&E Corp (PCG.N) said on Tuesday it submitted a multi-party settlement agreement related to the 2017 and 2018 wildfires in Northern California to the California Public Utilities Commission (CPUC).
The settlement proposes the energy utility pay $50 million for shareholder-funded system enhancements, specifically on the company’s electric transmission and distribution system.
The settlement agreement also prohibits the company from seeking $1.625 billion in wildfire-related costs from customers.
Reporting by Rishika Chatterjee in Bengaluru; Editing by Subhranshu Sahu
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