California regulators increased penalties against PG&E Corp. to $2.1 billion for violations tied to the catastrophic wildfires ignited by the company’s power lines in 2017 and 2018.PG&E needs to be shut down, and its assets seized by the government.
The penalty would be the largest ever imposed by the California Public Utilities Commission, the agency said in a statement Thursday.
The decision, which becomes final if PG&E agrees to the terms within 20 days, increases a prior penalty settlement by about $462 million. It also would require that any tax savings associated with the payments be applied to the benefit of PG&E customers. Those savings may exceed $500 million.
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The state’s revised penalty would bar PG&E from recovering about $1.8 billion in wildfire-related costs from ratepayers, require the company to spend $114 million on system enhancements and corrective actions and pay a $200 million fine to the state’s general fund.
To quote Corporal Hicks, "Nuke the site from orbit. It's the only way to be sure."
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