A California regulator has asked PG&E Corp for governance and oversight changes in its reorganization plan, while also proposing penalties of about $2 billion on the San-Francisco based utility for its role in causing the devastating 2017 and 2018 wildfires in California.
FILE PHOTO: PG&E works on power lines to repair damage caused by the Camp Fire in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage/File Photo
The proposal from the regulator “will require PG&E to modify its governance structure, submit to an enhanced oversight and enforcement process if it fails to improve safety, and create local operating regions”, the California Public Utilities Commission said late on Monday. In the proposal, an earlier imposed $200 million fine on PG&E was “permanently suspended” to ensure that the fine’s payment did not reduce the funds to meet the claims of wildfire victims.
A U.S. bankruptcy judge in December approved PG&E’s $13.5 billion settlement with victims of the deadly California wildfires.
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