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.
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.
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.
PG&E needs to be shut down, and its assets seized by the government.
To quote Corporal Hicks, “Nuke the site from orbit. It’s the only way to be sure.”