PG&E stock dives after announcing financial commitments for wildfire safety related to Kincade, Dixie fires

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Shares of PG&E Corp. PCG, -5.37% dove 5.4% in afternoon trading Monday, after gas and electric utilities subsidiary Pacific Gas and Electric Company announced a total financial commitment $55 million as part of settlements of legal proceedings related to the 2019 Kincade Fire and the 2021 Dixie Fire. As part of the agreement, PG&E said it will not seek recovery of these costs from its customers. The financial commitments include payment of over $35 million to local non-profit organizations, a $7.5 million civil penalty paid to Sonoma County related to the Kincade Fire and $1 million to each of five North Valley counties related to the Dixie Fire. The company said it would add 80-to-100 jobs in Sonoma County and 80-to-100 more in Butte, Lassen, Plumas, Shasta and Tehama counties for wildfire safety. “As a result of these agreements, no criminal charges will be filed in the Dixie Fire, and the criminal complaint regarding the Kincade Fire will be dismissed,” PG&E said in a statement. PG&E’s stock has inched up less than 0.1% year to date, while the SPDR Utilities Select Sector ETF XLU, -1.36% has gained 6.3% and the S&P 500 SPX, -1.69% has lost 7.1%.

This article was originally published by Marketwatch.com. Read the original article here.

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