WASHINGTON (dpa-AFX) - Pacific Gas and Electric Co., a subsidiary of PG&E Corp. (PCG) said Thursday that it has paid a $300 million fine levied by the California Public Utilities Commission in association with the 2010 natural gas transmission pipeline explosion in San Bruno, California.
When the California Public Utilities Commission announced its decision on April 9, PG&E chose to move forward without an appeal. The payment to the state's General Fund is due October 6.
The company recently completed the sale of additional stock necessary to fund the payment.
In addition to the $300 million fine to be paid to the state, the California Public Utilities Commission penalty requires that PG&E shareholders refund $400 million to gas customers and pay $850 million for gas system safety improvements.
The $400 million refund, which will be based on usage, will be returned to customers in early 2016 per the California Public Utilities Commission's direction.
In addition to the payment to the General Fund, the company said, it has settled claims amounting to more than $500 million with all of the victims and families of the San Bruno accident, established a $50 million trust for the City of San Bruno for costs related to recovery and contributed $70 million to support the city's and community's recovery efforts.
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