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April 11, 2022, 1:29 p.m. EDT

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

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By Tomi Kilgore

Shares of PG&E Corp. /zigman2/quotes/202583141/composite PCG +1.55% 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 /zigman2/quotes/206645117/composite XLU +1.85% has gained 6.3% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.28% has lost 7.1%.

/zigman2/quotes/202583141/composite
US : U.S.: NYSE
$ 10.14
+0.15 +1.55%
Volume: 6.83M
July 1, 2022 1:53p
P/E Ratio
105.49
Dividend Yield
N/A
Market Cap
$19.84 billion
Rev. per Employee
$835,538
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/zigman2/quotes/206645117/composite
US : U.S.: NYSE Arca
$ 71.43
+1.30 +1.85%
Volume: 10.84M
July 1, 2022 1:53p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,796.12
+10.74 +0.28%
Volume: 1.21B
July 1, 2022 1:53p
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