Pacific Gas & Electric Co (PCG)

[eFinanceMarkets]

PG&E agrees to $86.5M penalty over improper contact with regulators
Pacific Gas and Electric (NYSE:PCG) agrees to an $86.5M penalty to settle allegations that it engaged in improper backdoor communications with California regulators following the deadly 2010 San Bruno pipeline explosion.
Most of the settlement consists of PG&E forgoing $63.5M in revenue it otherwise would have collected during 2018-19 from customers, whom the company says will see monthly bills falling an average of $0.22.
Thousands of emails released in the wake of the explosion showed PG&E officials and California Public Utilities Commission regulators treating each other to meals and privately discussing public business involving the two entities.