PG&E submits settlement agreement related to Calif. wildfires

(Reuters) — PG&E Corp. said on Tuesday it submitted a multi-party settlement agreement related to the 2017 and 2018 wildfires in Northern California to the California Public Utilities Commission.

The settlement proposes the energy utility pay $50 million for shareholder-funded system enhancements, specifically on the company's electric transmission and distribution system.

The settlement agreement also prohibits the company from seeking $1.625 billion in wildfire-related costs from customers.