SAN FRANCISCO (CBS/AP) — Officials at Pacific Gas & Electric say customers will not be paying the massive fines being sought by state regulators in the deadly 2010 pipeline explosion in San Bruno, but that PG&E’s shareholders will bear that cost.
On Friday the utility said it thought the record $2.25 billion in fines being sought by state regulators is illegally excessive, but did not offer a specific dollar figure it considers reasonable.READ MORE: Authorities: Suspect In Walnut Creek Nordstrom Smash-And-Grab Out On Bail; 2nd Suspect Appears In Court
In a 103-page filing submitted just before the close of business, PG&E said that it agrees with the California Public Utilities Commission’s finding that a financial penalty is appropriate for the September 2010 explosion that killed eight people.READ MORE: Housing Shortage: Inventory Of Single-Family Homes In Santa Clara County Reach Record Low, Realtors Say
But with shareholders already paying $2.2 billion in system upgrades and other improvements in response to the blast, a spokesman on Saturday said that amount should be applied to any penalty.MORE NEWS: Theranos Trial: Tears Flow As Elizabeth Holmes Talks Of Fractured Love Affair With Sunny Balwani
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