Fire burns near power lines in Montecito, California, Dec. 16, 2017. Photo: Robyn Beck/AFP via Getty Images

Pacific Gas & Electric (PG&E) reached a proposed $1.7 billion settlement with state regulators and had a revised $13.5 billion agreement for people impacted by California's fatal 2017 and 2018 wildfires approved Tuesday, AP reports.

Why it matters: The steps mark significant progress for the utility as it seeks to emerge from bankruptcy in the coming months, after Gov. Gavin Newsom rejected its financial rehabilitation plan Friday for falling "woefully short."

  • It also puts the victims closer to being compensated for the fires started by PG&E equipment.

Details: The California Public Utilities Commission said Tuesday under the agreement, PG&E would pay $50 million for shareholder-funded system enhancements "and community engagement initiatives to strengthen its electric operations and maintenance in an effort to mitigate the risk of wildfires."

  • The proposal, which Newsom's lawyer described as "fair," prevents the utility from recovering wildfire-related costs from ratepayers, per Reuters.
  • U.S. Bankruptcy Judge Dennis Montali approved on Tuesday PG&E’s compensation agreement with victims and "a separate $11 billion accord the utility reached earlier with holders of insurance claims," AP notes.

The big picture: PG&E filed for bankruptcy in January, facing an estimated $30 billion in claims. It struck the $13.5 billion settlement with attorneys for the victims of the 2017 and 2018 fires this month.

  • In June, PG&E agreed to a $1 billion settlement with a group of public entities for its involvement in the deadly wildfires dating back to 2015.
  • The California Public Utilities Commission launched an investigation into PG&E in late October over a series of power shutoffs, which affected millions, aiming to prevent the spread of wildfires during high-wind periods and dry spells.

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In photos: Thousands evacuated as Southern California fire grows

A plane makes a retardant drop on a ridge at the Apple Fire north of Banning in Riverside County, which "doubled in size" Saturday, per KTLA. Robert Gauthier / Los Angeles Times via Getty Images

A massive wildfire that prompted mandatory evacuations in Southern California over the weekend burned 26,450 acres and was 5% contained by Monday afternoon, the California Department of Forestry and Fire Protection said.

The big picture: As California remains an epicenter of the coronavirus pandemic in the U.S., some 15 separate fires are raging across the state. About 7,800 people were under evacuation orders from the Apple Fire, about 75 miles east of Los Angeles, as hundreds of firefighters battled the blaze. CalFire said Monday that a malfunction involving a "diesel-fueled vehicle emitting burning carbon from the exhaust system" started the Apple Fire.

Twitter faces FTC fine of up to $250 million over alleged privacy violations

Photo: Rafael Henrique/SOPA Images/LightRocket

The Federal Trade Commission has accused Twitter of using phone numbers and emails from its users to make targeted ads between 2013 and 2019, Twitter said in an SEC filing published Monday.

Why it matters: Twitter estimates that the FTC's draft complaint, which was sent a few days after its Q2 earnings report, could cost the company between $150 million and $250 million. The complaint is unrelated to the recent Twitter hack involving a bitcoin scam.