PG&E settles with California regulators as fire victims deal approved

• 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.

Go deeper:

• PG&E strikes $13.5 billion deal with victims of California wildfires
• California's growing local push to overhaul PG&E
• California governor threatens state takeover of PG&E