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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.

Go deeper:

Go deeper

House members and staff will be allowed to bring visitors into Capitol again

The U.S. Capitol on Saturday. Photo: Daniel Slim/AFP via Getty Images

Members of the House and their staff will be able to escort certain visitors into the Capitol starting Wednesday.

Why it matters: The House is slowly starting to reopen after more than a year of pandemic restrictions. The Senate already allows official visits, with a staff escort.

Updated 41 mins ago - Politics & Policy

Jury in Derek Chauvin trial heads into deliberation

The jury of Derek Chauvin's trial has gone into deliberation Monday. The judge told instructed them to "reach a just verdict regardless of what the consequence might be."

Why it matters: The jury's verdict in Chauvin's murder trial is seen by advocates as one of the most crucial civil rights cases in decades.

Merrick Garland: Domestic terror is "still with us"

Photo: Kevin Dietsch/UPI/Bloomberg via Getty Images

In his first major speech, Attorney General Merrick Garland warned the nation Monday to remain vigilant against the rising threat of domestic extremism.

Why it matters: Domestic terrorism poses an "elevated threat" to the nation this year, according to U.S. intelligence. Garland has already pledged to crack down on violence linked to white supremacists and right-wing militia groups.