Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Sign up for Axios Pro Rata
Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Want a daily digest of the top Austin news?
Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.
Want a daily digest of the top Atlanta news?
Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.
Want a daily digest of the top Philadelphia news?
Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.
Want a daily digest of the top Chicago news?
Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Want a daily digest of the top DC news?
Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.
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: