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PCG PR H - Pacific Gas And Electric Co News Story

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Sector
Utilities
Size
Large Cap
Market Cap £4.18bn
Enterprise Value £29.87bn
Revenue £13.37bn
Position in Universe th / 6853

U.S. Supreme Court rejects dispute over 2007 California wildfire payouts

Mon 7th October, 2019 2:32pm
WASHINGTON, Oct 7 (Reuters) - The U.S. Supreme Court on
Monday declined to hear a bid by Sempra Energy's  SRE.N  San
Diego Gas & Electric Co to recover $379 million from customers
related to damages it was forced to pay out in litigation after
the deadly 2007 California wildfires that burned hundreds of
homes.
    After state courts turned away the utility's challenge to a
decision by California regulators to prohibit it from raising
utility rates to compensate for the payouts because it had
improperly maintained its equipment, the Supreme Court opted not
to hear San Diego Gas & Electric's appeal. The utility had
accused state regulators of violating the U.S. Constitution's
bar on the government taking property without compensation.
    The court's action came on the first day of its new term.
    

 (Reporting by Andrew Chung and Lawrence Hurley; Editing by Will
Dunham)
 ((lawrence.hurley@thomsonreuters.com; Twitter: @lawrencehurley;
+1 202-809-3080;))
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