PG&E Corp. (PCG:US) can collect $299.2 million from customers for a pipeline safety plan, the California Public Safety Commission said.
The commission voted 5-0 for approval at a meeting today in San Francisco. PG&E, owner of a natural gas pipeline that exploded two years ago and killed eight people in San Bruno, California, will get 39 percent of the $768.8 million it requested through 2014 to improve its system, according to today’s decision.
The commission removed a provision in an earlier proposed decision that would have cut PG&E’s return on equity to 6.05 percent on safety investments for five years.
PG&E will use the funds to test, upgrade and replace gas lines and install automatic-shut off valves.
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