California regulators approve $373M PG&E rate hike

SAN FRANCISCO -- California regulators have approved a $373 million rate hike for Pacific Gas & Electric to pay costs related to a series of wildfires.

KTVU-TV says the California Public Utilities Commission Thursday unanimously OK'd an increase that raises the average bill by $3.50 a month over 12 months.

The station says the money is supposed to be used to pay PG&E's costs for nine fire, wind and rain events in 2016 and 2017, including repairs and clearing brush and trees from under power lines to prevent future fires.

The hike won't cover the billions it will cost PG&E in connection with 2018's devastating wildfires. The utility, which has filed for bankruptcy, is also seeking about $22 a month in rate increases for wildfire safety and to attract investors.