ORLANDO, Fla., June 6 (UPI) -- The California utility company tied to a deadly 2010 gas pipeline explosion might be ready to reach a deal with state regulators, an executive said.
A natural gas pipeline operated by Pacific Gas and Electric Co. exploded September 2010 in San Bruno, Calif., killing eight people and damaging 38 homes.
PG&E had said it was facing as much as $200 million in penalties related to the incident. It's facing three penalty proceedings with the California Public Utilities Commission.
PG&E Chief Executive Officer Anthony Earley told Bloomberg News that it might be the right time to reach a deal with state regulators.
"By the second anniversary, on Sept. 9, we need to show progress or people are going to start asking why hasn't this come along," he said at a convention in Florida.
PG&E during the first quarter of 2012 posted a net income of $233 million, up 17 percent from the same time last year.
U.S. legislation on pipeline safety, enacted this year, doubles the maximum fine for pipeline safety violations to $2 million.