California’s pipeline-safety regulator slapped PG&E Corp. with fines totaling $1.6 billion for the deadly natural gas explosion that rocked San Bruno, Calif., in 2010. The blast, which killed eight people and destroyed a neighborhood in the suburb of San Francisco, was caused by an aging, poorly maintained pipeline with faulty welding work that dated back to the 1950s. Members of the state’s Public Utilities Commission voted unanimously Thursday to levy penalties totaling $1.6 billion for alleged violations, the largest-ever fine for a California utility. The fine, coupled with pipeline-safety repairs that the commission has ordered PG&E to make using shareholder funds, totals $2.2 billion. PG&E stock was trading about 2% lower at $52.45 a share at midafternoon Thursday. PG&E shareholders—not customers—will pay […]