(Reuters) - Utility company PG&E Corp
On September 9, 2010, a blast at the utility's natural gas pipeline killed four people, and an ensuing firestorm destroyed 37 homes and injured more than 50 people in San Bruno.
The company will make the payment within 30 days.
The $70 million payment is in addition to PG&E's commitment to fund replacement and repair of the city's infrastructure and other costs related to the accident, the company said in a statement.
PG&E has a network that includes about 43,000 miles of natural gas distribution pipeline and 6,438 miles of transmission pipeline.
Shares of the San Francisco, California-based company were trading up marginally at $43.14 on the New York stock exchange.
(Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Sriraj Kalluvila)