Con Edison has reached a settlement to pay the state $153.3 million over the 2014 deadly Harlem gas explosion.

Eight people were killed and two buildings were destroyed when an underground gas pipe that was not properly protected gave way March 12, 2014.

As part of the deal, Con Ed's shareholders will pay for inspection and repair of gas pipes, and the company will implement new safety measures.

The settlement also includes more than $25 million specifically designed to benefit Con Ed customers.

Gov. Andrew Cuomo said this settlement is a reminder to the energy company of their responsibility to maintain safety first and foremost.