PG&E reaches $11B settlement over wildfire claims

PG&E reaches $11B settlement over wildfire claims

PG&E officials said Friday that the utility has reached an $11 billion settlement with insurance companies to resolve claims resulting from 2017 and 2018 wildfires.

The tentative settlement represents about 85 percent of claims resulting from 2017 Northern California fires and the 2018 Camp Fire, which killed 86 people.

“Today’s settlement is another step in doing what’s right for the communities, businesses, and individuals affected by the devastating wildfires,” said Bill Johnson, CEO and President of PG&E Corp.

The agreement is PG&E’s second major settlement of wildfire claims. In June, PG&E and 18 local entities announced a settlement of claims relating to the 2015, 2017, and 2018 wildfires for a total of $1 billion.

The third group of claims are still pending in court.

On Monday, PG&E Monday filed a Chapter 11 bankruptcy reorganization plan in another effort to compensate wildfire victims.

The San Francisco-based company said the plan filed Monday would not raise or lower customers’ rates while compensating wildfire victims “fairly.”

PG&E is trying to reorganize before June 30, 2020, so the company can participate in the state’s newly established wildfire fund.

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