BREAKING: Pacific Gas & Electric Co. announces $13.5 billion settlement with individual Northern California wildfire victims.
FILE - In this Nov. 10, 2018, file photo, the Camp Fire burns along a ridgetop near Big Bend, Calif. Pacific Gas and Electric says it has reached a $13.5 billion settlement that will resolve all major claims related to devastating wildfires blamed on its outdated equipment and negligence. The settlement, which the utility says was reached Friday, Dec. 6, 2019, still requires court approval.
The settlement, which the utility says was reached Friday, still requires court approval. PG&E says it is a key step in leading it out of Chapter 11 bankruptcy. “From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal,” Bill Johnson, PG&E Corporation’s CEO and president, said in a statement. “We want to help our customers, our neighbors and our friends in those impacted areas recover and rebuild after these tragic wildfires.”
Friday’s settlement figure responds to pressure from Gov. Gavin Newsom to give wildfire victims more than it originally offered, but it still relies on the bankruptcy judge’s approval as part of the proceedings. A February hearing at which an official estimation of losses will be made still looms for the utility and could upend any settlement deals.
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