PG&E says reached $13.5 billion agreement with wildfire victims

FILE PHOTO: PG&E works on power lines to repair damage caused by the Camp Fire in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage

(Reuters) – Bankrupt California power producer PG&E Corp said on Friday it had reached a $13.5 billion agreement to resolve individual claims relating to the 2017 and 2018 wildfires and the 2015 butte fire.

In a final major settlement, the company said it had reached settlements with all major groups of wildfire claimants, including the Official Committee of Tort Claimants (TCC) and with firms representing individual claimants.

“With this important milestone now accomplished, we are focused on emerging from Chapter 11 as the utility of the future that our customers and communities expect and deserve,” Chief Executive Officer Bill Johnson said in a statement.

The agreed settlement is subject to a number of conditions and requires confirmation by the United States Bankruptcy Court, the company said.

PG&E had previously reached a $1 billion settlement with cities, counties and other public entities and an $11 billion agreement with insurance carriers related to 2017 and 2018 wildfires in California.

Reporting by Bhargav Acharya in Bengaluru; Editing by Michael Perry & Shri Navaratnam

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source: reuters.com