PG&E said the deal would also settle claims from the 2017 Tubbs Fire, a giant fire in Northern California. Along with the destruction from wildfires caused by PG&E’s equipment, the utility has faced growing criticism over its failure to inspect and maintain its transmission network. In recent bankruptcy negotiations, representatives of Mr. Newsom have pressed PG&E to compensate wildfire victims sufficiently, treat workers fairly and maintain its commitment to clean energy. PG&E has already agreed to pay holders of insurance claims $11 billion in cash. PG&E’s stock surged this week as investors became more upbeat about the prospects of a deal with the wildfire victims, but closed down 1.3 percent on Friday.

Source: New York Times December 07, 2019 03:09 UTC