SAN FRANCISCO - 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reached a $13.5 billion settlement that will resolve all major claims related to devastating wildfires blamed on its outdated equipment and negligence. 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. 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. The utility previously reached a $1 billion settlement with cities, counties and other public utilities and an $11 billion agreement with insurance companies and other entities that have paid claims relating to the 2017 and 2018 fires.

Source: thestar December 07, 2019 04:52 UTC