PG&E Corporation agreed to an $11 billion settlement for claims tied to Northern California wildfires in 2017 and 2018 which include all of the subrogation claims which relate to the insurers.
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“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 Corporation. “As we work to resolve the remaining claims of those who’ve suffered, we are also focused on safely and reliably delivering energy to our customers, improving our systems and infrastructure, and continuing to support California’s clean energy goals. We are committed to becoming the utility our customers deserve."
Shares rose as the settlement figure was less than the $20 to $30 billion that had been sought, according to reports.
|PCG||PG & E CORP.||11.86||+0.18||+1.54%|
The 2018 Camp Fire was the deadliest in the state's history and was started by faulty electrical lines, the state determined.
The company still has a third group of claimants to work through.
"PG&E remains committed to working with the individual plaintiffs to fairly and reasonably resolve their claims and will continue to work to do so" the company noted in its press release.