PG&E agrees to $11 billion wildfire settlement

September 13, 2019

PG&E Corporation reached an $11 billion settlement regarding a group of insurance claims related to the 2017 and 2018 Northern California wildfires, PG&E announced on Friday. The company has now reached agreements with two of the three major groups of wildfire litigants. [Cal Coast Times]

In May, Cal Fire investigators determined PG&E power lines caused the 2018 Camp Fire, the deadliest and most destructive blaze in state history. The Camp Fire killed 85 people, burned 153,336 acres and destroyed 18,804 structures.

“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 said in its press release.

PG&E’s share price increased more than 7 percent on Friday, as the settlement figure was less than the $20 to $30 billion sought by litigants.

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Niles Q

09/13/2019 9:37 pm

Next up?

Rate hikes!

Francesca Bolognini

09/13/2019 9:02 pm

The upper echelons of PG&E have pocketed such staggering amounts of profit, this will not even touch them. It will end up as higher rates for the customers, us, being a captive audience. I am sure that done right, a local not-for-profit utility that uses green energy sources would be a much better option to being subjected to the greed of large corporate entities with undue financial influence and limited interest in public safety. We could employ those same people who have serviced our areas faithfully, without the greedy autocrats at the top and share holders to contend with.

-9

Snoid

Reply to Francesca Bolognini

09/14/2019 7:57 am

Non profit utility? What have you been smoking? Sheet, if Harmon or anybody in SLO Co could built their own so called “not for profit” power plant you think corruption wouldn’t set in? Lets not forget what state and county your in there Francesca.

Jorge Estrada

09/13/2019 2:52 pm

Watch the feed frenzy, maybe two billion will go the private loss and 9 billion will go to every agency that exists including some new ones yet to be created.

Jorge Estrada

09/13/2019 2:48 pm

El publico stupido.

womanwhohasbeenthere

09/13/2019 1:08 pm

PG&E will sell assets to pay this and will be broken up into many smaller companies. Then cities like San Luis Obispo, who broker electricity to residents through the Community Choice Aggregation- Monterey Bay scheme, will be buying electricity from multitudes of providers who will charge whatever they want to a captive audience. Be sure to opt out of this latest scam in December.

Rambunctious

09/13/2019 11:23 am

This whole thing smells…and its not smoke I smell…what are insurance companies for?….now because PG&E is taking the blame and paying the price…we are facing costly power outages….where are the legislators?….lets hear one of them stand up and justify this whole mess….