PG&E Agrees To Pay $11 Billion Insurance Settlement Over California Wildfires
Utility giant PG&E
has agreed to a second large settlement over devastating Northern California wildfires,
saying it will pay $11 billion to resolve most insurance claims from the wine country fires in 2017 and massive Camp Fire in 2018.
The utility
says the tentative deal with a group of insurers covers about 85% of claims from those fires.
While the $11 billion sum is large, it’s far smaller than the roughly $20 billion that the insurance companies wanted, after paying out billions to California wildfire victims.
The settlement will require the approval of a bankruptcy court, as PG&E filed for bankruptcy in January and recently entered into a Chapter 11 reorganization plan.
NPR