The California Public Utilities Commission has proposed a $1.68 billion settlement with PG&E Corp. for the role the utility company played in igniting a series of deadly wildfires in 2017 and 2018 that killed more than 100 people. Under the terms of the settlement included in a filing by the regulator, the company would be… Continue reading PG&E, California Agree to $1.68 Billion Settlement for Wildfires
Tag: PG&E liability
Is Wildfire Risk Turning California Into A ‘Third World’ State?
The darkened traffic signals, long lines for gasoline and the sight of senior citizens laboring to recharge their medical devices have forced the world’s fifth largest economy to confront its vulnerability to wildfires — while exposing Pacific Gas and Electric Co. to withering criticism about its aging power equipment. For the seventh time in less… Continue reading Is Wildfire Risk Turning California Into A ‘Third World’ State?
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. “These claims are based on payments made by insurance companies to individuals and businesses with insurance… Continue reading PG&E Agrees to Pay $11 Billion Insurance Settlement Over California Wildfires
PG&E Plan Offers Nearly $18B to Wildfire Victims and Public Entities
PG&E Corp. on Monday unveiled a plan to settle billions of dollars in wildfire-related claims and exit bankruptcy next year as it seeks to prevent creditors from taking over the embattled company. The preliminary proposal contemplates raising billions in debt and equity to cover fire damages and emerge from bankruptcy court by June 2020, a… Continue reading PG&E Plan Offers Nearly $18B to Wildfire Victims and Public Entities
PG&E Caused Fire that Killed 85, California Investigators Find
California investigators found that PG&E Corp.’s equipment sparked the deadliest wildfire in state history, putting additional pressure on a company already facing billions of dollars in fire-related liability costs. The California Department of Forestry and Fire Protection said on Wednesday it had determined that a PG&E electric-transmission line near the town of Pulga, Calif., ignited… Continue reading PG&E Caused Fire that Killed 85, California Investigators Find
PG&E Faces SEC Investigation Related to Wildfire Accounting
PG&E Corp. said the Securities and Exchange Commission has opened an investigation into the company’s disclosures and accounting for losses related to California wildfires. The investigation, tied to fires in 2015, 2017 and 2018, represents a new problem for the troubled utility, which filed for bankruptcy protection earlier this year, citing wildfire-related liability costs. It… Continue reading PG&E Faces SEC Investigation Related to Wildfire Accounting