Pacific Gas and Electric (PG&E) has settled. In mid-December the company agreed to pay the Official Committee of Tort Claimants (TCC) and with other law firms representing individual claimants.
The final settlement is the $13.5 billion figure that has been floating around for the last month or so. All that has changed is that claimants from 2018’s Camp Fire will participate.
The other fires are the Tubbs Fire in 2017, the 2015 Butte Fire and the 2016 Ghost Ship Fire. Those claimants and their attorneys will split that money.
There are some conditions that must be met that pertain to the Chapter 11 Plan of Reorganization and must be agreed upon by the court. If approved, it puts PG&E on the path to emerge from the reorganization by June 30th of this year. At that point the company can participate in the state’s newly set up wildfire fund.
Company president and CEO Bill Johnson is happy with the agreement.
“From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal. We want to help our customers, our neighbors, and our friends in those impacted areas recover and rebuild after these tragic wildfires,” Johnson said.
He also pointed out that PG&E is determined to change going forward.
“There have been many calls for PG&E to change in recent years. PG&E’s leadership team has heard those calls for change, and we realize we need to do even more to be a different company now and in the future,” Johnson noted. “We will continue to make the needed changes to re-earn the trust and respect of our customers, our stakeholders, and the public. We recognize we need to deliver safe and reliable energy service every single day — we’re determined to do just that.”
And last, Johnson said the company is committed to stopping future fires with better management.
This is the last of the three settlements PG&E needs to complete the Chapter 11 reorganization. The other two are a $1 billion settlement with the cities impacted by the fires and the $11 billion with the insurance companies who paid out on claims and for other entities that did the same.
Source link: PropertyCasualty360.com