SAN FRANCISCO (CBSLA) — Pacific Gas and Electric has reached a settlement with victims of devastating wildfires in Northern California.
The utility agreed to a $13.5 billion settlement late Friday night, covering two of the worst fires in the state's history: the 2018 Camp Fire that destroyed much of the town of Paradise, and the
2017 Tubbs fire, which ravaged Napa and Sonoma Counties.
PG&E's power lines were found to have sparked both fires. A Bankruptcy court has to approve the settlement. PG&E filed for bankruptcy in January.
Bankruptcy Court approval of the settlement agreement would put PG&E on a sustainable path forward to emerge from Chapter 11 by the June 30, 2020, deadline to participate in the State of California's go-forward wildfire fund, according to the utility.
"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," said CEO and President of PG&E Corporation Bill Johnson.
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