PG&E Agrees To $11 Billion Settlement Over California Wildfires

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PG&E Agrees To $11 Billion Settlement Over California Wildfires
PG&E says that amount would cover about 85% of the claims insurance companies paid out to individuals and businesses.
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Pacific Gas and Electric has agreed to an $11 billion settlement over its role in several major wildfires in 2017 and 2018.

The company said Friday that amount would cover about 85% of the claims insurance companies paid out to individuals and businesses after the fires. But the settlement is only a little more than half of what insurance companies originally asked for.

PG&E's CEO said the settlement "is another step in doing what's right for the communities, businesses, and individuals affected by the devastating wildfires."

It's the second major settlement from the company, which is accused of starting over a dozen fires in California. In June, PG&E agreed to pay $1 billion to settle claims with California cities, counties and other government entities.

The tentative settlement will need to be approved by a bankruptcy court.

PG&E filed for Chapter 11 protection in January and recently released its proposed reorganization plan, which included nearly $18 billion in compensation for wildfire victims, insurance companies and local governments.