SAN FRANCISCO--(BUSINESS WIRE)--PG&E Corporation and Pacific Gas and Electric Company (together, “PG&E”) today shared the following demonstrations of support for the recent settlement agreement with individual wildfire victims that treats all victims fairly, protects customers, and will enable PG&E to emerge from Chapter 11 as a financially sound utility positioned to serve California for the long term.
Those demonstrations of support include:
“Most importantly, this proposed plan of reorganization and settlements with all the victims meet the Governor’s goals that he’s laid out. First and foremost, they will fairly and justly compensate wildfire victims in a timely manner. This approach will also enable the company to continue to help meet the state’s climate and clean energy goals. Finally under this equity plan, PG&E is agreeing to spend $40 billion over 4 years to fix their infrastructure to help create a more safe and secure PG&E. The equity plan is the only plan that meets all three of the Governor’s objectives,” said Erin Brockovich, consumer advocate.
“We strongly believe that this settlement with PG&E treats wildfire victims fairly and will get them the compensation they deserve and have been waiting for. We are glad to have an agreement in place and look forward to getting it approved by the Court,” said Joseph Earley, fire victim and attorney representing 11,000 other victims.
“This is a positive step forward for wildfire survivors to get their losses paid after two long years, and to help our communities get back on their feet. The agreement we reached with PG&E is a major step forward, not only for the wildfire survivors, but also for the State of California. The sooner PG&E gets out of Chapter 11, the sooner the survivors get paid and California can turn its attention to improving the safety of our electrical distribution system. We are committed to working with PG&E to get the settlement and restructuring plan approved by the Court,” said Noreen Evans, attorney and former State Senator.
“As a Tubbs Fire survivor myself, I personally know that victims have been waiting to rebuild their lives, and reaching this agreement with PG&E will allow them to do just that. We look forward to the Court’s approval of both the settlement and PG&E’s restructuring plan so victims can finally get paid. I strongly oppose any efforts by the Ad Hoc Bondholders to push a plan that would require litigation and further delay victims getting the long-overdue compensation they deserve,” said Roy Miller, victims’ attorney.
Major Settlements Reached
As announced last week, PG&E reached a settlement valued at approximately $13.5 billion to resolve all remaining wildfire claims, including individual claims, relating to the 2015 Butte Fire, 2016 Ghost Ship Fire, 2017 Northern California Wildfires (including the 2017 Tubbs Fire), and the 2018 Camp Fire pursuant to the terms of PG&E’s Plan. PG&E’s Plan has the support of the Official Committee of Tort Claimants and firms representing approximately 70% of wildfire victims.
PG&E previously reached settlements with two major groups of wildfire claim holders, including a $1 billion settlement with cities, counties, and other public entities, and an $11 billion agreement with insurance companies and other entities that have already paid insurance coverage for claims relating to the 2017 and 2018 wildfires.
About PG&E Corporation
PG&E Corporation (NYSE: PCG) is a holding company headquartered in San Francisco. It is the parent company of Pacific Gas and Electric Company, an energy company that serves 16 million Californians across a 70,000-square-mile service area in Northern and Central California. Each of PG&E Corporation and the Utility is a separate entity, with distinct creditors and claimants, and is subject to separate laws, rules and regulations. For more information, visit http://www.pgecorp.com.