PG&E has agreed to pay $1 billion to compensate more than a dozen California cities
A truck June 12 carried salvaged logs in the area of the devastating 2018 Camp Fire in northern California. Photo: Max Whittaker for The Wall Street Journal By Katherine Blunt and Erin Ailworth Updated June 18, 2019 7:45 pm ET PG&E Corp. PCG 1.38% has agreed to pay $1 billion to compensate more than a dozen California cities, counties and agencies for losses resulting from deadly wildfires sparked by its equipment.
The agreement is subject to approval in bankruptcy court and doesn’t affect claims from individuals or businesses affected by the fires. California fire investigators have tied PG&E’s equipment to 18 fires that swept the wine country region north of San Francisco in 2017, killing 22 people, as well as last year’s Camp Fire, California’s deadliest fire ever.
John Fiske, a Baron & Budd attorney representing the local governments, said they had initially sought well more than $1 billion but declined to specify the amount. PG&E, he added, had sought to pay less than that but was amenable in negotiations.Butte County Counsel Bruce Alpert said the company’s bankruptcy filing accelerated settlement discussions with the county.
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