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PG&E Corporation Files Plans To Settle Wildfire Claims

PG&E Corporation Files Plans To Settle Wildfire Claims

PG&E Corporation (NYSE: PCG) said Monday it has filed amended plans to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and 2018 Camp fire.

The agreement represents around 85% of insurance subrogation claims and formalizes an $11-billion agreement in principle announced last week.

The claims are based on payments made by insurance companies following the fires in order to help covered individuals and businesses recover and rebuild.

"We continue to make progress on doing what's right for the communities, businesses, and individuals affected by the devastating wildfires," CEO Bill Johnson said in a statement.

"PG&E remains committed to working with the individual victims to fairly and reasonably resolve their claims and will continue to work to do so while we remain focused on safely and reliably delivering energy to our customers, improving our systems and infrastructure, and continuing to support California's clean energy goals." 

In a separate announcement, the company said it continues to monitor hot, dry and windy weather over the next few days and anticipates that it will need to shut off power for safety in nine Northern California counties starting Monday evening. 

PG&E shares were down 0.34% at $11.57 at the time of publication. The stock has a 52-week high of $49.42 and a 52-week low of $5.07.

Related Links:

How To Apply For PG&E's Wildfire Assistance Program

PG&E Reports Mixed Q2 Earnings

Posted-In: News Legal Best of Benzinga


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