Voices of Support for PG&E’s Recent Settlement Agreement with Individual Wildfire Victims
December 13 2019 - 12:22AM
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.
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