Investing.com – Power company Pacific Gas & Electric (NYSE:PCG) said on Friday that it had reached an $11 billion settlement with entities representing insurance claims related to wildfires in 2017 and 2018.
• The entities represent about 85% of subrogation claims
• PG&E says the claims were based on payments made by insurance companies to individuals and businesses with coverage for wildfire damages.
• The claims stemmed from the wine country fires in October 2017 and November’s Camp Fire, which destroyed most of Paradise, California and killed 86 people. The fires were caused by faulty electrical transmission lines owned and operated by PG&E.
• PG&E is trying to secure approval for a bankruptcy reorganization plan. Shares of the company were up 8.9% in premarket trading.