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PG&E reaches $13.5bn deal to resolve claims over years of California wildfires | Business

The bankrupt California utility Pacific Gas & Electric said on Friday it had reached a $13.5bn agreement to resolve individual claims relating to the 2017 and 2018 wildfires and the 2015 Butte fire.

In a final major settlement, the company said it had reached settlements with all major groups of wildfire claimants, including the Official Committee of Tort Claimants (TCC), and with firms representing individual claimants.

“We want to help our customers, our neighbors and our friends … recover and rebuild after these tragic wildfires,” its CEO, Bill Johnson, said in a statement. “With this important milestone now accomplished, we are focused on emerging from Chapter 11 as the utility of the future that our customers and communities expect and deserve.”

The agreed settlement is subject to a number of conditions and requires confirmation by the United States Bankruptcy Court, the company said.

PG&E had previously reached a $1bn settlement with cities, counties and other public entities and an $11bn agreement with insurance carriers related to 2017 and 2018 wildfires in California.