Brockovich is best known for her success fighting the California utility giant in court over water contamination, a battle later depicted in an Academy Award-winning film starring Julia Roberts. But on late Thursday, she voiced support for a plan by PG&E to compensate the victims of wildfires ignited by its power lines — a settlement that could… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
PG&E previously reached a $1 billion settlement with cities and counties, and an $11 billion agreement with insurance companies. The settlement moves PG&E closer to exiting bankruptcy. The company must get approval for its reorganization plan by June 30, 2020, in order to participate in California’s wildfire fund to help utilities address those costs.
Nancy Mitchell, the lawyer representing the governor, said Gov. Newsom wants assurances that PG&E will come out of bankruptcy financially stable, with cash to invest in new technology and improved safety practices.
Pacific Gas & Electric Corp. is close to finalizing terms for a $13.5-billion payout to victims of wildfires ignited by its power lines, a key step toward resolving the biggest utility bankruptcy in U.S. history, according to people familiar with the matter.
Inverse condemnation should not apply to investor-owned utilities in California, PG&E attorneys argued at a Nov. 19 hearing before U.S. Bankruptcy Judge Dennis Montali, tasked with supervising the company’s reorganization. PG&E’s request, if granted, would reduce its total liabilities since wildfire victims would not receive payouts until a court determines the company was negligent.
“These sustained PSPS events cannot be the new normal for California. The frequency and scope of the PSPS events of 2019 impacted communities and in a profound way,” CPUC President Marybel Batjer said.
The San Francisco energy company said Thursday that it recorded an additional $2.5 billion pretax charge that reflects a bankruptcy settlement it reached with insurance companies over the 2017 Wine Country fires and 2018 Camp Fire.
Critics say the commission hasn’t been aggressive enough about cracking down on PG&E’s safety flaws.
California’s governor called the chief executive of a troubled utility to his office on Tuesday for a closed-door meeting as the company struggles to emerge from a high-profile bankruptcy while facing criticism for its practice of shutting off power for millions of people to prevent wildfires.
Leaders of more than a dozen cities, including Oakland and Sacramento, back proposal to make the utility customer-owned.