PG&E’s $11 Billion Deal

PG&E's $11 Billion Deal

Earlier this year Pacific Gas & Electric (PG&E) admitted that the Camp Fire in California in 2018 was probably its fault. The wildfire destroyed countless acres of land, including the city of Paradise, where 86 people lost their lives. The power company filed for bankruptcy as it faced the then-estimated $30 billion in damages.

While the new combined total of insurance claims is around $20 billion, PG&E settled for $11 billion.

PG&E’s Chapter 11 bankruptcy deadline is in June 2020. The company claims it will work to sign more deals leading up to the deadline to fulfill all of the insurance claims. Until then, many previous residents of Paradise are still waiting for financial assistance that would help them get on with their lives.

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