PG&E agrees to pay $1 billion to cover California 'taxpayer losses' from several wildfires
Pacific Gas & Electric reached a settlement with 14 local California governments on Tuesday to pay $1 billion in damages for a series of wildfires that killed dozens of people and destroyed thousands of homes. PG&E, which declared bankruptcy in January in anticipation of tens of billions in wildfire-related damages, said Tuesday's settlement is "an important first step toward an orderly, fair, and expeditious resolution of wildfire claims." Baron & Budd, the Texas law firm representing the 14 California communities, said the settlement will cover "taxpayer losses."
"This money will help local government and taxpayers rebuild their communities after several years of devastating wildfires," Baron & Budd said in a statement. "The cities and counties will be in a better position to help their citizens rebuild and move forward." The town of Paradise, mostly destroyed in 2018's Camp Fire, will get $270 million, and other money will cover damages from a 2015 fire in Butte County and 2017 fires in Northern California wine country. PG&E's downed power lines have been linked to several wildfires in the state.
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