Left Menu
Development News Edition

PG&E announces USD 11 bn settlement in deadly California fires

PTI | Washington DC | Updated: 13-09-2019 20:53 IST | Created: 13-09-2019 20:48 IST
PG&E announces USD 11 bn settlement in deadly California fires
Image Credit: Twitter (@Reuters)

Bankrupt US utility company Pacific Gas and Electric announced Friday it has reached a USD 11 billion settlement with insurance companies over the deadly wildfires in California last year blamed on faulty power lines. The San Francisco-based company said the settlement covers 85 percent of the insurance claims in the 2018 Camp Fire in Northern California -- the deadliest in the state's modern history -- that left 86 people dead.

"Today's settlement is another step in doing what's right for the communities, businesses, and individuals affected by the devastating wildfires," PG&E chief Bill Johnson said in a statement. The blaze ravaged more than 60,000 hectares (153,000 acres) of land and destroyed nearly 19,000 houses and other structures, consuming the small town of Paradise.

PG&E acknowledged that its equipment was to blame for the disaster, and filed for bankruptcy protection in January. Johnson took over the reins in April. The insurance settlement is part of the bankruptcy reorganization plan, and the company said it would continue to work with individuals to "fairly" resolve their claims.

The company in June reached a settlement with local governments and agencies a totally of USD 1 billion. "As we work to resolve the remaining claims of those who have suffered, we are also focused on safely and reliably delivering energy to our customers, improving our systems and infrastructure, and continuing to support California's clean energy goals," Johnson said.

The company's share price surged 7.5 percent in early trading in New York.


TRENDING

OPINION / BLOG / INTERVIEW

South Africa's COVID-19 response: Surprising outcomes or just poor data management?

South Africa has been committed to improving its health information system and shows that a robust digital has considerable scope to improve healthcare for the entire population. But the COVID-19 pandemic has highlighted that significant ga...

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Videos

Latest News

Shaheed Bhagat Singh's stories of bravery, courage will inspire countrymen for years: PM Modi

The stories of bravery and courage of Shaheed Bhagat Singh will inspire the people of the country for centuries, said Prime Minister Narendra Modi on Monday remembering the freedom fighter and revolutionary on his 113th birth anniversary. T...

Scientists find evidence of virus-eating microorganisms

Scientists have found the first compelling evidence that two groups of ecologically important marine microorganisms could be eating viruses -- catching their prey and engulfing them, an advance that may lead to a better understanding of the...

How hormone therapy slows progression of atherosclerosis

As one of the most common treatments for effectively managing menopause symptoms, hormone therapy HT is also known to provide multiple health benefits, including slowing the progression of atherosclerosis. A study based on Early Versus Late...

RBI approves 3-member committee of directors to manage Lakshmi Vilas Bank

The Reserve Bank of India RBI has approved a three-member committee of directors to run the day-to-day functioning of cash-strapped Lakshmi Vilas Bank. The development comes a few days after its shareholders rejected the appointment of seve...

Give Feedback