Newsom Denies PG&E Bankruptcy Settlement
Sacramento, CA — Governor Gavin Newsom has rejected PG&E’s proposed $13.5-billion settlement with victims of large wildfires occurring between 2015-2018.
We reported earlier this week that it would cover the 2015 Butte Fire in Calaveras and Amador counties that killed two people and damaged 863 buildings. It would also include claims related to the 2016 Ghost Ship Fire in Oakland, 2017 wine country fires and 2018 Camp Fire.
The plan needed Newsom’s approval by Friday in order to proceed, and the Governor sent a letter to PG&E CEO Bill Johnson arguing that it fails to adequately address what will be done to provide safe and reliable power moving forward.
PG&E has stated that the settlement agreement is a key step towards emerging from bankruptcy, and the company will now try to come up with a revised plan.
