PG&E Hopes Settlement Helps It Bounce Back From Bankruptcy
Pacific Gas And Electric is hoping to avoid two legal challenges with its planned $13.5 billion settlement for fire victims announced last week.
Breaking down the details, the Associated Press reports that it would allow the company to skip a January civil trial to determine if the utility was responsible for a 2017 deadly wildfire in Sonoma County and avoid a federal court hearing that would estimate its total bill from fires between 2015 and 2018.
The settlement must be signed by Governor Gavin Newsom by Friday and receive approval from a federal court judge. Upon news of the potential settlement, PG&E’s stock increased by about 16-percent yesterday, and this morning it is sitting at around $11.72. In late October it had dropped to as low as $3.80.