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

Bankrupt US utility company Pacific Gas and Electric announced Friday it has reached an 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 per cent 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 ...