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PG&E says it has reached $13.5 billion wildfire settlement

Pacific Gas and Electric says it has reached a $13.5 billion settlement that will resolve all major claims related to devastating wildfires blamed on its outdated equipment and negligence.

The settlement, which the utility says was reached Friday, still requires court approval. PG&E says it is a key step in leading it out of Chapter 11 bankruptcy.

It adds that the settlement will resolve all claims arising from the 2017 Northern California wildfires and 2018 Camp Fire, as well as all claims from the 2015 Butte Fire and 2016 Ghost Ship Fire in Oakland.

The settlement is still subject to a number of conditions involving PG&E’s Chapter 11 bankruptcy reorganization plans, which must be completed by June 30, 2020.

“From the beginning of the Chapter 11 process, getting wildfire victims fairly compensated, especially the individuals, has been our primary goal," Bill Johnson, PG&E Corporation's CEO and president, said in a statement. “We want to help our customers, our neighbors and our friends in those impacted areas recover and rebuild after these tragic wildfires."