The execs were sued by a group that was created to represent fire victims and their families. According to a press release from the trust, the settlement was finalized yesterday. The company did not reply to the request.
It is our hope that the current board and new leadership of Pacific Gas and Electric will chart a different course when it comes to safety and the protection of customers in the wake of the devastating fires in California.
The utility has been accused of starting deadly fires by failing to maintain its equipment throughout the region. The company has previously been held responsible for tens of billions of dollars in damages, the destruction of thousands of homes, and the deaths of many people.
The Camp fire was caused by outdated and poorly maintained infrastructure and power lines. The company has been found responsible for several fires. The company announced on Tuesday that it is under investigation for its role in starting the Mosquito Fire.
The utility company filed for Chapter 11 reorganization. Financial challenges are still being faced. In between the Mosquito Fire and settlement announcements, Pacific Generation filed paperwork with the SEC to separate its non-nuclear power generating assets from the rest of the company.
The company is hoping to get approval to sell off 49.9% of the newly separated assets to raise funds for its wildfire-mitigation efforts. The evaluation of the assets that the company is trying to move is just a drop in the ocean.
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