California Power Company Will Pay $11 Billion Settlement Over 2018 Wildfires

California-based power company PG&E will be shelling out $11 billion in a settlement over its role in causing the deadly 2017 and 2018 wildfires.

Insurers were seeking over $20 billion from the company after it was determined the wildfires were sparked by malfunctioning electrical equipment.

PG&E CEO Bill Johnson called it “aonther step in doing what’s right for the communities, businesses, and individuals affected by the devastating wildfires”. The company will pay out nearly $18 billion total to victims, insurers, and local government.