(Reuters) -A $117 million settlement has been reached with former PG&E Corp executives and directors who were accused in a lawsuit of lax oversight of the utility's safety measures prior to the 2017 North Bay and 2018 Camp fires, two of California's most destructive wildfires. The settlement was announced on Thursday by the PG&E Fire Victim Trust, which compensates victims of fires that the parent of Pacific Gas & Electric started between 2015 and 2018. Frank Pitre, a lawyer for the trust, in a statement said the settlement was among the largest of its type, and that money will be used to pay the "vast majority" of claims held by federal agencies that helped battle the fires.
The company is seeking regulatory approval to sell a stake of up to 49.9% in the new non-nuclear generation unit called Pacific Generation LLC, which would provide a source of equity financing to help PG&E fund wildfire risk mitigation and clean energy investments, it added. PG&E would maintain majority ownership in the unit.
OAKLAND, Calif., September 28, 2022--In recognition of National Drive Electric Week (Sept. 23 - Oct. 2, 2022), Pacific Gas and Electric Company (PG&E) is encouraging customers to drive electric, promoting electric vehicle (EV) programs and resources available to customers, and sharing its progress to prepare the grid for widespread EV adoption in support of California’s clean air and climate goals.