The post PG&E’s Reorganization Plan—Cap Wildfire Liabilities at $ 18 Billion appeared first on POWER Magazine.

Pacific Gas & Electric (PG&E) wants to cap its liabilities from damages caused by California wildfires at about $ 18 billion, according to the reorganization plan filed by the bankrupt utility September 9 in federal court in San Francisco. The amount is less than half what creditors, including insurance companies and wildfire victims, say they are owed.

PG&E said it plans to raise a combination of debt and equity to cover its liabilities after the company’s equipment was blamed for starting wildfires in 2017 and 2018 that left more than 100 people dead and caused billions of dollars in property damage. PG&E, the state’s largest utility, filed for Chapter 11 bankruptcy protection in January.

Jason Wells, the company’s chief financial officer, told Bloomberg on Monday, “We currently believe that the caps being outlined in our plan of reorganization are sufficient to satisfy the claims against the company.”…

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