Skip to content
Subscriber Only
Business

PG&E Soars on $13.5 Billion Settlement With Wildfire Victims

  • Deal is a key step toward resolving company’s bankruptcy
  • PG&E has spent months trying to negotiate with fire victims
PG&E employees work to fix downed power lines burned by wildfires in 2017.
PG&E employees work to fix downed power lines burned by wildfires in 2017.Photographer: David Paul Morris/Bloomberg
Updated on

PG&E Corp. surged to a two-month high after reaching a $13.5 billion settlement with the victims of wildfires ignited by its power lines -- a major step toward resolving the biggest utility bankruptcy in U.S. history.

The agreement, announced late Friday, will cover claims stemming from some of the worst blazes to ever hit Northern California, including the 2017 wine country and the 2018 Camp fires. Shares rose 17% to $11.30 at 1:43 p.m. in New York on Monday.