Photo: Gabrielle Lurie / The Chronicle 2018, (FILES) In this file photo taken on November 8, 2018 Vehicles and homes burn as the Camp fire tears through Paradise, California. If nearly all Americans would wear face masks when they leave their homes, they could save over 100,000 lives by the end of February, a study says. A major bill crafted to enact Gov. Get the insurance industry's trusted newsletter, Your email address will not be published. See here for a complete list of exchanges and delays. PG&E has taken a neutral position, according to a company spokeswoman. PG&E has been blamed for many of the blazes, including the Camp Fire that killed more than 80 people last November. For your security, you will be logged out of your session in 5 minutes. Yes. California's three largest investor-owned utilities have agreed to pay $10.5 billion into a new wildfire fund signed into law by Gov. What would the bill do? Here’s why... New California law will beef up insurance coverage for wildfire and other... Alameda County is reopening indoor dining. And it would change the way regulators consider whether utilities can pass any wildfire costs along to their customers. Who will pay for it? Here’s how it’s going. Try Writing Your Own, Monsanto Loses Final Appeal Over French Farmer's Weedkiller Accident, Some Alaska Phones Beyond Danger Received Tsunami Warning, A Happy Hour with Kevin: Booze... the Webinar, Commercial Property Master Class - Causes of Loss Forms, Exclusions. Shares of the company were up 2.1% at $19.29 in premarket trading. needs to reopen schools safely to help desperate families. Newsom pushed the wildfire fund at the Capitol as a solution to the problem. Thank you! J.D. (Reuters) - Power producer PG&E Corp said on Thursday its initial contribution to California’s wildfire fund would be about $4.8 billion, and annual contribution about $193 million. The unprecedented decision to spend billions of dollars from shareholders under a new model to pay for damages championed by Gov. Please tell us what you liked about it. To reduce contact between trees and power lines, PG&E said it plans to prune or remove about 375,000 trees along 2,500 miles of distribution lines in 2019. The second bill can pass on a majority vote, but it would only be operative if AB1054 passes as well. If proven, the utility would have to repay the wildfire fund for the costs up to a cap, a first-of-its-kind limit to a company’s risk exposure defined as 20% of its transmission and distribution equity. Southern California Edison and San Diego Gas & Electric face potential credit rating downgrades if the deadline isn’t met. "This is an important milestone, but our work is far from over," Smith said. Gavin Newsom speaks to the immense financial threat that power providers face as they operate in a state that endured the worst blazes in the country last year. Up From The Ashes, a group that lobbies for wildfire victims, and the California State Association of Counties have both said they support the bill. The state gave the utilities until Friday to signal their intent to participate in the fund. U.S. Bankruptcy Judge Dennis Montali’s decision cleared the way for PG&E to pay $25.5 billion for losses from devastating fires in 2017 and 2018. The settlements include $13.5 billion earmarked for more than 80,000 wildfire survivors. This activist is right to call for defunding the police anyway. 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FOR NEWS IN YOUR COMMUNITY, DOWNLOAD OUR APP: ►Stay in the know! Interim Chief Executive Officer Bill Smith said in a press release that emerging from bankruptcy is the utility company's first step to be able to repay wildfire survivors. PG&E officials said the company plans to tap into the wildfire fund after Wednesday's announcement. Made in two weeks. Thank you! PAGE NAME: about/newsroom/newsdetails/index, Corporate Responsibility and Sustainability Report, By going solar, you can offset more than a pound of CO. To make the funds available to wildfire victims as quickly as possible, PG&E and various committees will be moving forward as part of the Chapter 11 process with the selection of a third-party administrator to oversee the disbursement to eligible participants. Morris is a business reporter covering PG&E and local efforts to develop coronavirus treatments or vaccines. When lawmakers amended AB1054 on Friday, they split part of it off into another bill for procedural reasons. Gavin Newsom signed a law to create a wildfire fund of up to $21 billion to pay wildfire victims. Are there other related bills? The company said it also enhanced its reclosers, devices that automatically send pulses of electricity through tripped lines, with “remote-functioning capability” in areas of elevated or extreme risk. Column: They’re young and don’t love Biden, but can’t take any more of Trump. PG&E had to emerge from bankruptcy by June 30 before it could access the wildfire insurance fund. Paradise Firefighter Mike Rea surveys a property for remains at the Paradise Community Village Apartments following the Camp Fire in Paradise, California, on Tuesday, Nov. 13, 2018. Your guide to the 2020 election in California. The day after Newsom signed the bill into law, Moody’s said it would provide a stable outlook for Edison and SDG&E if both companies opt into the insurance fund. Sacha Baron Cohen: ‘It was pretty clear to us’ what Rudy Giuliani did in new ‘Borat’. Aguirre’s firm has asked the court for an injunction against the law, which would prevent the state from putting any money into the fund. In return, wildfire costs that would typically lead to higher bills for customers will instead be paid out by the fund, potentially avoiding price hikes. The last time the company emerged from bankruptcy, in 2004, electricity rates soared and management focused even more on boosting profits instead of upgrading its power supply. The companies will be responsible for depositing their share of an initial $7.5-billion total into the fund in the first year and then $300,000 annually for the next decade. SACRAMENTO, Calif. — Weeks after pleading guilty in court to 84 involuntary manslaughter charges for starting a wildfire that wiped out the town of Paradise, Pacific Gas and Electric Company announced Wednesday that the utility company is emerging out of bankruptcy with a plan on how it will repay 2017 and 2018 wildfire survivors. We recommend that you use the most current version of Internet Explorer for the best experience. PG&E has taken several actions to mitigate the risk of fires in its electrical territory — a swath of land that stretches from Humboldt County south through Santa Barbara — after its equipment was found to have likely sparked the Camp fire last year. A federal judge last month approved a $58 billion plan for the company to emerged from bankruptcy by June 30, the deadline that the company had to meet to qualify for coverage from a $21 billion wildfire insurance fund created by California last year. PG&E cited the “unique nature of California’s doctrine of inverse condemnation” as one of many factors it weighed before deciding to file for bankruptcy protection. Of the 3,600 new coronavirus infections reported in L.A. County on Thursday, officials said roughly 2,000 were from a backlog of tests. The law also requires PG&E, Edison and SDG&E to spend a combined total of $5 billion on safety improvements over five years, while blocking the companies from seeking a return on investment that state regulators would have otherwise granted.
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