Update: PG&E Nearing $13.5 Billion Payout Terms for Wildfire Victims (December 2019)

What’s Going On with PG&E Today?

Bloomberg: PG&E Is Near $13.5 Billion Deal With Wildfire Victims

Less than a year after filing for bankruptcy protection, PG&E is nearing an agreement. The terms are a whopping $13.5 billion payout to wildfire victims, half to be paid in cash and half in stock.

PG&E was found to have caused wildfires in 2017 and 2018 after decades of ignoring their power lines. With $30 billion in the original liability assessment, the new terms mean the company will pay far less in damages than they cost.

If the deal is finalized, it will help the privately-owned utility avoid a state takeover. But they will most likely pass the costs on to their customers.

If history is any indication, PG&E will request permission to increase rates from the California Public Utilities Commission, and it will be granted.

Customers will have little luck avoiding rate increases. Victims will get less than they deserve. The utility is famously obstinate, and now is protected by bankruptcy laws.

What’s more, PG&E needs to prevent future wildfires. And their infrastructure is far from upgraded to where it needs to be. So they have been enacting public safety power shutoffs — otherwise known as blackouts. Millions of Californians have already suffered rolling blackouts lasting days at a time. The blackouts will continue, by PG&E’s own admission, for at least a decade.

What can PG&E customers do? The best solution today is to switch to solar with a backup battery.

Backup battery prices have dropped significantly in recent years. Solar panels have also become much more affordable.

The best way to get away from PG&E’s blackouts AND their rising prices is to switch to solar with a backup battery. Contact Horizon Solar Power today to the best pricing of 2019…and lock in those low rates for decades to come!