11/13/2019, 10:31 PM (Source: TeleTrader)
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Edison settles 2017, 2018 wildfire claims

Edison International announced on Wednesday it has reached an agreement to settle the claims asserted by 23 public entities impacted by the 2017 Thomas and Koenigstein fires, as well as the 2018 Montecito debris flows and the 2018 Woolsey Fire.

Under the settlement, the utility company agreed to pay $360 million to the entities for the damages sustained from the fires and debris flows.

"We are pleased to reach agreements to resolve the claims brought by local government entities related to the 2017 and 2018 events. We look forward to engaging with other parties who have a similar interest in good faith settlement efforts. We also will continue to make substantial investments in our system and enhance our operational practices to reduce the risk of wildfires in our service area and safely provide power to homes and businesses," chief executive Pedro Pizarro said in the press release.

Baha Breaking News (BBN) / MD