The utility is paying $2B settlement in deadly 2018 California fire

Total expected losses for the 2017 and 2018 events are around $4.6 billion

CALIFORNIA: To settle insurance claims from a deadly, destructive wildfire caused by its equipment in 2018, Southern California Edison will pay $2.2 billion, the utility announced Monday.

Edison said the agreement covers all claims in pending claims from insurance companies related to the Woolsey fire that blackened 151 square miles (391 square kilometers) of Los Angeles and Ventura counties. 3 people died and more than 1,600 homes and other buildings were destroyed.

Edison added that it has finalized settlements from the December 2017 Thomas fire and landslides a month later on land that burned.

Edison CEO Pedro Pizarro said, “We have made another significant step toward resolving pending wildfire-related litigation.”

Total expected losses for the 2017 and 2018 events are around $4.6 billion, the utility statement said.

Craig Simon, co-lead counsel for the insurance companies, said, “The settlement was fair to all and consistent with prior cases against Edison and other utilities.”

Investigations found that Edison’s equipment sparked both the Woolsey and Thomas fires.

Written by Riley Kaplan

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