PG&E Emerges from Chapter 11 - Seite 2

The Fire Victim Trust will be administered by the Fire Victim Trustee and Claims Administrator, both of whom have been approved by the Bankruptcy Court. Neither the Trustee, the Hon. John K. Trotter (Ret.), nor the Claims Administrator, Cathy Yanni, is associated with PG&E Corporation or the Utility. The Fire Victim Trust is solely responsible for administering, reviewing and satisfying all Fire Victim Claims. The Fire Victim Trust has adopted claims resolution procedures for the administration and resolution of Fire Victim Claims. Neither PG&E Corporation nor the Utility will have any role or responsibility in the administration of the Fire Victim Trust. The Fire Victim Trust’s website, which is maintained by the Claims Administrator, can be found at www.firevictimtrust.com.

In addition to funding the Fire Victim Trust, PG&E has also now funded two additional wildfire settlements, paying approximately $1 billion to satisfy the wildfire claims of certain cities, counties, and other public entities, and paying an $11 billion settlement to insurance companies and other entities that paid claims by individuals and businesses related to wildfires in recent years.

Participation in State Wildfire Fund

Today’s announcement also confirms PG&E’s participation in California’s go-forward wildfire fund established by AB 1054. PG&E today deposited approximately $5 billion in the Wildfire Fund, representing PG&E’s initial and first annual contributions.

New Board of Directors

As announced last month, PG&E Corporation’s newly appointed Board of Directors is now officially in place along with the Corporation’s new Interim CEO, Bill Smith, who officially took over from outgoing CEO, Bill Johnson, effective July 1, 2020. The new Board consists of 14 members, 11 of whom are new. The Board members bring substantial expertise in key areas including utility operations and management, safety and environment, risk management, customer engagement, innovation and technology, regulatory affairs (state and federal), audit and finance, corporate governance, nuclear operations and decommissioning, and human capital and executive compensation. In addition, six of the 11 new directors are from California and have made their careers in the state, gaining extensive knowledge of the communities PG&E serves and the political, social, and physical environment in which PG&E operates.