SoCal Ed Announces Agreement to Settle Fire, Debris Flow Claims

Date : 11/13/2019 @ 10:23PM
Source : Dow Jones News
Stock : Edison International (EIX)
Quote : 71.3  -0.07 (-0.10%) @ 4:22PM

SoCal Ed Announces Agreement to Settle Fire, Debris Flow Claims

Edison (NYSE:EIX)
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   By Stephen Nakrosis 
 

Southern California Edison said Wednesday it has reached agreements in principle to settle a series of claims related to several wildfires that occurred in California in 2017 and 2018.

The claims from 23 public entities related to the Thomas and Koenigstein fires in 2017, and 2018's Woolsey Fire and Montecito debris flow.

Under the terms of the settlements, Southern California Edison will pay a total of $360 million. No admission of wrongdoing or liability was made, the utility said.

"We are pleased to reach agreements to resolve the claims brought by local government entities related to the 2017 and 2018 events," said Pedro J. Pizarro, president and chief executive of Edison International (EIX), the parent company of SCE. "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."

The settlement applies only to claims made by public entities, and doesn't apply to claims made by individuals or businesses, the company said.

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

November 13, 2019 17:08 ET (22:08 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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