Southern California Edison has reached a settlement agreement with several intervenors to allow the utility to recover about $2 billion of $5.6 billion in losses tied to the 2017 to 2018 wildfire and mudslide events.
Out of the $2 billion, about $1.6 billion consists of uninsured claims and $400 million comprises legal costs paid as of May 31 this year, the company’s parent, Edison International, said on Friday.
The Woolsey fire of 2018 burned 96,949 acres of land in California, destroyed 1,643 structures, killed three people, and prompted the evacuation of more than 295,000 people.
The California Department of Justice had probed the Edison unit’s role in igniting the 2018 Woolsey wildfire in Los Angeles and Ventura Counties, but charges were dropped due to a lack of evidence.
Southern California will also be authorized to recover 35% of losses paid after May 31.
The agreements will need to be approved by the California Public Utilities Commission.
As for the parent company, Edison, its shares began Friday up 43 cents to $56.01.
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