PG&E’s $105 Million Housing Assistance Fund for Northern California Wildfire Survivors Approved by Bankruptcy Court
SAN FRANCISCO--(BUSINESS WIRE)--May 22, 2019--
Pacific Gas and Electric Company (PG&E) announced today that it received approval from the bankruptcy court to create a $105 million housing assistance fund to support those displaced by the 2017 Northern California wildfires and 2018 Camp Fire.
The Wildfire Assistance Fund is intended to aid those displaced by the 2017 Northern California wildfires and the 2018 Camp Fire, specifically those who are either uninsured or need assistance with alternative living expenses or other urgent needs.
“PG&E remains committed to helping wildfire victims rebuild and recover, and this program is part of how we’re living up to that commitment,” said PG&E Corporation Chief Executive Officer and President Bill Johnson. “We feel strongly that helping these communities in their time of need is the right thing to do and appreciate the court’s decision.”
Selection of Plan Administrator
To make the funds available to wildfire victims as quickly as possible, PG&E and various committees will be moving forward as part of the Chapter 11 process with the selection of a third-party administrator to oversee the disbursement to eligible participants.
Once selected, the plan administrator will work with a team of qualified professionals, including claims agents and accountants, to establish eligibility requirements and review applications for assistance. When establishing eligibility requirements, the administrator will give priority to those participants who are most in need, including those who are currently without adequate shelter. Discussion regarding the selection of a plan administrator will begin immediately, and eligibility requirements are expected to be finalized by the plan administrator shortly thereafter.
The administrator may also partner with local housing agencies and community organizations to assist with the administration of the Wildfire Assistance Program.
Plan Expenses and Funding
The costs associated with administering the fund, including fees associated with the administrator, program professionals or partnering with local organizations, will be capped at $5 million, ensuring that the vast majority of the fund will be used to aid with the living expenses and urgent needs of wildfire victims.
The $105 million being provided by PG&E will be made available from the company’s cash reserves. PG&E will not seek cost recovery from its customers.
Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with more than 20,000 employees, the company delivers some of the nation’s cleanest energy to nearly 16 million people in Northern and Central California. For more information, visit www.pge.com/ and www.pge.com/en/about/newsroom/index.page.
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CONTACT: Media Relations
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: ENERGY UTILITIES OTHER ENERGY
SOURCE: Pacific Gas and Electric Company
Copyright Business Wire 2019.
PUB: 05/22/2019 04:33 PM/DISC: 05/22/2019 04:33 PM