California utility giant Pacific Gas and Electric Co. has agreed to a second large settlement over devastating wildfires, saying it will pay $11 billion to resolve insurance companies’ claims from fires in Northern California’s wine country in 2017 and the 2018 Camp Fire.

“These claims are based on payments made by insurance companies to individuals and businesses with insurance coverage for wildfire damages” in those catastrophic blazes, PG&E said in announcing the deal.

While the $11 billion sum is large, it’s far smaller than the roughly $20 billion that a group of insurance companies had sought, after paying out billions to California wildfire victims.

The settlement will require the approval of a bankruptcy court, as PG&E recently entered into a Chapter 11 reorganization plan, after declaring bankruptcy in January.

PG&E Agrees To Pay $11 Billion Insurance Settlement Over California Wildfires

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