PG&E Corporation and Pacific Gas and Electric Company (together, “PG&E” announced that they have entered into an amendment to the Restructuring Support Agreement among the company and certain representatives of the wildfire victims in order to reaffirm the parties’ continued support of the $13.5 billion settlement. The amendment to the Tort Claimants RSA eliminates the provision that would automatically terminate the Tort Claimants RSA if the Governor of California advises PG&E that its Chapter 11 Plan (the “Plan”) does not, in his sole judgment, comply with Assembly Bill 1054 (AB 1054) and the Plan is not modified in a manner acceptable to the Governor by December 17, 2019.

The parties intend to proceed with the Tort Claimants RSA approval hearing before the Bankruptcy Court on December 17, 2019. The company fully intends to comply with the provisions of AB 1054 and will continue to address the concerns in the letter to the company from the Governor dated December 13, 2019. PG&E has been engaged in constructive dialogue to address those concerns with the common objectives of having PG&E be safe, sound and financially stable upon emergence from Chapter 11. PG&E expects this dialogue to continue.