PacifiCorp reaches $575 million settlement over wildfire damage

PORTLAND, Ore. (KTVZ) — PacifiCorp, the parent company of Pacific Power, announced it has reached a $575 million settlement with the federal government to resolve all known federal claims for damages from several major wildfires.

According to a statement PacifiCorp released Friday, the settlement covers losses from the 2020 Labor Day fires — including the 242, Archie Creek, Echo Mountain, Slater and South Obenchain fires — as well as the 2022 McKinney Fire in Northern California.

Ryan Flynn, president of Pacific Power, said the agreement marks a major milestone in the company’s effort to resolve wildfire-related claims. “Setting aside claims from the Beachie Creek and Santiam Canyon fires, we have now settled nearly 90 percent of known claims for more than $2.2 billion, providing certainty for customers and progress toward a financially healthy utility,” Flynn said in a statement.

PacifiCorp said it continues to invest in wildfire prevention, including improved monitoring technology, enhanced vegetation management and stronger power systems. The company also said it remains committed to working with regulators, legislators and customers to develop long-term solutions to address increasing wildfire and extreme weather threats.