The American electricity company PG&E has reached an agreement on the payment of 11 billion dollars to settle damage caused by forest fires. The fires in the US state of California were caused by equipment from Pacific Gas and Electric Company, which got into financial trouble due to the issue.

PG&E has been held responsible by researchers for several fires in recent years, killing more than 100 people in total. The total amount of insurance claims was previously estimated at 50 billion dollars. The agreement covers around 85 percent of the claims.

The company recently filed for bankruptcy protection. The largest utility company in California this week came up with a plan to get out of trouble.