Power lines during a PG&E public safety power shutoff in November 2019 in Santa Rosa, California. Photo: Justin Sullivan/Getty Images

Pacific Gas & Electric gained a financial shield on Saturday against roughly $30 billion in liabilities over its involvement in deadly wildfires across California, the New York Times reports.

Why it matters: PG&E's plan to exit bankruptcy, which is now approved by a federal judge, qualifies the company for a wildfire insurance fund that will help cover future claims from fires caused by its equipment.

  • PG&E pled guilty to 84 counts of involuntary manslaughter for those California residents killed in the California Camp Fire.

Catch up quick: PG&E filed for Chapter 11 bankruptcy last January after facing the estimated billions of dollars in claims. The company agreed to a $13.5 billion settlement with California wildfire victims last December.

What's next: Judge Dennis Montali's approval of PG&E's bankruptcy exit authorizes $13.5 billion in compensation for roughly 70,000 businesses and homeowners affected by fires sparked by PG&E equipment, per the Times.

  • The company still faces "daunting challenges," per the Times, as PG&E operations "stretch across a 70,000-square-mile service area that appears increasingly vulnerable to wildfires because of climate change. And it is not clear whether the company, which has been repeatedly cited for negligence, is up to the enormous task of making its transmission system safer."

Go deeper: California to open investigation into PG&E for power shutoffs

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 12,772,755 — Total deaths: 566,036 — Total recoveries — 7,030,749Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 3,269,531 — Total deaths: 134,898 — Total recoveries: 995,576 — Total tested: 39,553,395Map.
  3. Politics: Trump wears face mask in public for first time.
  4. States: Florida smashes single-day record for new coronavirus cases with over 15,000.
  5. Public health: Trump's coronavirus testing czar says lockdowns in hotspots "should be on the table" — We're losing the war on the coronavirus.
  6. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."
2 hours ago - Health

Florida smashes single-day record for new coronavirus cases

Data: Covid Tracking Project; Chart: Axios Visuals

Florida reported 15,299 confirmed coronavirus cases on Sunday — a new single-day record for any state, according to its health department.

The big picture: The figure shatters both Florida's previous record of 11,458 new cases and the single-state record of 11,694 set by California last week, according to AP. It also surpasses New York's daily peak of 11,571 new cases in April, and comes just a day after Disney World reopened in Orlando.

Pelosi: Trump is "messing with the health of our children" with push to open schools

House Speaker Nancy Pelosi said on CNN's "State of the Union" Sunday that Education Secretary Betsy DeVos' aggressive push to fully reopen schools this fall is "malfeasance and dereliction of duty," accusing the Trump administration of "messing with the health of our children."

Why it matters: Trump has demanded that schools reopen as part of his efforts to juice the economy by allowing parents to return to work, despite caution from health officials that little is known about how the virus impacts children.