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PacifiCorp Agrees to $150 Million Settlement Over 2020 Wildfires
PacifiCorp, a utility owned by Warren Buffett's Berkshire Hathaway, has reached a $150 million settlement with 378 plaintiffs stemming from the 2020 wildfires that ravaged parts of Oregon and northern California. This settlement primarily addresses claims connected to the Slater Fire, which scorched approximately 157,000 acres over two months and spread across state lines into Oregon before containment.
The Portland, Oregon-based utility has already disbursed over $1 billion to settle more than 1,600 claims from individuals and businesses in the affected regions of Oregon and California. Despite this, PacifiCorp continues to face numerous legal battles, with critics alleging the utility's negligence in not shutting off power lines during a windstorm, which they claim exacerbated the fire's destruction. One particularly contentious lawsuit is seeking at least $30 billion in damages—a figure PacifiCorp deems excessive, though they have expressed willingness to settle "all reasonable claims."
Additionally, the U.S. government has threatened legal action against PacifiCorp for failing to pay $356 million in costs and damages tied to the Slater fire. This utility is a segment of Berkshire Hathaway Energy, which is predominantly owned by the Omaha, Nebraska-based conglomerate led by Buffett since 1965. In his annual letter to Berkshire shareholders dated February 24, Buffett acknowledged his failure to foresee the financial risks associated with wildfires, describing it as a "costly mistake." Berkshire Hathaway had acquired PacifiCorp for $5.1 billion in 2006.
