EXHIBIT A

Case: 19-30088 Doc# 3980-1 Filed: 09/23/19 Entered: 09/23/19 17:45:04 Page 1

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9/23/2019 PG&E Executes Definitive Agreement Resolving Insurance Subrogation Claims Relating to 2017 and 2018 Wildfires | PG&E

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PG&E Executes Definitive Agreement Resolving

Insurance Subrogation Claims Relating to 2017 and

2018 Wildfires

Release Date: September 23, 2019

Contact: PG&E External Communications (415) 973-5930

PG&E Will File Amended Plan of Reorganization Reflecting

Settlement with Two of Three Major Groups of Wildfire

Claimants and Backstop Financing of $14 Billion That Will

Serve as the Foundation to Fund the Plan

PG&E Remains Committed to Working with Individual

Claimants

Elliott Management Corporation Alternative Proposal Would

Unjustly Enrich Noteholders

SAN FRANCISCO, Calif. — PG&E Corporation and Pacific Gas and

Electric Company (together, "PG&E") announced today that they have

executed a definitive agreement to resolve all insurance subrogation

claims arising from the 2017 Northern California wildfires and 2018

Camp Fire. This agreement was reached with entities representing

approximately 85 percent of insurance subrogation claims and

formalizes the $11 billion agreement in principle announced last week

with those same entities. These claims are based on payments made

by insurance companies following the fires in order to help covered

individuals and businesses recover and rebuild.

"We continue to make progress on doing what's right for the

communities, businesses, and individuals affected by the devastating

wildfires," said Bill Johnson, CEO and President of PG&E Corporation.

"PG&E remains committed to working with the individual victims to fairly

and reasonably resolve their claims and will continue to work to do so

while we remain focused on safely and reliably delivering energy to our

customers, improving our systems and infrastructure, and continuing to

support California's clean energy goals."

The settlement is subject to approval of the Bankruptcy Court

overseeing PG&E's Chapter 11 case, will be implemented pursuant to

PG&E's Joint Chapter 11 Plan of Reorganization (the "Plan"), and is

subject to confirmation of the Plan by the Bankruptcy Court.

Today's executed agreement is PG&E's second major settlement of

wildfire claims. On June 19, 2019, PG&E and 18 local public entities

(cities, counties, districts and public agencies) announced that they had

reached agreements to settle their claims relating to the 2015, 2017,

and 2018 wildfires for a total of $1 billion, to be implemented as part of

the Plan. Proceedings regarding the third and final major group of

wildfire claims are currently pending in both Federal District Court and

State Court.

PG&E's Amended Plan of Reorganization

PG&E will file an amended Plan with the Bankruptcy Court to reflect the

finalized settlement reached with the insurance claimants as well as the

updated backstop financing commitments. The Plan's goals – namely,

treating all stakeholders fairly and protecting customers – will remain

unchanged.

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In addition to complying with all requirements of the Bankruptcy Code,

PG&E's Plan satisfies the requirements of Assembly Bill 1054 ("AB

1054") by providing that all wildfire claims will be satisfied in full – in the

amount either reached through settlement or estimated by the court.

PG&E has received aggregate equity commitments in excess of its $14

billion target amount from a broad array of investors, including current

shareholders, bondholders and parties not currently invested in the

Company's equity or debt securities. This strong showing of support for

PG&E's Plan will serve as the foundation for the equity portion of a

comprehensive exit financing package that will fund the Plan and

PG&E's successful emergence from Chapter 11. PG&E will be

allocating the commitments over the course of the coming weeks in

accordance with the equity commitment agreements.

PG&E expects that the Plan will continue to be updated as

developments require, including to reflect any additional settlements or

the outcome of the ongoing wildfire claims proceedings. PG&E remains

committed to fairly and reasonably resolving the claims of individual

wildfire victims and will continue to work to do so.

PG&E remains on track to have the Plan confirmed in advance of the

June 30, 2020 statutory deadline and to emerge from Chapter 11 as a

financially sound utility positioned to lead California's clean energy

future.

Elliott's Alternative Proposal

On September 19, 2019, the Ad Hoc Committee of Senior Unsecured

Noteholders ("Ad Hoc Committee") led by Elliott Management

Corporation and the Official Committee of Tort Claimants ("TCC")

submitted an alternative Chapter 11 proposal ("Elliott Proposal") to the

Bankruptcy Court. That plan proposal is a blatant attempt to unjustly

enrich the noteholders who proposed it. The Elliott Proposal would cost

all PG&E customers billions of dollars in additional interest payments

over 15 years – while providing an unfair windfall for the noteholders

and plaintiffs' attorneys.

The Elliott Proposal cannot be confirmed by the Bankruptcy Court

because the law requires that all claims of the same priority be treated

equally. The Elliott Proposal would improperly pay one creditor group

(individual fire claimants) ahead of another (the insurers who paid

individuals billions of dollars following the 2017 and 2018 wildfires to

help them recover and rebuild). Further, the Elliott Proposal would

violate AB 1054, which requires satisfying in full all wildfire claims –

including the insurers' claims – in order for PG&E to participate in the

state's newly-formed wildfire fund. The Elliott Proposal therefore would

cause citizens of Northern California to lose the crucial protections that

the newly-formed wildfire fund provides.

This is the second time that Elliott Management Corporation and the Ad

Hoc Committee have tried to seize control of PG&E for their own

profit. Their last attempt was rejected by the Bankruptcy Court in

August, when the Court denied the Ad Hoc Committee's motion to

terminate PG&E's exclusive right to submit a plan of reorganization.

The Ad Hoc Committee's new "plan" is simply another attempt to take

over PG&E at a fraction of its value to the detriment of customers and

other claimants.

PG&E will submit a response to the Elliott Proposal on the schedule set

forth by the Bankruptcy Court.

Public Dissemination of Certain Information

PG&E Corporation and Pacific Gas and Electric Company (the "Utility")

routinely provide links to the Utility's principal regulatory proceedings

with the CPUC and the Federal Energy Regulatory Commission (FERC)

at http://investor.pgecorp.com, under the "Regulatory Filings" tab, so

that such filings are available to investors upon filing with the relevant

agency. PG&E Corporation and the Utility also routinely post, or provide

direct links to, presentations, documents, and other information that Case: 19-30088 Doc# 3980-1 Filed: 09/23/19 Entered: 09/23/19 17:45:04 Page 3

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About Careers Contact Us Privacy Newsroom Regulation Accessibility

"PG&E" refers to Pacific Gas and Electric Company, a subsidiary of PG&E Corporation. © 2019 Pacific Gas and Electric Company. All rights reserved.

may be of interest to investors at http://investor.pgecorp.com, under the

"Chapter 11," "Wildfire Updates" and "News & Events: Events &

Presentations" tabs, respectively, in order to publicly disseminate such

information. It is possible that any of these filings or information

included therein could be deemed to be material information.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is a holding company headquartered

in San Francisco. It is the parent company of Pacific Gas and Electric

Company, an energy company that serves 16 million Californians

across a 70,000-square-mile service area in Northern and Central

California. Each of PG&E Corporation and the Utility is a separate

entity, with distinct creditors and claimants, and is subject to separate

laws, rules and regulations. For more information, visit pgecorp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are not

historical facts, including statements about the beliefs, expectations,

estimates, future plans and strategies of the Corporation and the Utility,

including but not limited to their bankruptcy emergence plan and related

financings. These statements are based on current expectations and

assumptions, which management believes are reasonable, and on

information currently available to management, but are necessarily

subject to various risks and uncertainties, including the possibility that

the conditions to emergence in the Plan or to funding under equity

financing commitments will not be satisfied. In addition to the risk that

these assumptions prove to be inaccurate, factors that could cause

actual results to differ materially from those contemplated by the

forward-looking statements include factors disclosed in the

Corporation's and the Utility's Annual Report on Form 10-K for the year

ended December 31, 2018, their Quarterly Reports on Form 10-Q for

the quarters ended March 31, 2019 and June 30, 2019, and their

subsequent reports filed with the Securities and Exchange Commission.

Additional factors include, but are not limited to, those associated with

the Chapter 11 cases of the Corporation and the Utility that commenced

on January 29, 2019. The Corporation and the Utility undertake no

obligation to publicly update or revise any forward-looking statements,

whether due to new information, future events or otherwise, except to

the extent required by law.

No Securities Offering

This is not an offering of securities and securities may not be offered or

sold absent registration or an applicable exemption from the registration

requirements.

Case: 19-30088 Doc# 3980-1 Filed: 09/23/19 Entered: 09/23/19 17:45:04 Page 4

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