With more than two dozen wildfires now burning across the state, Southern California Edison Co. (SCE) said it has reached a $1 billion-plus settlement with insurance companies on the major fires involving its equipment in 2017 and 2018.

The SCE settlement covers the 2017 Thomas and Koenigstein fires and 2018 mudslides in Montecito near Santa Barbara, CA. SCE did not admit liability in the agreement.

“SCE continues to make progress in reaching settlements with individual plaintiffs in litigation arising from the 2018 Woolsey Fire and earlier fires and mudslide events,” said spokesperson Gloria Quinn.

In a filing with the Securities and Exchange Commission, SCE said it agreed to pay $1.16 billion, releasing the utility and parent company Edison International (EI) from any...