Pacific Gas & Electric Corp., the parent company of California's largest utility, plans to file for Chapter 11 bankruptcy protection amid what could be billions of dollars in liability costs over the massive wildfires that have torn through California in recent years.
The company made the announcement Monday. Just hours earlier, PG&E said that its CEO, Geisha Williams, would be stepping down.
The state's fire agency, Cal Fire, determined in June that PG&E equipment had sparked 17 wildfires across Northern California in 2017. In 12 of those fires, the agency's findings were referred to the appropriate county District Attorney's offices for potential violations of state law.
And regulators are now investigating the utility's potential culpability in November's Camp Fire, the deadliest in state history.
If PG&E is found legally responsible for some or all of the costs connected to the 2017 and 2018 Northern California wildfires, its liability could exceed $30 billion, according to the company's filing with the Securities and Exchange Commission on Monday. And that figure does not include potential punitive damages, fines and penalties or damages related to future claims.
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5 comments:
The good news is money will be made by lawyers from lawsuits and the people of Cali whose homes were destroyed will get some money. The bad news is the people will rebuild on the same hillsides as before and only the wealthy will be able to afford electricity in Cali. The real blame for the fires is the number of houses being built in places that shouldn't have houses.
so geisha get a golden parachute..she needs to be hung
With a net income of $1.6 billion a year and a huge infrastructure, bankruptcy protection against a $30 billion threat is just what businesses do to stay alive.
These transmission lines were put in place for renewables.
whoops, you mean it's UNSUSTAINABLE???
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