PG&E says equipment probably caused deadly Camp Fire

Record ID: 1397608

  • Title: PG&E says equipment probably caused deadly Camp Fire
  • Date: 28th February 2019
  • Summary: PARADISE, CALIFORNIA, UNITED STATES (FILE - NOVEMBER 16, 2018) (REUTERS) ELECTRICAL LINES BY SIDE OF ROAD IN PARADISE AFTER FIRES FIRE TRUCKS BY THE SIDE OF ROAD PARADISE, CALIFORNIA, UNITED STATES (FILE - NOVEMBER 13, 2018) (REUTERS) VARIOUS OF DAMAGE AFTERMATH IN PARADISE, CALIFORNIA MALIBU, CALIFORNIA, UNITED STATES (FILE - NOVEMBER 9, 2018) (REUTERS) HELICOPTERS FLYING OVER BURNING HOMES IN THICK SMOKE WOMAN ON FENCE WITH BURNING PALM TREE NEXT TO HER, WAVING VARIOUS OF HOMES BURNING VARIOUS OF HILLSIDE ENGULFED IN FLAMES
  • Embargoed: 14th March 2019 19:32
  • Keywords: PG&E Corp 2018 Camp Fire Northern California wildfires Travis Miller equipment ignition point liabilities from wildfires in California filed for bankruptcy Morningstar
  • Location: SAN FRANCISCO, AND PARADISE, CALIFORNIA, AND CHICAGO, ILLINOIS, UNITED STATES
  • City: SAN FRANCISCO, AND PARADISE, CALIFORNIA, AND CHICAGO, ILLINOIS, UNITED STATES
  • Country: USA
  • Topics: Company News Markets,Economic Events
  • Reuters ID: LVA005A3HZQ8D
  • Aspect Ratio: 16:9
  • Story Text: PG&E, which filed for bankruptcy last month because of potential liabilities from wildfires in California, said it is probable that its equipment will be determined to be an "ignition point" of the 2018 Camp Fire.
    PG&E faces billions of dollars of potential liabilities related to the wildfires if an investigation determines its equipment caused them.
    The company took a $10.5 billion charge for the 2018 Camp Fire and an additional $1 billion charge related to 2017 Northern California wildfires.
    PG&E said it had taken a total of $14 billion in pretax charges for the 2018 Camp Fire and the 2017 Northern California wildfires to date.
    The charges represent a portion of the previously announced estimate of potential wildfire liabilities, which could exceed more than $30 billion, PG&E said.
    Last November's deadly Camp Fire destroyed the Northern California town of Paradise and killed 86 people
    Federal filings showed on Wednesday that the power utility had delayed a safety overhaul of a high-voltage transmission line, a prime suspect behind the deadliest wildfire in California's history.
  • Copyright Holder: FILE REUTERS (CAN SELL)
  • Copyright Notice: (c) Copyright Thomson Reuters 2019. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
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