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PG&E Plans To File For Bankruptcy Over Possible Liability In California Wildfires

Hawkeye10

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A Taste:
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
https://www.npr.org/2019/01/14/6851...ver-possible-liability-in-california-wildfire

Well this is interesting..... PG&E is essentially already giving up on state leaders being able/willing to find a solution and are seeking comfort in our long very broken bankruptcy laws. To add insult to injury a brand new almost woman CEO that everyone was all proud of having in the chair because we allegedly have a shortage of women CEO's gets dumped.

Not Cool.
 
So much is missing from this story it is ridiculous.
 
California approved SDGE to boost rates to cover lawsuits.

California already has about the highest rates in the country, there is no ability to add $30 billion and counting (Because there is no reason to think that the mass burning of California is anywhere near over) to the bills. Obviously the investors are not going to pay either, by filing this bankruptcy they are giving notice that they will not pay.
 
California approved SDGE to boost rates to cover lawsuits.

You meant to say that California Democrats approved SDGE to boost rates to cover lawsuits?

I knew that.
 
You see your bills every month right?

I have solar, but yes, our out of pocket has been rising due to the idiots running this state.
 
California... I didn't even have to say Democrats.

Democrats have a supermajority ....

And now they have a Big Problem, and the normal solution of going hat in hand to Washington to collect the money for a solution might not work this time.
 
My bills are <$1.00...:)

Solar.

Lucky you.
You must have a massive solar grid.
I pay about $40 a month. Not bad, considering I run central air from May through Oct.
 
I notice how all that effort PG&E has put in these last years to appease the Greens in Sacramento ended up not doing them any good, not after the consensious formed that PG&E has long been negligent in multiple ways.

Lack of competence and credibility in this case Trumped a well run political shop at the firm at the end of the day.
 
Lucky you.
You must have a massive solar grid.
I pay about $40 a month. Not bad, considering I run central air from May through Oct.

I used to pay $300-400/month in the winter months due to ineffective pool pumps and an all electric house. Swapped the pool pumps, went LED for most the lights and other improvements.... Last bill was a credit.

Oh, no AC.... Close enough to the coast for the Marine Layer cooling...
 
While PG&E faces bankruptcy over being accused of being a reason for the spread of devastating fires, the California lawmakers went to Maui for a nice vaca with the utility execs while the fires raged.
https://www.foxnews.com/politics/ca...ii-with-utility-executives-as-wildfires-raged

Sorta reminds you of the 30 some Democrats traveling with one hundred lobbyists to Puerto Rico for a long weekend that just passed on a private flight staying in a posh resort, with their families and all expenses paid while part of the government is shutdown.
 
While PG&E faces bankruptcy over being accused of being a reason for the spread of devastating fires, the California lawmakers went to Maui for a nice vaca with the utility execs while the fires raged.
https://www.foxnews.com/politics/ca...ii-with-utility-executives-as-wildfires-raged

Sorta reminds you of the 30 some Democrats traveling with one hundred lobbyists to Puerto Rico for a long weekend that just passed on a private flight staying in a posh resort, with their families and all expenses paid while part of the government is shutdown.

Its a very good thing that they stayed at a posh resort too, security is breaking down as the PR society continues to break, keeping safe while visiting is important now and going forwards.
 
California approved SDGE to boost rates to cover lawsuits.

Wrong! Per usual. The California gubmint/PUC approved rate hikes to cover additional liabilities from fires in 2017, not 2018. PG & E's fears are for the Camp fires and Paradise fires being caused by a power pole igniting the inferno. The suspect pole, transformer and insulators all had bullet damage and are the likely cause. An additional and significant underlying problem is the presence of California Redwoods adjacent to Power Transmission lines and towers, The Redwoods grow to 300 feet and when they fall the damage is 300 feet around e base. Potentially falling on the actual lines, towers, etc. They are protected and it is difficult to get premissions to cut them down to provide safety from falls. PG & E is uncertain of their potential liabilities and is being legally proactive to protect functionality of the Utility. California may allow rate increases to cover 2018 liabilities if found negligient and guilty, or not as the case may be. The goatherd plan to clean up trash, windfall, detritus, on and in the adjacent woods of the R.O.W. seems the most practical solution so far.
/
 
Its a very good thing that they stayed at a posh resort too, security is breaking down as the PR society continues to break, keeping safe while visiting is important now and going forwards.

Cost was no problem for the 30 some Democrats and their families. The lobbyists involved with the trip are big names like Amazon, Microsoft, Facebook, etc.
 
Wrong! Per usual. The California gubmint/PUC approved rate hikes to cover additional liabilities from fires in 2017, not 2018. PG & E's fears are for the Camp fires and Paradise fires being caused by a power pole igniting the inferno. The suspect pole, transformer and insulators all had bullet damage and are the likely cause. An additional and significant underlying problem is the presence of California Redwoods adjacent to Power Transmission lines and towers, The Redwoods grow to 300 feet and when they fall the damage is 300 feet around e base. Potentially falling on the actual lines, towers, etc. They are protected and it is difficult to get premissions to cut them down to provide safety from falls. PG & E is uncertain of their potential liabilities and is being legally proactive to protect functionality of the Utility. California may allow rate increases to cover 2018 liabilities if found negligient and guilty, or not as the case may be. The goatherd plan to clean up trash, windfall, detritus, on and in the adjacent woods of the R.O.W. seems the most practical solution so far.
/

I stand corrected.
 
Cost was no problem for the 30 some Democrats and their families. The lobbyists involved with the trip are big names like Amazon, Microsoft, Facebook, etc.

Routine Corruption.
 
PG&E embezzles money from safety funding to pay executive bonuses but sure let’s blame everything on those darned Democrats. All hail the job creators.
 
Good God, what a bunch of hand-wringing hysterical old biddies.
It's amazing that, out of the whole bunch, Dave Fagan is the only one making any sense.

Hats off to you, Dave Fagan.
 
PG&E embezzles money from safety funding to pay executive bonuses but sure let’s blame everything on those darned Democrats. All hail the job creators.

How much is the executive compensation relative to the $30 billion that California law seems to suggest should be pinned on the company?
 
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