PG&E, Facing Vast Payout for Wildfires, Says It Will File for Bankruptcy

Image result for California wildfires
 Light from a train is seen as it rounds a bend near the Sacramento River as flames from the Delta Fire fill a valley in Delta, California on September 6, 2018. (Photo by JOSH EDELSON / AFP)

Pacific Gas and Electric said it plans to file for bankruptcy protection amid potentially vast liabilities resulting from the deadly California wildfires. The announcement Monday, in the form of a filing with the federal Securities and Exchange Commission, follows the resignation of the utility’s chief executive, Geisha Williams, a day earlier. John Simon, the company’s general counsel since 2017, will serve as interim chief executive.

Officials are investigating whether the utility’s equipment sparked the Camp Fire in November, a blaze that killed 86 people and destroyed nearly 14,000 homes.

In addition, Cal Fire investigators have ruled that PG&E equipment was involved in at least 18 of the more than 170 fires that swept Northern California in October 2017. The agency found that the company may have broken state law in 11 of those incidents and referred the cases for possible prosecution. MORE