California Utility Assessing Finances Amid Wildfire Links
05 January 2019, 07:12
The parent company of California’s largest utility said Friday it is assessing its finances and structure in its effort to confront a growing liability threat from wildfires blamed on the company, VOA news reports.
Pacific Gas amp; Electric Corp. could face billions of dollars in potential liability involving massive wildfires in California — some of which have already been linked to equipment operated by the company.
PGamp;E announced the assessment in a news release that did not elaborate on any potential plans.
However, the company said Its board of directors is looking for new members and engaging outside experts for advice on wildfire safety.
“We want to tap fresh perspectives and additional expertise to help address the changing nature of PGamp;E’s business and the challenges it faces now and in the future,” the board said in a statement.
National Public Radio , citing an anonymous company official and a former employee, reported that PGamp;E is exploring selling off its natural gas division — a major part of the company — to set up a fund for potential wildfire claims.
It is also looking into selling real estate assets, including its San Francisco headquarters, NPR reported.
The utility is facing numerous lawsuits involving wildfire losses and scrutiny of its power line safety by a U.S. judge overseeing a separate criminal case against it.
State fire investigators blamed the utility’s power lines for causing several wildfires in October 2017.
Investigators have not determined the cause of a massive wildfire that destroyed the town of Paradise in November. PGamp;E reported an outage around the time and place that the fire ignited.
The fire killed at least 86 people and was the deadliest in California history.