PG&E Sets Aside Billions of Dollars for Wildfire Cases
In a call with investors on Thursday, PG&E announced that they have set aside $2.5 Billion due to their expected liability in the North Bay Fires of October 2017.
Watch Nor Cal Fire Lawyers’ Amanda Riddle on KTVU discussing what this means for the PG&E lawsuits.
In a call with investors on Thursday, PG&E announced that they have set aside $2.5 Billion due to their expected liability in the North Bay Fires of October 2017.
Following the recent Cal Fire reports stating PG&E equipment was involved in starting dozens of fires last fall, PG&E admitted to investors that they expect to be liable for billions of dollars of damages.
PG&E clarified that this figure was the lowest foreseeable liability for the Nuns, Redwood, Sulphur, La Porte, McCourtney, Lobo, Honey, Cherokee, Blue, Pocket, Norrbon, Adobe, Patrick, and Pythian fires. This means that the actual liabilities should far surpass the $2.5 billion set aside today.
The Tubbs Fire and Atlas Fire were not included in the figure, despite Cal Fire stating that the Atlas Fire was caused by a PG&E line.
PG&E CEO Geisha Williams also responded to an investor’s question about the rumors of bankruptcy. She stated that the topic has come up when lobbying legislators about the implications of inverse condemnation because they remember the energy crisis that resulted in PG&E’s prior bankruptcy.