• UK
  • World
    • USA
  • Entertainment
    • Celeb
    • Showbiz
    • Magazine
  • Politics
  • Sports
  • Gaming
  • Tech
  • Science
    • Education
  • Insurance
  • Business
  • Auto
  • ToS/Contact
    • ToS
    • Privacy Policy
    • Contact
NewsExplored
  • UK
  • World
    • USA
  • Entertainment
    • Celeb
    • Showbiz
    • Magazine
  • Politics
  • Sports
  • Gaming
  • Tech
  • Science
    • Education
  • Insurance
  • Business
  • Auto
  • ToS/Contact
    • ToS
    • Privacy Policy
    • Contact
  • Facebook

  • Twitter

  • LinkedIn

  • Tumblr

  • RSS

USA

US wildfires push energy firm PG&E to bankruptcy protection

US wildfires push energy firm PG&E to bankruptcy protection
Newsexplored
14th January 2019
5
SHARES
ShareTweet
SubscribeRedditGoogleWhatsappStumbleuponPinterestDiggLinkedinTumblrTelegram
Views:
0
Firefighters tackle a fire in Paradise, California.Image copyright AFP

A Californian energy firm has said it plans to file for bankruptcy protection as it faces huge costs from last year’s wildfires.

Pacific Gas and Electric Corporation (PG&E) said the fires, which devastated huge areas of California, had triggered “significant” potential liabilities.

Reports say the company could face costs of up to $30bn (£23bn).

In November, the most deadly fire in Californian history began in the town of Paradise, killing 86 people.

PG&E, which serves 15 million Californians – almost 40% of the population of the state – warned then it could face “significant liability” beyond its insured amount if its equipment was found to have caused the fire.

The company, which has 20,000 employees, has assured its customers it expects to continue supplying power “without disruption”.

On Sunday, PG&E’s chief executive, Geisha Williams, resigned.

‘Devastating’ wildfires

In a statement issued on Monday, PG&E said it planned to file for bankruptcy protection – under a procedure known as Chapter 11 – “on or about” 29 January.

However, it added it was “not going out of business”, and said it did not expect any impact on gas or electricity services for its customers.

Its debt has already been downgraded to junk status, a rating that indicates investors have little faith their money will be paid back.

The 150-year-old company said: “We recognise that the devastating and unprecedented Northern California wildfires of 2017 and 2018 have had a profound impact on our customers and their communities.

data-ad-format="auto">

“PG&E faces extensive litigation and significant potential liabilities resulting from these wildfires.

“It is clear that a solution is needed that enables the continued safe delivery of natural gas and electric service to our customers and supports the orderly, fair and expeditious resolution of PG&E’s potential liabilities resulting from the recent wildfires.”

It went on to say that a Chapter 11 reorganisation was the only viable option for meeting these goals.


Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on Google+ (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Share on Skype (Opens in new window)

Related

Related Itemsbankruptcyenergyprotectionwildfires
USA
14th January 2019
Newsexplored @newsexploredweb

Related Itemsbankruptcyenergyprotectionwildfires

More in USA

  • Read More
    Heather Nauert withdraws nomination as US envoy to UN

    Views:0 Media playback is unsupported on your device Media captionWho is Heather Nauert? US President Donald Trump’s...

    Newsexplored 14th January 2019
  • Read More
    Lee Radziwill: Jackie Kennedy’s sister dies aged 85

    Views:0 Image copyright Getty Images Image caption Radziwill, seen here in 2004, was a friend to artistic...

    Newsexplored 14th January 2019
  • Read More
    Europeans reveal who they wish was in the White House

    Views:0 Image copyright AFP/Getty Image caption German Chancellor Angela Merkel (r) questioned the US’s tariff war with...

    Newsexplored 14th January 2019
  • Read More
    Texas detention centre stops force-feeding migrants

    Views:0 Image copyright Reuters Image caption US Border Patrol agents from El Paso conduct training exercises near...

    Newsexplored 14th January 2019
  • Read More
    Mexico border wall: Trump faces fight in the courts

    Views:0 Media playback is unsupported on your device Media captionTrump: ‘I’ve signed the order – now we’ll...

    Newsexplored 14th January 2019
  • Read More
    Paul Manafort should be jailed for 19-24 years – Mueller

    Views:0 Image copyright Reuters Image caption Paul Manafort also faces a possible fine of between $50,000 and...

    Newsexplored 14th January 2019
  • Read More
    The community that rejected Amazon

    Views:0 Image copyright Getty Images Image caption Amazon dropped its plan to create a campus in a...

    Newsexplored 14th January 2019
  • Read More
    The story of historically black colleges in the US

    Views:0 Image copyright Getty Images Image caption Kamala Harris speaks at the 2017 Howard University commencement ceremony...

    Newsexplored 14th January 2019
  • Read More
    ‘Several injured’ in Illinois factory shooting

    Views:0 Media playback is unsupported on your device Media captionAerial footage of shooting scene in Aurora Illinois...

    Newsexplored 14th January 2019
  • Read More
    Mexico border wall: Trump defends emergency move

    Views:0 Media playback is unsupported on your device Media captionTrump: ‘I’ve signed the order – now we’ll...

    Newsexplored 14th January 2019
  • Read More
    Vodka firm loses valuable iceberg water in apparent heist

    Views:0 Image copyright Reuters Image caption A massive iceberg passes through Newfoundland’s ‘iceberg alley’ A Canadian vodka...

    Newsexplored 14th January 2019
  • Read More
    General Joseph Votel breaks rank with Trump over Syria

    Views:0 Image copyright EPA Image caption Joseph Votel is the top general overseeing US military actions in...

    Newsexplored 14th January 2019
Scroll for more
Tap
data-ad-format="auto">
NewsExplored

NewsExplored - Making sure all the latest news is explored?

Contact us for help

  • Popular

  • Latest

  • Comments

  • More mental health checks before Superdrug Botox
    UK19th January 2019
  • Proxy voting: MPs to trial scheme for pregnant women and new parents
    UK22nd January 2019
  • Swinton murder probe: Stabbed mum had ‘heart of gold’
    UK19th January 2019
  • Prince William says celebrities shunned mental health charity
    UK23rd January 2019
  • Heather Nauert withdraws nomination as US envoy to UN
    USA17th February 2019
  • Lee Radziwill: Jackie Kennedy’s sister dies aged 85
    USA17th February 2019
  • Europeans reveal who they wish was in the White House
    USA16th February 2019
  • Texas detention centre stops force-feeding migrants
    USA16th February 2019
  • Les Rehrer says:

    Hello Its me :P and thanks for this post

  • optumrx login says:

    Thank For News.

  • Kent Laatsch says:

    Please let me know if you're looking for a writer…

  • Bob says:

    RT News was where I learned that Erdogan controlled isis.…

Copyright © 2018 Top News Theme. Theme by MVP Themes, powered by Wordpress.

US shutdown: Canadian air traffic controllers send pizza to US workers
China sentences Canadian man to death for drug smuggling
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok