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March 28, 2024 |
Troubled utility files for bankruptcy protection SACRAMENTO – (INT) - Pacific Gas and Electric Company (PG&E) announced its intention Monday to file for bankruptcy.
PG&E is facing potential future liability for the causes of deadly wildfires. The utility has been overwhelmed by billions of dollars in claims from the Camp Fire and the 2017 wildfires of Northern California, but says it will not go out of business. The company made the announcement less than 12 hours after announcing the resignation of its CEO, Geisha Williams. “We believe a court-supervised process under Chapter 11 will best enable PG&E to resolve its potential liabilities in an orderly, fair and expeditious fashion,” said interim CEO John R. Simon in a prepared statement. He pledged to “continue providing our customers with safe service and investing in our systems and infrastructure.” Simon had been the utility’s general counsel. Governor Newsom pledged to find a solution “that ensures consumers have access to safe, affordable and reliable service, fire victims are treated fairly, and California can continue to make progress toward our climate goals." Story Date: January 25, 2019
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