PG&E calls bankruptcy ‘only viable option’ in California wildfire crisis

PG&E is filing for bankruptcy.  PG&E must face its responsibility for the destruction of California’s forests and the tremendous loss of life that it caused.  We believe that it is time for the state to seek ownership of the electricity distribution network from PG&E in bankruptcy court, invest the money needed to bring it up to safety standards, underground power lines,  then charge sufficient to cover the cost to all power generators including what is left of PG&E and other community power generators:

Overwhelmed by billions of dollars in claims from the Camp Fire and the 2017 wildfires of Northern California, PG&E said Monday it plans to file for bankruptcy, but insisted it will not go out of business.

The embattled utility gave 15-day notice of its intent to file for protection under Chapter 11 of the bankruptcy code, as required by a state law enacted last fall to deal with utility fire liabilities. The company made the announcement less than 12 hours after announcing the resignation of its CEO, Geisha Williams

In a filing with the Securities and Exchange Commission, the company said total liabilities from the 2017 and 2018 wildfires “could exceed $30 billion,” easily outstripping PG&E’s liability insurance coverage and the $1.5 billion in cash it has on hand.

Read more here: https://www.sacbee.com/news/business/article224504140.html#storylink=cpy

 

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