California utility assessing finances in wake of wildfires

SAN FRANCISCO (AP) — The parent company of California’s largest utility is assessing its finances and structure in the wake of wildfires that could expose it to billions of dollars in liability.

Pacific Gas & Electric Corp. announced the review Friday in a news release that did not elaborate on any of the company’s potential plans. National Public Radio , citing an anonymous company official and a former employee, reported that PG&E is exploring selling off a major part of the company to set up a fund for potential wildfire claims.

State fire investigators blamed the utility’s power lines for causing a number of California wildfires in October 2017.

Investigators have not determined the cause of a massive wildfire that destroyed the town of Paradise in November, but speculation has centered on PG&E.

Categories: California News