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PCG PR H - Pacific Gas And Electric Co News Story

$22.31 0.0  0.0%

Sector
Utilities
Size
Large Cap
Market Cap £4.20bn
Enterprise Value £30.02bn
Revenue £13.44bn
Position in Universe th / 6856

UPDATE 1-PG&E to take $2.5 bln charge related to California wildfires

Thu 21st June, 2018 12:10pm
(Adds details on complaints, background on wildfires)
    June 21 (Reuters) - PG&E Corp  PCG.N  said on Thursday its
Pacific Gas and Electric utility will record a pre-tax expense
of $2.5 billion in the second quarter related to the wildfires
in California last year.
    The deadliest firestorm in the state's history that killed
46 people was sparked by PG&E-owned power lines, state officials
said earlier this month.  urn:newsml:reuters.com:*:nL2N1TB00P
    PG&E - the state's biggest utility - has received some 200
complaints related to the wildfires on behalf of at least 2,700
plaintiffs, and could be the subject of related investigations,
it said in a regulatory filing https://www.sec.gov/Archives/edgar/data/75488/000119312518198514/d619252d8k.htm.
    PG&E is continuing to review the evidence around the causes
of the wildfires, the company said, adding that it did not have
access to the evidence collected by fire department officials.
    The firestorm scorched at least 245,000 acres (99,148
hectares), and incinerated 8,900 homes and other structures,
including entire subdivisions in the Sonoma County town of Santa
Rosa.
    PG&E is expected to report second-quarter results next
month.

 (Reporting by Parikshit Mishra in Bengaluru)
 ((Parikshit.Mishra@thomsonreuters.com; +91 80 6749 6026;))
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