PG&E, US’ Largest Energy Utility Firm, to File for Bankruptcy as Potential Liabilities From California Wildfires Reaches Billions

U.S. utility Pacific Gas and Electric Company (PG&E) disclosed on Monday that it will file for bankruptcy. US’ largest energy utility firm with a market cap of $13+ billion said that the decision was forced by the wildfires which destroyed lives and property in California in 2017 and 2018. Per a BBC report, the utility firm faces liabilities that could reach $30 billion. Already, investigators have concluded that the firm’s equipment caused a minimum of 17 major wildfires in 2017. This includes California’s deadliest fire on record which killed 86 people and destroyed around 14,000 homes. If PG&E’s equipment is found to have caused this fire, it could face significant liabilities far exceeding its insured amount. Sharp Drop in Share Price The news sent the company’s shares tumbling by nearly 50% in Monday’s early trading. PG&E Share Price fell sharply on Monday. Source: TradingView PG&E, which is more than a…

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