PG&E expects more than $6 billion in wildfire costs this year
Pacific Gas & Electric reported a huge third-quarter loss Thursday as the fallout from catastrophic wildfires blamed on its outdated transmission lines drive the bankrupt utility into a deeper hole. Its stock fell 13%.
All told, the Pacific Gas & Electric parent company posted a loss of $1.62 billion for the July-through-September period, a reversal from a profit of $564 million in the same quarter last year.That’s a per-share loss of $3.06, or $1.11 when one-time costs are removed. Revenue was $4.43 billion.PG&E’s third-quarter report only provides a snapshot of the staggering burden weighing on the San Francisco company as it wends through its second complex bankruptcy in less than 20 years.
Those costs will rise even higher if PG&E is found culpable for the latest round of fires to rage through parts of Northern California last month. Some accused the company of instituting the blackouts to save money, but PG&E Chief Executive Bill Johnson said that the blackouts were “well planned and executed” and done “solely in the interest of public safety.”
San Francisco already has been pushing to take over pieces of the utility, an idea that PG&E has so far resisted. Other cities and counties are clamoring to pursue an even more radical makeover, although they have yet to file a proposal with the bankruptcy court.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
The 13 Best Quotes on Making a Better Restaurant World from the Hot Bread Kitchen ConferenceThe 13 best quotes on making a better food and restaurant world from the Hot Bread Kitchen Conference
Leer más »
Trump made 50 false claims last week, 13 about the whistleblowerPresident Trump made 50 false claims last week. Not good, per se, but it is an improvement from his recent barrage of dishonesty, which included an October week of 129 false claims.
Leer más »
Family tells how 13-year-old boy hid siblings in Mexico massacreAfter watching gunmen shoot dead his mother and two brothers, 13-year-old Devin ...
Leer más »
13 Home Things You Should Shop on Black Friday and Cyber MondayThe house/apartment/wherever-you-live stuff we hope will go on sale after Thanksgiving.
Leer más »
Katie Holmes says she hits the gym with 13-year-old daughter SuriThe Hollywood actress has lifted the lid on hitting the gym with her teenage daughter
Leer más »
Katie Holmes shares on fitness regime and with 13-year-old daughter SuriThe Hollywood actress has lifted the lid on hitting the gym with her teenage daughter
Leer más »