California Utility Firm Suspected of Starting Deadly Wildfires Goes Bankrupt

A firefighter battling the Camp fire, which became California’s deadliest in history. Photograph: Noah Berger/AP

Pacific Gas and Electric, which supplies 16 million residents, is under investigation for its role in the Camp fire and others

theguardian.com - by Vivian Ho - January 14, 2019

The utility company that services more than a third of California announced on Monday it plans to file for bankruptcy by the end of the month. Several deadly wildfires believed to have been caused by the company left it with potential liabilities of at least $30bn.

The board of directors of Pacific Gas and Electric (PG&E) has determined that the move “is ultimately the only viable option to restore PG&E’s financial stability to fund ongoing operations and provide safe service to customers”, the San Francisco-based company stated in a filing at the Security and Exchange Commission.

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