PG&E expects more than $6B in wildfire costs
Pacific Gas & Electric reported another huge loss on Thursday as the fallout from catastrophic wildfires blamed on its outdated transmission lines drive the bankrupt utility into a deeper hole.
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. It emerged largely intact from a three-year stint in bankruptcy that ended in 2004, but it is on much shakier ground this time around.
Story continuesThose 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. Johnson later conceded the company botched the first round of blackouts that began Oct. 9, prompting PG&E, under pressure from Newsom, to give billing credits to 738,000 affected customers. Households will receive $100 apiece while businesses will get $250 apiece. The company disclosed Thursday the credits will cost it $65 million, after tax benefits.
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