PG&E Assessing Finances In Wake Of Wildfires

SAN FRANCISCO (AP) – The parent company of California’s largest utility is assessing its finances and structure in the wake of wildfires that could expose it to billions of dollars in liability. Pacific Gas & Electric Corp. announced the review Friday in a news release that did not elaborate on any of the company’s potential plans. National Public Radio , citing an anonymous company official and a former employee, reported that PG&E is exploring selling off a major part of the company to set up a fund for potential wildfire claims. State fire investigators blamed the utility’s power lines for causing a number of California wildfires in October 2017. Investigators have not determined the cause of a massive wildfire that destroyed the town of Paradise in November, but speculation has centered on PG&E.

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