In early 2019, PG&E filed for Chapter 11 bankruptcy after fires caused by its powerlines burned hundreds of thousands of acres in Northern California and led to more than 100 deaths. It paid out $25.5 billion to resolve its fire-related liabilities, and expects to spend $11.7 billion on strategies to mitigate wildfire risk. And now, PG&E’s equipment is once again the focus of a Northern California wildfire that the utility thinks could cause it significant liability.
So what does this mean for you? Wildfire risk exposure isn’t limited to utilities in California, many parts of the country — especially in the Southeast and Northwest — are likely to face increasing wildfire risk. As a result, although no other utility to date has been financially impacted by wildfires the way PG&E has, experts caution that utilities could face increasing risks and costs.
To learn more about this current event and utilities dealing with possible fire risk, click here.