California utility posts nearly $1 billion fire-related loss

Posted at 5:41 PM, Jul 26, 2018
and last updated 2018-07-26 20:41:30-04

SACRAMENTO, Calif. (AP) – Utility giant Pacific Gas & Electric is reporting a loss of nearly $1 billion in the second quarter of 2018 due in part to clean up, repair and legal costs related to wildfires that raged across Northern California last fall.
The Thursday earnings announcement comes as California lawmakers debate whether to ease utilities’ financial liability for future fires.
Gov. Jerry Brown has urged lawmakers to soften the strict standard that puts utilities on the hook for damages even if they followed all state regulations.
PG&E president Geisha Williams says his plan is "insufficient" and wants lawmakers to do more to protect the utility from massive costs.
The utility expects to be on the hook for at least $2.5 billion stemming from more than a dozen wildfires in 2017.

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