PG&E Reports $1.6 Billion Loss on Fire-Related Impairment Charges
November 07 2019 - 9:41AM
Dow Jones News
By Micah Maidenberg
PG&E Corp. recorded a $2.5 billion impairment related to
fires that helped push the embattled utility into bankruptcy.
San Francisco-based PG&E on Thursday said it recorded the
pretax charge in connection with claims related to wildfires in
2017 in northern California and the 2018 Camp fire, which killed 86
people and destroyed the town of Paradise.
The utility said the $2.5 billion charge reflects a previously
announced deal with insurance companies over fire claims.
PG&E reported a net loss of $1.6 billion, or $3.06 a share,
on $4.43 billion in operating revenue for the third quarter.
PG&E, which serves wide swaths of California, said last
month it may take it as long as a decade to bolster its electric
system enough to significantly lower the need to cut power to
customers to reduce fire risks.
Mayors of San Jose, Oakland, Sacramento and more than a dozen
other municipalities in California want to buy out PG&E and
convert it into a cooperative. The company opposes that idea.
(END) Dow Jones Newswires
November 07, 2019 09:26 ET (14:26 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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