PCG

[dealmaker]

PG&E Stock Is Tumbling as Investors Worry That More Penalties Are Coming

https://www.barrons.com/articles/pg...worries-more-penalties-are-coming-51545081187

 

[dealmaker]

PG&E says it didn't cause deadly Tubbs Fire

A California utility said in a federal court filing this week that 2017's deadly Tubbs Fire in Napa, Sonoma and Lake counties, which killed 22 people, was likely sparked by electrical equipment on private property that had been installed and repaired without permits. The Tubbs Fire was one of 22 devastating fires that spread across the wine country and beyond that fall, destroying more than 5,600 structures, state fire officials said. (NBC Bay Area)

 

[dealmaker]

PG&E facing possible criminal charges after California wildfires

California Attorney General Xavier Becerra in a recent federal court filing said Pacific Gas and Electric Co. (PG&E) could face criminal charges, including murder, if it’s determined that the utility recklessly operated equipment that caused deadly wildfires in Northern California over the last two years. (Natural Gas Intelligence)

 

[dealmaker]

California utility PG&E reportedly explores a bankruptcy filing

California utility company PG&E is exploring filing some or all of its business for bankruptcy protection as it faces billions of dollars in liabilities related to fatal wildfires in 2018 and 2017, people familiar with the matter said. (CNBC finance)

 

[dealmaker]

PG&E Downgrade

Per S&P, PG&E no longer has an investment-grade credit rating. The California power utility faces huge claims in relation to deadly wildfires in the last couple years, and there are bankruptcy fears. Reuters

 

[dealmaker]

USAA sues PG&E over California fire

San Antonio-based USAA is among multiple major insurance companies that have filed lawsuits against Pacific Gas & Electric Co., alleging that the utility is at fault for the destruction caused by the massive Camp Fire. The insurance companies filed five nearly identical lawsuits in Sacramento Superior Court on Dec. 21. The plaintiffs include Allstate Insurance Co., State Farm General Insurance Co., United Services Automobile Association and Indemnity Insurance Co. of North America. (San Antonio Business Journal)

 

[gkishot]

Calif. chief justice expects an influx of wildfire claims
California courts are preparing for an influx of lawsuits tied to last year’s historically destructive wildfires and mudslides, Chief Justice Tani Cantil-Sakauye told lawmakers in her annual “state of the judiciary” address. The anticipated surge of disaster-related litigation combined with a backlog of civil cases shows the court system needs more money to restore staff and operating hours that were cut during the Great Recession and provide raises, Cantil-Sakauye said.(Insurance Journal)

The only question is what PCG has anything to do with CA wildfires and mudslides.

 

[dealmaker]

PG&E CEO

Geisha Williams has resigned as CEO of PG&E, the Californian power utility that could face bankruptcy after sparking many wildfires. The lucky new interim CEO is general counsel John Simon, who will get to deal with liability suits and regulatory calls for a breakup. Wall Street Journal

 

[dealmaker]

PG&E to file for Chapter 11 Bankruptcy

PG&E announced Monday morning that it is preparing to file Chapter 11 Bankruptcy as it deals with lawsuits following devastating wildfires in 2017 and 2018. The announcement comes one day after the utility's CEO resigned. (ABC)

 

[dealmaker]

PG&E bankruptcy could mean price hikes, unpaid fire lawsuits

Pacific Gas & Electric Co. said this week it will file for bankruptcy, raising concern that rates for electricity and gas will rise and victims of California wildfires who are suing the nation's largest utility won't get all the money they may be owed. PG&E says it can't afford at least $30 billion in expected costs related to California's deadly 2017 and 2018 wildfires. Filing for bankruptcy will allow the company to hold off creditors and keep providing service. (Daily Herald)