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posted by takyon on Monday January 07 2019, @06:43AM   Printer-friendly
from the fire-sale dept.

California utility company PG&E Corp 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 on Friday.

The company is considering the move as a contingency, in part because it could soon take a significant financial charge for the fourth quarter of 2018 related to liabilities from the blazes, the sources said.

A bankruptcy filing is not certain, the sources said. The company could receive financial help through legislation that would let it pass on to customers costs associated with fire liabilities, the sources said. But that is just a possibility, they said, so bankruptcy preparations are being made.

Also at NPR and Bloomberg.


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  • (Score: 2) by Phoenix666 on Tuesday January 08 2019, @06:57AM

    by Phoenix666 (552) on Tuesday January 08 2019, @06:57AM (#783580) Journal

    On the bright side, the higher the utility jacks up the prices the quicker the break-even for you becomes. I dunno if California has net metering now, but if they do you will enjoy selling your excess power back to the grid such that they have to cut you a check every month.

    I know I would; I'd use the proceeds to send them holiday cards with inserts of me showing them the full moon.

    --
    Washington DC delenda est.
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