SAN FRANCISCO (AP) - A Northern California utility says it will take a $2.5 billion charge for expected losses in connection with deadly wildfires that whipped through the state's wine country in October.
Pacific Gas & Electric Co. also warned Thursday that its liability could be considerably higher after state fire officials determine the cause of 21 major fires that rampaged throughout Northern California, killing 44 people and destroying thousands of homes and businesses.
Officials have concluded that the utility's downed power lines started several of the fires. PG&E said it is facing more than 200 lawsuits.
The utility says the $2.5 billion charge will be recorded in the quarter ending June 30. PG&E says the $2.5 billion is at the low end of its estimated liability, which it said could exceed $10 billon.
(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- California utility takes $2.5 billion charge for wildfires
- Utility worker killed near Northern California wildfire
- California governor releases wildfire, utility report
- $21 billion utility wildfire victim fund will be established in California
- Bill to help California utility pay wildfire claims stalls
- Insurance Claims from California Wildfires Hit $9 Billion
- PG&E pays $1 billion to California counties for wildfire damages
- California lawmakers OK multi-billion dollar wildfire bill
- Insurance claims from California wildfires near $12 billion
- PG&E reaches $11 billion deal with California wildfire insurers