Finance News

PG&E Likely Started The Camp Fire And Expects A $10.5B Impact To Its Bottom Line, It Tells Regulators.

Pacific Gas & Electric Co. today acknowledged its equipment likely sparked the deadly Camp Fire, which devastated the town of Paradise and surrounding communities in far northern California last fall.

“The company believes it is probable that its equipment will be determined to be an ignition point of the 2018 Camp Fire,” the utility said in a news release that accompanied a filing with the federal Securities and Exchange Commission. The filing also alerts shareholders that the regulator expects $10.5 billion in charges as a result.

PG&E said it bases that conclusion on its own information about the event and what’s been reported to the California Public Utilities Commission and other agencies.

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