Monday , October 25 2021

California utility PG & E to spend $ 6 billion on fire safety | Agricultural Commodities



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(Reuters) – North American PG & E Corp, accused by California authorities of the nation's most violent storm, said on Monday it expects to spend about $ 6 billion on forest fire safety by 2023.

The company, which posted a third-quarter profit increase, faces billions of dollars in possible court settlement payments after California said PG & E power lines were responsible for causing the storm last fall.

The storm killed 46 people, devastated 245,000 acres and destroyed 8,900 homes.

California's largest utility reported Monday that it recorded $ 18 million in fire-related expenses in the reported quarter. The company earned $ 2.5 billion in the second quarter. (bit.ly/2zverEd)

Reuters reported in August that PG & E had hired a law firm to explore debt restructuring options. (Reporting by John Benny in Bengaluru; editing by Sriraj Kalluvila)

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