High costs after forest fires: PG & E takes refuge in lender protection


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<p class=The so-called Camp Fire caused massive destruction in November 2018.


A devastating forest fire in Northern California will kill more than 80 people in November 2018. Possible cause of the disaster could be the equipment of Pacific Gas & Electric energy supplier. The indebted company is now pulling the ripcord.

The US company Pacific Gas & Electric (PG & E) has filed for bankruptcy for possible costs of forest fires. PG & E filed for Chapter 11 bankruptcy protection, the San Francisco-based company said. California's largest energy utility has estimated debts of more than $ 50 billion (€ 43.7 billion), according to documents filed in Northern California bankruptcy court.

PG & E
PG & E 9.03

Pacific Gas & Electric has been hit hard by California forest fires in recent years. Investigators are currently investigating whether the company's equipment triggered the mass forest fire in northern California in November last year, the so-called Camp Fire. At least 86 people were killed. Several burn victims filed a lawsuit. Group CEO Geisha Williams stepped down in mid-January.

Meanwhile, authorities released the group last week and helped PG & E raise the price. Researchers have concluded that the electricity supplier can not be blamed for the deadliest of California's many forest and forest fires in 2017.

The so-called Tubbs fire cost 22 lives and devastated about 150 square kilometers of land in the communities of Napa and Sonoma. According to the researchers, an electrical system in a private residence triggered the fire, so that the electricity supplier can not be held liable for damages. Shares of PG & E rose 75% last Thursday to $ 13.95.


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