California Utility Company Loses Value After Being Linked to Wildfires

Pacific Gas & Electricity took an overwhelming hit of 25 percent of its value on Wednesday. The notorious company that has faced class action lawsuits in the past was named in the massive Northern California camp fire blaze. The lawsuit is being filed on behalf of the fire victims. The blaze has already claimed 48 lives and destroyed over 7,600 structures. Pacific Gas & Electricity has openly stated that they don’t have the financial resources or insurance to cover all of the losses that might have stemmed from a spark of their faulty equipment.

According to documents, PG&E reported an incident to the California Public Utilities Commission that revealed a power failure on a transmission line in Butte Country. The area is approximately 180 miles north of San Francisco where the devastating fire started. The report states that the issue was uncovered at about 6:15 a.m. PST. Additionally, PG&E also reported a transmission tower issue close to Pulga, the area where the fire was believed to have started that day.

There are reports of a Pulga resident claiming that Pacific Gas & Electricity contacted her a few days before the blaze, requesting access to her property to fix transmission lines that were experiencing issues with sparks.

According to documents, PG&E had been advising their customers that they might experience an interruption in their gas and electric services as a precautionary measure. However, PG&E opted on avoiding a shut down of services in Butte Country and other pertinent areas due to bad weather conditions.

The lawsuit was filed by the Northern California Fire Lawyers in the San Francisco County Superior Court on Tuesday and has stated that regardless of PG&E’s recognition of the hazardous conditions, they decided not to shut off power on the day of the camp fire’s ignition.

At this time, the company is responsible for the damage that has, and continues, to ensue. The current estimates range at over $15 billion US.

Pacific Gas & Electricity has commented, saying that it’s essential to remember that the cause hasn’t been determined as of yet. Their primary concern is focusing on the communities, preparing their crews for when they get access to restore services, and supporting all first responders.

Editor's Picks

California Utility Company Loses Value After Being Linked to Wildfires

log in

reset password

Back to
log in