Company is facing hundreds of lawsuits from victims of recent fires and tens of billions of dollars in potential liabilities
Faced with potentially ruinous lawsuits over California’s recent wildfires, Pacific Gas & Electric Corp filed for bankruptcy protection Tuesday, in a move that could lead to higher bills for customers of the nation’s biggest utility and reduce the size of any payouts to fire victims.
The Chapter 11 filing allows PG&E to continue operating while it puts its books in order. But it was seen as a possible glimpse of the financial toll that could lie ahead because of global warming, which scientists say is leading to fiercer, more destructive blazes and longer fire seasons.
Continue reading...from US news | The Guardian http://bit.ly/2CQPTah
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