PG&E emerged from Chapter 11 bankruptcy July 1, after committing to a $25.5 billion payout to resolve liabilities stemming from a series of wildfires caused by its power lines between 2015 and 2018. But experts have noted that it still faces the risk of catastrophic wildfires in its service territory.
The Kincade Fire occurred in October 2019, ten months after the company filed for bankruptcy. The fire burned roughly 78,000 acres and nearly 200,000 people had to be evacuated during the blaze, according to the complaint. The California Department of Forestry and Fire Protection (CAL FIRE) has not yet made a determination on the cause of the fire, but PG&E in a May filing with the U.S. Securities and Exchange Commission noted that it’s “reasonably possible” it will incur a loss related to it.
