California utility customers may be on hook for billions in wildfire damage

“As wildfires ravage large swaths of California for a second year, one of the state’s biggest utilities has declared that it faces billions of dollars in potential liability — far more than its insurance would cover.

The potential losses could leave the company’s customers on the hook to pay the bill, exposing businesses and consumers to higher costs. The utility, Pacific Gas and Electric Company, could even face bankruptcy, putting pressure on the state for a bailout.”

Click here to read more from NY Times.

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