PG&E is of the opinion that regulators are likely to conclude that its equipment started the wildfires, the deadliest in California’s history, which resulted in the death of 86 people and caused billions of dollars in liabilities.
In a significant development, PG&E Corp disclosed that the U.S. Securities and Exchange Commission has begun investigating it in reference to its public disclosures and losses related to wildfires.
In a regulatory filing, PG&E Corp stated, it learned on March 20 that the SEC was investigating it in relation to its public disclosures and accounting for losses associated with the 2017 and 2018 Northern California wildfires and the 2015 Butte fire.
PG&E, an electricity and natural gas service provider to 16 million customers in northern and central California, is facing widespread lawsuits, government investigations and liabilities that could potentially exceed $30 billion, all of which stem from the 2017 and 2018 wildfires.
In November 2018, the wildfires were the deadliest; they killed 86 people. They were the most destructive in California’s history.
In January, PG&E sought Chapter 11 bankruptcy protection after facing the prospect of having to shell out, potentially, billions of dollars in liabilities that are either linked or suspected to be linked to its equipment.