Pacific Gas and Electric has declared Chapter 11 bankruptcy in the face of "actual and potential" liability.
"Pacific Gas and Electric Co. and its parent company early Tuesday followed through on their plans to seek bankruptcy protection because of the mounting toll they face from the last two seasons of devastating Northern California wildfires," reports J.D. Morris.
The action by the company followed through on plans reported in the press earlier this month.
PG&E also put out a statement promising to keep the lights on (and the gas) as the company works through the Chapter 11 process.
"Experts agreed the bankruptcy filing of California’s largest utility won’t affect customers’ ability to keep their lights on," adds Morris. "But the process has potential to spur fundamental changes, such as a possible sale of the gas side of the business, as the company reorganizes. It could also eventually affect customer rates and delay or reduce the payments received by thousands of wildfire victims who have sued PG&E."
A lot more detail on next steps, expected to occur in phases over about two years, is included in the article.
FULL STORY: PG&E files for bankruptcy, seeking protection from wildfire costs
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