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California Regulators to Try to Calculate PG&E Liabilities

  • Regulators developing financial stress test for utility
  • PG&E is facing $30 billion or more in fire liabilities
Pacific Gas & Electric Co. (PG&E) workers repair a transformer in Paradise, California, on Nov. 15, 2018. 
Photographer: David Paul Morris/Bloomberg
Updated on

California has already determined that PG&E Corp. is responsible for a string of wildfires in 2017. Regulators are now getting ready to figure out how much that could cost the company.

The California Public Utilities Commission voted unanimously Thursday to open proceedings to develop a so-called stress test for utilities’ wildfire costs. The goal is to see how big a financial blow companies like PG&E could withstand and still remain viable. Shares tumbled after the vote.