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PG&E Sees More than $1 Billion in Fire Costs for Past Two Years

  • PG&E says fire expenses weighed on first-quarter earnings
  • CEO says company will fight criminal charges in 2019 blaze
A firefighter surveys a property burning during the Kincade fire in Healdsburg, California in 2019.
A firefighter surveys a property burning during the Kincade fire in Healdsburg, California in 2019.Photographer: Phil Pacheco/Bloomberg

PG&E Corp., the California utility giant that emerged from bankruptcy last year, said it sees total costs of $1.1 billion for damage claims from wildfires linked to its power lines over the past two years.

PG&E recorded an additional first-quarter charge of $175 million for the 2019 Kincade fire, bringing the total estimated claims from the blaze to $800 million, according to a filing Thursday. The utility also booked an added charge of $25 million for the 2020 Zogg fire, raising the total estimated cost of that fire to $300 million. California investigators have found that the two blazes were sparked by PG&E equipment.