PG&E Corp. said that it believes it’s “probable” that the utility’s equipment will be found to be the source of the 2018 Camp Fire, the deadliest in California’s history.
PG&E Corp. said Thursday that it believes it's"probable" that the utility's equipment will be found to be the source of the 2018 Camp Fire, the deadliest in California's history.
div > div.group > p:first-child"> "Although the cause of the 2018 Camp fire is still under investigation, based on the information currently known to PG&E Corporation and reported to the CPUC and other agencies, PG&E Corporation believes it is probable that the Utility's equipment will be determined to be an ignition point of the 2018 Camp fire," the company said in a government filing.
Based on the early findings of the California Public Utilities Commission , the company said it is including a $10.5 billion pre-tax charge related to third-party claims in connection with the 2018 Camp Fire in its full-year and fourth-quarter 2018 financial results. The company said Thursday its full-year net losses were $6.9 billion, or $13.25 per share, compared to net income of $1.6 billion, or $3.21 per share in 2017. For the fourth quarter of 2018, the company said net losses were $6.9 billion, or $13.24 per share, compared to net income of $114 million in the fourth quarter of 2017.
"The company is facing extraordinary challenges relating to the 2018 Camp Fire and 2017 Northern California wildfires," the company said in a release."Management has concluded that these circumstances raise substantial doubt about PG&E Corporation's and the Utility's ability to continue as going concerns."Shares were little changed before the bell Thursday.
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