Hm, $3.46B in cash and cash equivalents & another $1.4B in wildfire insurance coverage. But up to $17.3B in potential liabilities for 2017’s wildfires, according to JP Morgan.https://www.bloomberg.com/news/articles/2018-11-14/pg-e-plunges-in-early-trading-amid-wildfire-destruction?utm_campaign=socialflow-organic&cmpid=socialflow-twitter-business&utm_medium=social&utm_content=business&utm_source=twitter …
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It means we must change the inverse condemnation law in CA. It's not possible in this era of climate change for an IOU to generate and distribute power thru millions of dead trees to homes, maintain those lines to code and safe zones around them, and still be liable for damages.
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Would California voters accept a system where shareholders reap the rewards when PG&E makes a profit, but the public has to subsidize the losses when PG&E equipment is the cause of catastrophic fires? Sounds like a tough sell to say the least.
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Means decent into 3rd world electrical system for CA. Time to look into distributed grid. Hello
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In commercial insurance wild fires don't get nearly as much attention as other catastrophic events like Floods and Earthquakes in my experience. I suspect that is going to change very soon.
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Also, what is the cost of fire insurance going forward? Any insurance company writing a policy is going to want a lot of money
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Another company will buy them out and raise the rates. But, I see it as a reason to move to have renewable energy produce electricity closer to where it is needed and remove these long un maintenance transmission lines.
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