PG&E is going to pay billions for the Wine Country wildfires the headlines blare.
No they won’t. You will.
The eye-catching headlines are nothing more than click-bait.
Pacific Gas and Electric Co. and its parent company, PG&E Corp. claim they will take a $2.5 billion charge to cover expected losses from October’s deadly Wine Country wildfires.
According to the San Francisco Chronicle the financial pain may just be beginning.
Not really. The fix is in. You, the ratepayer, will be paying. Don’t take our word for it, ask the people in San Bruno.
The hand-wringing Chronicle goes on to report that the damage charge is larger than PG&E Corp.’s 2017 profit of $1.66 billion. Trust us, PG&E executives are not going to give up their limos just to pay off your claim.
Homeowners, businesses and local government agencies have filed roughly 200 lawsuits seeking to hold the utility responsible for the fires, which erupted during a powerful windstorm on Oct. 8. Total liability estimates range as high as $15 billion.
These lawsuits will take decades to settle. Victims will be long gone when that time finally comes. PG&E lawyers are counting on it.
Meanwhile PG&E’s lobbyists are coasting in Sacramento.
The bottom line is, the financial pain is indeed just beginning…for PG&E ratepayers.