Greentech Media's reporter filed this story about the financial challenges PG&E faces as a result of California's wildfires from AEE's Pathway to 2050 conference in Sacramento. While there, she covered remarks made by PG&E's Steve Malnight. See the entire story here and excerpts below:
California is still coping with the fallout from last year’s devastating wildfires, even as it fights several new blazes, including the state’s largest on record.
Pacific Gas & Electric (PG&E) says wildfires — and uncertainty surrounding the state’s intensifying disasters — will have a big part in defining its future, including its clean energy programs.
“What the wildfire conversation is doing right now is it’s really putting huge uncertainty on the utility’s ability in the future to attract capital to invest in California’s clean energy goals,” said Steve Malnight, PG&E’s senior vice president of strategy and policy, at Advanced Energy Economy’s annual Pathway to 2050 event...
Earlier this summer, state investigations found that PG&E lines were the cause of several fires that killed at least 15 people and razed over 5,000 homes last fall. The news caused a further downward spiral in the utility’s stock, which had already dropped 40 percent since the fires. The company reported a $1 billion net loss in Q2.
PG&E holds that it met state maintenance requirements, but California law means the utility can still be held liable for the billions of dollars in monetary fallout. Some estimates suggest that could top $15 billion...
See the entire Greentech Media story here.