PG&E warns of billions more in deadly wildfire claims in 2019

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PG&E warns of billions more in deadly wildfire claims in 2019

US-based power and utility company, PG&E, headquartered in San Francisco, which sought bankruptcy protection earlier this year reported a rise in its losses over the second quarter of 2019 on Friday, the 9th of August, 2019, during reveal of its quarterly earnings’ report.

Aside from a far-worsened Q2, 2019, earnings’ outlook, which missed a Wall St. estimate by a wide margin, the handicapped California-based utility company had predicted more losses spurring from growing claims and liabilities related to the deadly blazes in 2017 and 2018, which forced PG&E, one of the utility majors in the United States to file for a Chapter 11 bankruptcy protection earlier this year.

According to PG&E’s Q2 earnings’ report revealed on Friday (August 9th), the utility company had posted a much wider-than-anticipated loss, while it posted a net loss of $2.55 billion or $4.83 per share for the second quarter of the year, down from a $984 million of $1.91 per share.

Further inside the bargain, the US-based power and utility company had forecasted a further nosedive, adding that the CA-based company had currently been bracing for an annual loss of $3.9 billion or $4.1 Billion including taxes from a prior $1.4 billion in annual losses seen last year, roughly 300 percent higher on a year-on-year basis.

Nonetheless, the crippled utility company, PG&E’s net revenue again went through a sweeping plunge of $3.94 billion, slightly up from $4.23 billion a quarter earlier.