On Tuesday, the 29th of January, 2019, the largest utility firm of US, PG&E Corp. had filed for bankruptcy protection, in the wake of large-scale fines ahead, followed by havoc liabilities from California wildfires of 2017 and 2018, which killed 86 people.
PG&E has been providing critical natural gas and electricity supply to 16 million customers in central and norther California and employing over 24,000 people. Despite the bankruptcy filing, the US utility firm vowed to stay on the business, as it has been grappling with the wild-fire related liabilities, estimated at over $30 million.
The Interim Chief Executive of PG&E corp., John Simon, wrote in a letter to the customers, “The power and gas will stay on ... We are not ‘going out of business,’ and there will be no disruption in the services you expect from us.
” In November, 2018, the San-Francisco based US power utility firm had warned that they might meet with significant scale of liability and be deprived of insurance coverage, if its faulty equipment were proved to be the cause of that deadly wildfire, destroying Paradise, California, last year.
The world’s most expensive natural disaster of 2018 had broken out on November 8th, 2018 and killed at least 86 people, which unfortunately for PG&E, believed to be caused by their faulty equipment.