Both fires have been blamed in part on equipment owned by power utility PG&E, which last week missed an interest payment on its bonds and announced the intention to reorganize itself under Chapter 11. He figures that PG&E will manage to reduce its $30 billion in claims to $22 billion —still an enormous sum. AFP/Getty ImagesAfter the resources of PG&E and its insurance policies are exhausted, who else is there to pay for damages but the state and ratepayers. Could California afford to own PG&E’s assets, and more importantly, its future fire liabilities? Wildfires have bankrupted PG&E, and there’s a good chance they will bankrupt whatever new utility company emerges to buy the company’s assets.

Source: Forbes January 21, 2019 14:48 UTC