19, January 2019 PG&E
PG&E’s systemic problems have gone unchecked for decades. It has now been forced into bankruptcy following California’s devastating wildfires. The company’s wildfire insurance was grossly underfunded to the tune of $1.4 billion compared to actual liability of more than $30 billion not including potential punitive damages, fines tied to future claims. Ratepayers can expect whopping increases in their utility bills.
In its effort to
make the state free from carbon-dioxide emissions, California pushed utilities
to buy renewal energy.
Clean-energy
initiatives, such as Solar and wind-energy designed to fight the effects of
climate change will be a major casualty.
Never missing an
opportunity to make money from other people’s misery,
Hedge funds are
already offering to buy settlement claims from insurance companies.
The filing comes a
day after the company announced the resignation of its chief executive, Geisha Williams and three other executives who were
paid millions for their gross incompetence.
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