PG&E stock jumps 20% after California state report calls for spreading wildfire costs 'broadly'
The report also suggests wildfire costs should be spread"broadly," and not just to utilities and investors but to insurers and even government.
The governor's strike force report also said the state should"demand that a reorganized PG&E serve the public interest," including if it means"refocusing PG&E's operations on transmission and distribution." The San Francisco-based company currently has natural gas and electric operations, serving about 16 million people throughout northern and central California.
In February, PG&E said in a regulatory filing that it believes it's"probable" that the company's equipment will be found to be the source of the deadlyCamp Fire. Problems with PG&E equipment near where the Camp Fire is believed to have started were also reported by the utility in November. The report also suggests the state overhaul legal and regulatory policies because of the risk of more destructive wildfires and the potential impacts to fire victims, communities and the utility industry. One of the changes it proposes is spreading financial risk of wildfires.
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