PG&E profits down as utility confronts fire costs, disaster preparedness
The details of
Net income fell to
The October fires account for upwards of
The company is lobbying for changes to state laws that allow regulators to hold utilities liable for property damage and attorney fees when their equipment is determined to be the leading cause of a wildfire. Current laws prevent utilities from passing such costs onto customers through rate hikes.
The company's CEO and president,
"There is growing evidence that these wildfires may become more destructive in future years and we must adapt," Williams said in prepared remarks. "We see common ground on many of the issues that have been raised and we look forward to collaborating on solutions."
The utility opted not to forecast profits for the remainder of the year as it braces for
"It is important to have policies in place to provide a sustainable financial future for the state's energy companies," said Williams. "Ultimately, we're fighting for a reasonable outcome -- not only for
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