It became known, because of what began the most deadly fire in the history of California

Pacific Gas & Electric (PG&E) admitted on February 28 that its equipment likely triggered the deadly Camp Fire that devastated the city of Paradise and its surrounding areas in Northern California in the fall of 2018. USA Today.

“The Company believes it is likely that its equipment will be identified as the ignition point of the 2018 Camp Fire,” the company said in a press release that accompanied the filing with the federal Securities and Exchange Commission. The document also warns shareholders that the company is expected to pay $10,5 billion in damages due to the fire.

PG&E said it is basing this conclusion on its own information about the event, which was passed on to the California Public Utilities Commission.

At the same time, the company stressed that the cause of the fire is still under investigation, and no final conclusions have yet been made.

Camp Fire, the deadliest fire in California historywho killed a 86 man started on November 8 2018. It destroyed about 14 000 houses and became the most expensive natural disaster in the world in 2018 and the most deadly forest fire in 100 years in the USA.

PG&E spokeswoman Lincy Paulo declined to comment beyond the press release.

“We recognize that we need to do more to adapt and address the growing threat of fires and extreme weather to keep our customers safe. We are currently taking steps to improve safety and maintenance levels and will continue to update our regulators, customers and investors on our efforts,” said PG&E Interim CEO John Simon.

PG&E also paid about $ 1 billion in connection with the 2017 Atlas and Cascade fires in Northern California. This is in addition to the $ 2,5 billion payment in the second quarter of 2018, which was also associated with fires in the region.

Including recent spending, PG&E paid $ 14 billion due to the California wildfires in 2017 and 2018. And this is still the lowest mark. PG&E's potential financial liabilities for fires could exceed $ 30 billion.

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