CEO of California utility PG&E resigns as firm faces liability over wildfires

14 January, 2019, 19:11 | Author: Eric Barnett
  • PG&E may notify its employees this week of potential bankruptcy

John Simon, who served as PG&E's executive vice president and general counsel, will now be the utility's interim CEO until the board finds a permanent replacement and said the utility's "single most important responsibility" is safety.

SAN FRANCISCO, Calif. - (AP) - A newspaper says employees of Pacific Gas and Electric could learn this week if the utility will declare insolvency while facing billions of dollars in liability over its role in recent California wildfires.

PG&E has already asked state regulators for a $1 billion rate hike, beginning in 2020, to help cover the increased costs of improving its fire safety.

The departure of Williams, 57, was announced Sunday, hours before the company said it was notifying workers it could file for bankruptcy within weeks.

PG&E said they do not expect the move to effect electric or natural gas service for its customers as a result of the proceedings.

State fire investigators blamed the utility's power lines for causing a number of California wildfires past year and in 2017. Investigators have been probing whether the power giant's equipment ignited the fire, along with its potential liability for blazes that devastated Northern California's wine country in 2017 - costs that "could exceed US$30 billion", according to the filing. On Sunday, the company started searching for a new leader after Geisha Williams, 57, quit as CEO.


Shares in the company are expected to fall by more than 50% when trading begins on Monday. The board concluded that a Chapter 11 reorganization "is ultimately the only viable option to restore PG&E's financial stability", according to the filing. PG&E remains committed to assisting the communities affected by wildfires in Northern California, and its restoration and rebuilding efforts will continue.

The full press release from PG&E can be found on its website.

The company does not expect bankruptcy to interfere with providing its customers with power and other services, the company said in a statement Monday. In a PG&E report last month, the company outlined how employees discovered damaged power towers minutes before the Camp Fire broke out.

The daughter of Cuban political refugees, Williams became the nation's first Latina CEO of a Fortune 500 company when she took over PG&E.

"PG&E faces extensive litigation and significant potential liabilities resulting from these wildfires". The Nov. 8 fire destroyed Paradise and killed 86 people, more than any other in state history.

Recommended:

  • Apple AirPower charging mat coming soon

    Apple AirPower charging mat coming soon

    The latest update on AirPower comes via Hong Kong website ChargerLAB which cites a "credible source" within Apple's supply chain. This company is also said to be the same one that manufacturers AirPods and USB-C cables for Apple.
    Zion Williamson Leaves Game With Eye Injury

    Zion Williamson Leaves Game With Eye Injury

    There's no telling how good they're going to be come March and they're to be commended for the outstanding job they're doing. He has turned the ball over just 14 times in 14 games this season. "They're putting themselves in a pretty good position".
    Surreal feeling that audience has accepted 'Uri…' says Vicky Kaushal

    Surreal feeling that audience has accepted 'Uri…' says Vicky Kaushal

    The film that is based on Indian Army's surgical strikes on Pakistan occupied Kashmir in 2016 which is related to the Uri attack. The film is directed by debutant Aditya Dhar and produced by Ronnie Screwvala under his banner RSVP Movies.
  • 'Kingdom Hearts 3' Post-Launch Updates Revealed

    'Kingdom Hearts 3' Post-Launch Updates Revealed

    There are a few little perks available to you when you preorder the merchandise of Kingdom Hearts 3 Standard edition. And, with the game being the culmination of that, a lot of story revelations are likely to be present in the game.
    Eight killed as Boeing cargo plane crashes in Iran

    Eight killed as Boeing cargo plane crashes in Iran

    Iran's air force said in a statement that the fate of the crew, including their possible "martyrdom", is under investigation. Iranian media said the crew of the flight included anywhere from eight to 16 people, with seven bodies already recovered.
    Iowa Republican Steve King faces party action over 'white supremacist' remark

    Iowa Republican Steve King faces party action over 'white supremacist' remark

    On Wednesday , two years before the next election, Iowa State Sen. King is no longer welcomed in their party or Congress".
  • White House asked for Iran attack options

    White House asked for Iran attack options

    The Times tried to create distance between Bolton and Secretary of State Mike Pompeo , writing, "But Mr. There's no doubt that we could do plenty of damage to Iran if we chose to strike.
    SpaceX plans to lay off over 600 workers

    SpaceX plans to lay off over 600 workers

    If the test launches go well, SpaceX could be ready to launch NASA astronauts to the International Space Station by midyear. Led by CEO Elon Musk and CFO Gwynne Shotwell, SpaceX's headquarters are in Hawthorne, California.
    More than 6 million already hit by flu, CDC says

    More than 6 million already hit by flu, CDC says

    The CDC recommends that people get a flu vaccine by the end of October, though there is still time to get vaccinated. By comparison, there were 195 pediatric hospitalizations over the same period last season.
  • Snow, ice become more widespread Saturday night, Sunday morning

    Snow, ice become more widespread Saturday night, Sunday morning

    Temperatures this morning are sticking in the mid to lower 30s and highs this afternoon won't really increase from there either. A Winter Weather Advisory will be in effect for counties along and south of Interstates-88 and 290 until 3 a.m.
    Benjamin Netanyahu admits Israel to blame for Damascus strikes

    Benjamin Netanyahu admits Israel to blame for Damascus strikes

    But with that war winding down, Israeli security officials fear Hezbollah is refocusing its attention on Israel. The powerful Shiite Hezbollah group, which acts independently in Lebanon, has yet to comment on the tunnels.
    Sen. Harris: Trump Holding Americans 'Hostage' With 'Vanity Project'

    Sen. Harris: Trump Holding Americans 'Hostage' With 'Vanity Project'

    Harris is one of several high-profile Democrats who are considering running for president in 2020. Meanwhile, Harris said Friday she plans to decide soon about running for president in 2020.


Popular

China changes Canadian's prison sentence to death amid Huawei tensions
Schellenberg was arrested in 2014 and received his initial 15-year sentence last November, months after his trial began in 2016. Schellenberg will have the right to appeal the sentence, according to Reuters .

Samsung News Room seemingly confirms Samsung Galaxy F launch date
But a simultaneous announcement of the Galaxy S10 and Galaxy F may result in the foldable Galaxy eating most of the S10 press. Samsung may have accidentally posted a pic of the Galaxy S10 themselves before its official release next month.

Stabbed Polish mayor dies in hospital
He has been seen as a progressive voice in the country, supporting LGBT rights and tolerance for minority groups. Kaczynski, at the time an opposition leader, blamed the attack on an "atmosphere of hate" under Civic Platform.

Greek PM Tsipras faces confidence vote after minister quits
Mr Kammenos said that he would vote against the government as supporting it would imply backing for the name deal with Macedonia. The wrangle had long frustrated Macedonia's European Union and North Atlantic Treaty Organisation aspirations.

Inside the hell house of Jayme Closs's alleged kidnapper
Jake Patterson had, as it turns out, worked at the same turkey processing plant, but only for a single day three years ago. Her hair "was like a big dreadlock - like she'd been laying down", Kristin told The Post at her Wisconsin home.

Pioneering DNA scientist loses titles after claims over race
The lab said it was reacting to Mr Watson's remarks in a television documentary aired earlier this month. James Watson co-discovered the DNA molecule structure.

Tom Brady, Patriots embrace underdog role after win over Chargers
Brady and the Patriots have recorded five additional Super Bowl appearances, winning two more titles in 2015 and 2017. The Patriots went 11-5 and finished second in the AFC standings.

'Game of Thrones' Final Season Premiere Date Revealed
Hopefully, Bran can make it to the Stark family reunion because as every Game of Thrones fan knows, people you love tend to die. Jon Snow's real mother Lyanna Stark is the first voice we hear as a feather falls from her statue before landing on the ground.

Unai Emery On Benching Mesut Ozil: Others Deserved To Play
The Gunners would come unstuck at the London Stadium, with Declan Rice's goal early on in the second half proving the difference between the two sides.

Ted Cruz: Americans outside D.C. don't care about Russian Federation investigation
The ex-national security advisor, Michael Flynn, pleaded guilty to lying to investigators about his Moscow ties. The Times says it's unclear whether Mueller is still pursuing the counterintelligence angle.