Analysis: Utilities & Climate Change – A Cautionary Tale

Analysis: Utilities & Climate Change – A Cautionary Tale

JANUARY 24, 2019

In the wake of hundreds of lawsuits over deadly wildfires in California, and with potential liabilities amounting to an estimated USD 30 billion, PG&E Corp. (PG&E), the state’s largest utility, announced on January 14 that it was forced to file for bankruptcy.

Although PG&E had recently revamped its wildfire safety program in response to significant incidents from prior years, the company has been unable to adapt to rapidly changing environmental conditions and mounting physical risks to its assets marked by prolonged droughts, highly vulnerable forests, and extreme weather events, which significantly increased the probability of wildfires.

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