STOCK TITAN

PG&E Disputes Criminal Charges Related to 2019 Kincade Fire

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Negative)
Tags
Rhea-AI Summary

PG&E Corporation (NYSE: PCG) acknowledged today the criminal charges from the Sonoma County District Attorney’s office regarding the October 2019 Kincade Fire. The company expressed sympathy for the victims and accepted CAL FIRE's finding that its transmission line caused the fire, but it asserts there was no criminal wrongdoing. CEO Patti Poppe emphasized the company's commitment to rectify the situation for affected individuals and enhance wildfire safety measures. The company continues to develop technologies to lower wildfire risks and improve system resilience.

Positive
  • Commitment to rectify the situation for Kincade Fire victims.
  • Acceptance of CAL FIRE's findings indicates accountability.
  • Ongoing efforts to enhance wildfire risk reduction and system safety.
Negative
  • Criminal charges could harm the company's reputation.
  • Ongoing scrutiny from legal authorities may lead to further financial liabilities.

PG&E Corporation (NYSE: PCG) shared the following statements today in regard to criminal charges filed by the Sonoma County District Attorney’s office related to the October 2019 Kincade Fire.

“We are saddened by the property losses and personal impacts sustained by our customers and communities in Sonoma County and surrounding areas as a result of the October 2019 Kincade Fire, and recognize the courageous efforts and sacrifices of the first responders who worked to contain the fire and those who were injured. We are grateful that there was no loss of life.

In the spirit of working to do what’s right for the victims, we will accept CAL FIRE’s finding that a PG&E transmission line caused the fire, even though we have not had access to the agency’s report or the evidence it gathered.

However, we do not believe there was any crime here. We remain committed to making it right for all those impacted and working to further reduce wildfire risk on our system.”

PG&E Corporation Chief Executive Officer Patti Poppe added the following, “I came to PG&E in January to ensure that we care for all those who were harmed, and that we make it safe again in California. We will work around the clock until that is true for all people we are privileged to serve.”

Details about PG&E’s efforts to further reduce the growing wildfire risk, harden its systems, and use new technologies to help keep its communities safe can be found in the company’s 2021 Wildfire Mitigation Plan.

About PG&E Corporation

PG&E Corporation (NYSE: PCG) is the parent company of Pacific Gas and Electric Company, a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pgecorp.com.

FAQ

What are the criminal charges against PG&E related to the Kincade Fire?

PG&E is facing criminal charges filed by the Sonoma County District Attorney’s office in connection with the October 2019 Kincade Fire.

How did PG&E respond to CAL FIRE's findings on the Kincade Fire?

PG&E accepted CAL FIRE's findings that its transmission line caused the Kincade Fire, expressing commitment to support the affected individuals.

What measures is PG&E taking to reduce wildfire risks?

PG&E is implementing a 2021 Wildfire Mitigation Plan focusing on system hardening and new technologies to enhance safety.

What is the stock symbol for PG&E Corporation?

The stock symbol for PG&E Corporation is PCG.

PG&E Corporation

NYSE:PCG

PCG Rankings

PCG Latest News

PCG Stock Data

54.96B
2.14B
2.73%
77.17%
1.32%
Utilities - Regulated Electric
Electric & Other Services Combined
Link
United States of America
OAKLAND