California utility conserves cash over potential wildfire liability
California utility conserves cash over potential wildfire liability
20 December 2017
Published by https://www.pressherald.com/
USA- SAN FRANCISCO — Pacific Gas & Electric Co. is suspending dividend payments to shareholders out of concern for any finding of financial liability in Northern California’s devastating wildfires, California’s largest utility said Wednesday.
In a statement, board chairman Richard C. Kelly said utility officials decided temporarily halting the payments “is prudent with respect to cash conservation” for the utility.
Fire investigators say they are examining is whether power lines or other electrical equipment sparked the fires. In California, utilities can be held financially responsible for damage if their equipment caused the problem.