PG&E, the venerable but troubled Californian utility, may face tens of billions of dollars of liabilities from the deadly wildfires that have swept California in recent years. Yet, somehow, the company could end up being more valuable than ever as demand grows for electricity from the US state. Much will depend on how the company’s Chapter 11 bankruptcy unfolds. Although the company filed for bankruptcy protection in January, the stock market still values it at about $10bn.