Pacific Gas & Electric (PG&E) could face a loss of more than $600 million related to the Kincade Fire, which occurred in Northern California’s Sonoma region after the utility had filed for Chapter 11 bankruptcy, it announced in its quarterly filing with the U.S. Securities and Exchange Commission Friday.
The utility also filed an application with the California Public Utilities Commission (CPUC) on Thursday, requesting authority to finance $7.5 billion of the claims from the 2017 North Bay wildfires through recovery bonds, under the agency’s “stress test” process.
PG&E expects to have its reorganization plan confirmed by the bankruptcy court June 30 — a legislative deadline it must meet to access California’s new wildfire insurance fund — and currently plans to emerge from bankruptcy by Aug. 29, it said in the application.