Will PGE’s losses be passed on to ratepayers? Many expect the obvious.
PGE’s stock continued a free fall with nearly 22% losses in one day, making the five day losses totaling nearly 50%.
As losses mount due to claims from California wildfires, PGE has exhausted its revolving lines of credit, and warned it’s liability insurance may fall short of potential liability claims for the recent fire.
“The cause of the fire has not been determined, so it’s not clear if we’re going to be held responsible,” said Ms. Williams, the companies chief executive.
If PGE is held to account for fire related losses, many see now way to avoid those costs from being passed on to the ratepayers. PGE has already sought unsuccessfully to have the California legislature shield against fire losses. The last shoe is yet to fall.
SunnyCal now offers solar systems with battery backup for partial or full off-grid power. Most PGE customers can achieve more independence through reduced vulnerability to ever increasing rate increases.
By installing GEN-3 solar inverters, customers continue to have power, even when the utility power fails. This enables power for refrigerators and water pumping during power outages. If batteries are added, electrical power can continue at night. Customers can choose to backup entire houses or only a few critical circuits.
Retrofits are available for existing solar systems.
- New Law Coming: PGE to Pass Fire Costs to Ratepayers ? Michael Picker, Chairman of California's PUC has indicated support for new fast-track legislation to enable PGE to pass along fire-related costs to ratepayers.
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