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PULGA, Butte County – A woman living near the original camp fire in Butte County said Monday that Pacific Gas & Electric Co. last week announced plans to work on electrical equipment on or near his property, raising other issues. on the role of the utility in what has become California's most destructive forest fire.
BetsyAnn Cowley, 31, lives in the tiny mountain community of Pulga where the fire started, said she received an email from PG & E the day before the start of the fire indicating that the public service was due perform repair work on or near his property.
"They said they were coming because of problems with the lines," Cowley said.
Its 64 acres along Pulga Road, near Highway 70, east of Chico, are near the junction with Camp Creek Road, where officials from the Forest Department and the Fire Protection Department of California announced that the fire broke out Thursday morning.
Cal Fire officials have not explained the cause of the fire, but the electrical equipment in the area is currently under investigation. PG & E reported to regulators Friday that a high-voltage line near the point of origin had encountered a problem around the fire.
The California Public Utilities Commission is reviewing PG & E's compliance with "applicable rules and regulations in fire-affected areas," Terrie Prosper, a spokeswoman for the commission, said in an email. The commission's investigation "could include a fire scene inspection once Cal Fire has allowed access, as well as facility maintenance, vegetation management, as well as preparation and emergency response, "said Prosper.
PG & E spokesman Paul Doherty said the company had no comments about Cowley's email.
Cowley's revelation came as shares of Pacific Gas and Electric Co.'s parent company collapsed on Monday amid investors' concerns over the campfire-related electricity company's liability. .
Negotiations on PG & E Corp. were briefly stopped on Monday after the shares fell by more than 37%. The stock has dropped 48% in two days since the inflammation, which destroyed more than 6,700 structures and killed at least 29 people.
Shares of the San Francisco power company rebounded to $ 32.98, down 17.4%. PG & E was one of the worst-performing stocks in Monday's S & P 500 index.
"We will not speculate or comment on factors that may or may not have an impact on the market," Doherty said in an e-mail. "At the present time, our entire society is striving to support first responders and help our customers and the communities affected by the campfire."
According to an estimate from Susquehanna Financial Group, PG & E could face liabilities of up to $ 5 billion related to the campfire.
An analysis of the Trulia real estate website showed that as of Monday morning, the perimeter of the campfire encompassed 11,421 homes, worth almost $ 3 billion. Estimates do not include commercial structures, of which 260 have been destroyed, according to state fire officials.
According to Joe Mielenhausen of Moody's Investors Service, the already recorded destruction reflects the "serious credit risk related to forest fires" for PG & E and its parent company. Mielenhausen said in an email that the campfire had also revealed deficiencies in the recently adopted law, the SB901, which aimed to reduce the risks associated with fire fires associated with the fires of the year, but did not make any sense. offers no protection against the potential fire hazards this year.
"Moody's negative outlook takes into account the idea that additional financial strains for PG & E are likely," Mielenhausen said in an email. "In the future, we will look for signs of additional legislative and regulatory support for the utility, which operates under various legal processes with Cal Fire and other state-run organizations." . "
Moody's still expects state regulators to help PG & E and other utilities maintain sufficient financial capacity to help California achieve its long-term renewable energy goals, said Mielenhausen.
Any campfire liability would be added to last year's deadly fires, which could cost up to $ 17.3 billion, according to an estimate by JPMorgan Chase & Co.
State investigators have already determined that PG & E equipment had caused at least 16 forest fires in California last year.
But the public service is still waiting for a state report on the cause of the Tubbs fire, the deadliest and most destructive forest fires in Wine Country in 2017. This fire has destroyed more than 5,600 buildings shaving entire neighborhoods in Santa Rosa and surrounding areas. Until last week, it was California's most destructive wildfire, measured by the loss of buildings.
Bloomberg News contributed to this report.
J.D. Morris and Kurtis Alexander are editors of the San Francisco Chronicle. Email: [email protected], [email protected] Twitter: @thejdmorris @KurtisAlexander
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