Local government leaders in San Francisco and San Jose previously called for PG&E to be taken out of investor control and turned into a utility run by the government or customers. And the prevention methods have served only to anger customers, who at times have gone days without power. In addition to the Dixie fire, PG&E’s equipment is suspected of causing two other fires this year. Prosecutors in Sonoma and Shasta counties have brought criminal charges against PG&E related to the 2019 Kincade fire and to the 2020 Zogg fire, which killed four people.Īlthough PG&E has upgraded parts of its system and taken steps like intermittently shutting off customers’ power to prevent its equipment from causing more fires, the utility has continued to be the subject of wildfire investigations. The company pleaded guilty to 84 counts of involuntary manslaughter in connection with the Camp fire and was ordered to pay almost $2 billion in state penalties. PG&E filed for bankruptcy protection in January 2019 after amassing $30 billion in wildfire liability, including the state’s deadliest blaze, the Camp fire, which killed scores of people and destroyed the town of Paradise in 2018. The company’s shares closed Monday at $11.41, down 1.6 percent on the day. PG&E funded half of the victims trust in cash and half with company stock that would eventually be sold to pay claims.
An increase in the utility’s stock price is critical for paying thousands of claims by previous wildfire victims. The latest troubles for PG&E weighed on its stock price, which has not risen above $13 since the company exited bankruptcy in July 2020.
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“Failure to obtain substantial or full recovery of costs related to wildfires in a timely manner or any conclusion that such recovery is no longer probable could have a material effect on PG&E Corporation’s and the utility’s financial condition, results of operations, liquidity and cash flows,” the utility said in the filing. If the company is held criminally responsible for the fire, its shareholders may have to pay those costs and all financial penalties imposed by the courts and state regulatory agencies, which could add billions more in fines.
It is unclear whether PG&E, which emerged from bankruptcy protection last year, will be able to recover its liability losses from ratepayers. “Keep the world adventurous forever,” the company proclaims in its I.P.O. Amazon, which has been building up its own delivery operation, has a contract to buy 100,000 delivery vehicles from Rivian.įounded in 2009, Rivian makes an upscale pickup truck and a sport-utility vehicle, both designed to be driven off-road. Tesla recently topped $1 trillion in value, and it made its first full-year profit last year.Īmazon has invested over $1.8 billion in Rivian, and it disclosed last week that it held a 20 percent stake in the company. The company is chasing Tesla, the leader in the field. Rivian is one of many start-ups hoping to capture a share of the electric vehicle market, which is expected to grow exponentially over the next two decades.
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The company updated its registration documents with the Securities and Exchange Commission on Monday to say it was aiming to sell 135 million Class A common shares priced between $57 and $62 a share, raising up to $8.4 billion. Rivian, an electric truck maker backed by Amazon and Ford Motor, is aiming to be valued above $50 billion in its initial public offering next week.
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