Seven months after a state agency absolved PG&E Corp. of blame for a deadly 2017 wildfire, the utility giant faces the potential of billions in new legal liabilities — and it’s unclear how it would pay for them, Bloomberg News reported. Despite the fact that investigators said that PG&E wasn’t responsible for the Tubbs Fire that killed 22 people, a bankruptcy judge has ruled that jurors should decide whether the company is to blame. The decision could expose PG&E to $18 billion or more in claims. It sent the stock plunging 25 percent yesterday, the most since the utility signaled it would file for chapter 11 in January. The ruling has implications for PG&E’s bankruptcy. The company, which has a market value of about $5.6 billion, already has taken roughly $18 billion in charges for wildfires blamed on its equipment. But while its been lobbying for state legislation that would allow it to raise billions by issuing tax-free municipal bonds, the utility’s reorganization plan will now almost certainly need to include even more money for fire victims.
