PG&E expects more than $6B in wildfire costs

FILE - In this Nov. 9, 2018 file photo, Pacific Gas & Electric crews work to restore power lines in Paradise, Calif. Pacific Gas & Electric Co. on Thursday, Nov. 7, 2019, reported a third-quarter loss of $1.62 billion, after reporting a profit in the same period a year earlier. (AP Photo/Rich Pedroncelli, File)

SAN FRANCISCO — Pacific Gas & Electric is reporting substantial losses for the third quarter driven by catastrophic wildfires. The company anticipates those costs could escalate to as much as $6.3 billion.

The state’s largest utility on Thursday swung to a loss of $1.62 billion, after a profit of $564 million in the same period last year.

That’s a per-share loss of $3.06, or $1.11 when one-time costs are removed. Revenue was $4.43 billion.

The bankrupt company is facing criticism for blackouts intended to limit wildfires, but that have left millions without power.

California Gov. Gavin Newsom called PG&E CEO Bill Johnson into a closed-door meeting Tuesday.

_____

Some of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PCG at https://www.zacks.com/ap/PCG

The Associated Press