Ivan Penn, Thomas Fuller and Lisa Friedman, The New York Times
Summary
Pacific Gas and Electric workers in Paradise, Calif. on Monday. The company, facing billions of dollars in liability claims from two years of wildfires, sees bankruptcy protection as "the only viable option." (Photo: Talia Herman for The New York Times)
LOS ANGELES — Pacific Gas and Electric said on Monday that it would seek bankruptcy protection as “the only viable option” as the giant California utility faces billions of dollars in liability claims from two years of deadly wildfires.
The company’s troubles pose a challenge to the state’s elected officials and regulators, who will ultimately decide whether part of the solution will be raising already high electricity rates. The problems could also make it harder to achieve California’s ambitious goals for renewable energy.
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