2019 was not a great year for the San Francisco utility company, PG&E, as they reported a $3.6 billion 4th quarter loss as it continues to go through investigations and the claims related to the 2017 and 2018 California wildfires.

The company filed for bankruptcy in 2019 after a loss of $7.7 billion coming on the heels of their $6.9 billion loss in 2018. The company recorded a pretax one-time charge stemming from a $13.5 billion settlement with victims of one of the multiple wildfires they have allegedly played a role in since 2014 (total charges are almost $26 billion). The company also had to pay millions of customers for cutting their power during the 1,900 wildfires the company is said to have started since 2014.

PG&E told the judge that it is still on track to exit their bankruptcy this summer. They must pay for a California wildfire fund which was designed to assist the state’s investor-owned utilities to handle any liability damages arising from inevitable fires. 

“Our focus now is on working with all key stakeholders, including elected officials and state regulators, to position PG&E for emergence as a financially stable company with a renewed and rigorous focus on safe operations and customer service, while meeting California’s energy needs and goals in a changed climate,” PG&E Chief Executive Bill Johnson said in a statement.

The company said it has met numerous 2019 goals for improving system safety by trimming more trees away from its power lines and installing devices to better monitor fire hazards.

Read more here