Electric utilities face billions in wildfire liability with aging power lines risking another catastrophe
Publishing timestamp: 2023-08-28 16:12:37
Summary
The article discusses how electric utilities in the western U.S. are facing lawsuits and billions in damages over allegations that their failure to shut off power in extreme weather conditions has led to devastating wildfires. Hawaiian Electric, PacifiCorp, and Xcel Energy are among the companies facing lawsuits. The article highlights the aging infrastructure, drought conditions, and high winds as contributing factors to the wildfires. It also mentions previous incidents, such as the 2018 California Camp Fire, where utilities were found negligent. The article emphasizes the need for utilities to adapt to climate change and invest in infrastructure upgrades to prevent future wildfires.
Sentiment: MIXED
Tickers: HE, PPWLM, BRK.A, XEL, PCG'A, PCG,
Keywords: environment, business news, natural disasters, united states, hawaiian electric industries inc, business, climate, politics, u.s. economy, berkshire hathaway inc, products and services, biotechnology, breaking news: politics, xcel energy inc, energy, pacificorp, biotech and pharmaceuticals, breaking news: business, pacific gas and electric co, michael dougherty, health care industry, pg&e corp, weather,