No no No.
Read the court has given handle to Outside Group (investors). As per those investors plan (somewhere I read), they convert case debt into shares blah…blah…
During that process, current share holders value will become worthless to near zero.
If you buy now at $5, if court accepts Outside Group offers, current value likely become a cent.
I’d be cool with that for a few days. Looking forward to a quiet weekend.
Little detail but sounds like they would have needed to shut down long distance transmission lines to reduce the risk to zero. At that point Marcus’s comment is no joke - you really would need to just shut down the entire system.
Of course none of these destructive fires would happen, regardless of the ignition source, if fuel loads were reduced to something reasonable just like in neighboring states.
Those must be some pretty small fires. I’m right in the middle of what appears to be a cluster in AZ. No smoke, no evacuations, no road closures, no power outages.
PG&E’s latest outage map now that they’ve been bullied into shutting down the long range transmission lines
Wow. I mean just…wow.
OK I call BS on this whole map. I don’t know what the source is but yesterday I drove from my Marana property to Phoenix on 10 and the back north to Strawberry on the Beeline (87). No fires. Today I checked social media in my own area and took these photos of my valley (aspens are turning colors - real pretty), the area to the east and south and the Mogollon Rim to the north. NO FIRES - ANYWHERE. No smoke. No nothing.
Manch - where on earth did you find this phony map?
When there is fire, people are suing PG&E for billions and going to bankrupt.
Now, PGE cuts power. If there is any fire, no one can sue now.
This is what they are doing now!
Going forward, every utility companies will follow similar way as it is very difficult to prove to court that they are not source of fire.
Has any utility company besides PG&E been sued for starting a fire? This weeks pretty unique to them.
Source:
[quote=“Jil, post:48, topic:6284, full:true”]
No, they won’t. Some forms of stupidity are limited to CA. Lines go down everywhere. Transfomers blow up. Only excess fuel allows these situations to spiral out of control.
Makes a bit more sense. When you click on a fire many say “acres: 0” or they are months old and say “status unknown.” So it’s a compilation of months or years of fires, many tiny, and apparently it is seldom updated.
Uncle Warren to rescue? lol
Ok, so it’s California only.
Unlikely. I just remember Edison’s name and google it directly. Americans like lawsuits.
My guess is that PG&E did indeed drop the ball in safeguarding and upgrading their equipments. One of the many contributing factors to the inferno we are in.
Being forced by the state to spend over 2 billion a year extra to source power from renewables doesn’t help the situation.
My impression is that PG&E got compensated for the money they spent on renewables, like raising prices, and renewable is trendy anyway with many other utilities following suit. Hardly unique to PG&E.
I went through a few pages of search results. I didn’t see a single utility company fire lawsuit that’s not in California. If it was causing bankruptcy concerns, then that would make national business news.
