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PG & E Chief is like Utility Faces California Fire Responsibility




LOS ANGELES – Pacific Gas and Electric Company announced the departure of its CEO on Sunday when it was besieged by a financial crisis related to California's historic fire traps.

PG & E said the company had started a search to replace the top officer, Geisha Williams, who had led the tool since 2017. It said that John Simon, the company's Secretary General, would serve as interim CEO during the search.

"As we make progress as a company in security and other areas, the board recognizes the enormous challenges PG & E continues to face," said Richard C. Kelly, PG & E's chairman.

PG & E, State's largest investor -owned tools, facing an estimated US $ 30 billion exposure for damages from 2017 and 2018 killed in Northern California scores, exceeding their insurance and assets, raising concerns about state capital over the future of use

billion in potential costs has led to a number of downgrades in PG & Es rankings, including resolutions last week by Moody's Investors Service and S & P Global Ratings to downgrade the tool's bonds to rubbish.

The action is driven solely by it furthermore, the deterioration of Pacific Gas and Electric Company's credit quality, Moody says its decision.

Gov. Gavin Newsom has said that responses to the utility and fire services are among his priorities after taking office last week.

Fire researchers determined that PG & E's equipment was responsible for at least 18 of the 21 fires in 2017, as well as fires in 2018. Some of the fires have been attributed to power lines that come into contact with trees, as critics have said, the result of the tool not cutting the trees.

"The question is open about what PG & Es's plans are, whether you plan to file for bankruptcy or restructure itself," said Senator Jerry Hill, a San Francisco Democrat who heads the state Senate's Energy Committee on Gas, Electric and Transport Security. "The decision is certainly up to PG & E."

Mr. Hill said the company needed to take steps to improve its business as state and federal investigations have highlighted problems with the security culture, saying that departure from Williams was far delayed "It's probably good news to hear," Hill said. "It's late in coming."



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