PG&E to file for bankruptcy following devastating California wildfires

California’s largest power company intends to file for bankruptcy as it faces tens of billions of dollars in potential liability following massive wildfires that devastated parts of the state over the last two years, according to a filing with the Securities and Exchange Commission.

Pacific Gas and Electric Co. said Monday that declaring insolvency is "ultimately the only viable option to restore PG&E’s financial stability to fund ongoing operations and provide safe service to customers."

The California wildfires , which have killed dozens of people and destroyed thousands of homes, have led to a surge in insurance claims.

Continue reading: Washington Post