LOS ANGELES — Pacific Gas and Electric Company, with billions of dollars of potential wildfire liabilities pushing it toward bankruptcy, has been cleared of responsibility for one giant 2017 fire in Northern California, brightening its financial outlook.
The California Department of Forestry and Fire Protection said on Thursday that private electrical equipment at a home was responsible for starting the Tubbs Fire in Sonoma County in October 2017. The exact cause could not be determined, however, because much of the equipment was destroyed in the fire, which eventually killed 22 people and destroyed over 5,600 buildings.
After the department made the announcement, PG&E’s stock soared, closing up 75 percent on Thursday at .95. Even so, the shares remain much lower than where they were before last November, when a new wave of devastating fires swept through the utility’s vast service territory.
PG&E, facing an estimated billion of liability for fires in 2017 and 2018, said last week that it planned to seek bankruptcy protection by the end of the month. California officials say the company’s equipment caused at least 17 of 21 major 2017 wildfires in the state.
Investors and government officials have cast doubt on the company’s rationale for a bankruptcy filing. PG&E has enough money on hand to meet day-to-day expenses and its wildfire liability has not been definitively established, these people have said.
Financial analysts scrambled on Thursday to figure out the change in PG&E’s liability as a result of the state’s determination about the Tubbs Fire. That overall liability could now be about billion lower, according to one financial research firm, CreditSights.
Yet it was not clear whether the news changed the company’s bankruptcy calculations.
Gov. Gavin Newsom said that he was surprised by the findings of the state’s fire investigators and that he had spoken to PG&E officials about them. But he said he was not sure whether the news would prompt the company to shift gears.
“This obviously begs the question, now what?” Mr. Newsom said. “Do we anticipate that PG&E will move forward as they have previewed? That is an open-ended question. That is a question for PG&E.”
For its part, PG&E said it still faced untold financial exposure without making clear whether it would still file for bankruptcy.
“The devastating and unprecedented wildfires of 2017 and 2018 have had a profound impact on our customers, employees and communities,” the utility said. “Regardless of today’s announcement, PG&E still faces extensive litigation, significant potential liabilities and a deteriorating financial situation, which was further impaired by the recent credit agency downgrades to below investment grade.”
At least one of the company’s investors, the New York-based hedge fund BlueMountain Capital, said PG&E ought to reconsider a bankruptcy filing in light of the state’s conclusions about the Tubbs Fire. The hedge fund said earlier on Thursday that it would seek to replace PG&E’s board, which it accused of failing the company’s shareholders, customers and employees.
“The news from CalFire that PG&E did not cause the devastating 2017 Tubbs Fire is yet another example of why the company shouldn’t be rushing to file for bankruptcy, which would be totally unnecessary and bad for all stakeholders,” Omar Vaishnavi, head of fundamental credit at BlueMountain Capital, said in a statement.
Investors and analysts who are skeptical that the company needs bankruptcy argue that PG&E has access to plenty of assets it could borrow against or sell to meet its wildfire liabilities, including its headquarters building in San Francisco and its gas business. Selling such assets would still leave the company as the primary electricity utility to much of Northern and Central California.
Stocks of companies that are on the verge of filing for bankruptcy often trade for pennies because investors believe that shareholders will get wiped out in a court-ordered reorganization. The Thursday rally in PG&E’s stock could further undermine the case for a bankruptcy. The company’s stock outstanding was worth more than billion at Thursday’s closing price.
But PG&E’s board might still decide to seek bankruptcy because it could conclude that is the most expedient way to resolve the thousands of wildfire claims against the utility. A filing could also protect the company in case its liabilities turn out to be much higher than current estimates.
California officials have not yet determined the cause of the November 2018 Camp Fire, the state’s most devastating. That wildfire killed at least 86 people and destroyed the town of Paradise. It could be months more before investigators reach a conclusion about its cause. Mr. Newsom said the state expected to determine the cause of the Camp Fire within the first half of the year.
Some legal experts said the Tubbs Fire decision probably would not stop the company from filing for bankruptcy.
“This should not change much,” G. Marcus Cole, a law professor at Stanford, wrote in an email. “If PG&E files for bankruptcy, it is not because of the crushing weight of liability. Instead, it will be for administrative efficiency reasons. They still face hundreds of claims from hundreds of plaintiffs.”
Investors also have to consider the possibility that PG&E still faces large, hard-to-quantify liabilities. Measures to reduce the risks of wildfires, like trimming trees around power lines and installing insulated wiring, could end up costing the company billions.
“PG&E’s numerous regulatory, legislative and credit challenges are largely unchanged and we still expect them to file for Chapter 11 bankruptcy protection in the next few days,” Jeff Cassella, a vice president and senior credit officer at Moody’s, said in a statement.
For wildfire victims, PG&E’s bankruptcy plans could cut both ways. Legal experts say newer claims against the utility could be processed more quickly through one bankruptcy court than through several state courts. But claims related to 2017 fires that are further along in the legal process, especially those that are set to go to trial in September, could be delayed by a bankruptcy filing.B:
广东麻雀外围买码【欧】【阳】【曦】【和】【梅】【龙】【的】【提】【前】【胜】【出】，【在】【他】【们】【熟】【悉】【之】【人】【的】【预】【料】【之】【中】，【在】【别】【人】【的】【预】【料】【之】【外】。 【梦】【惜】【和】【千】【叶】【公】【主】，【一】【直】【都】【对】【梅】【龙】【和】【欧】【阳】【曦】【这】【组】【合】【给】【予】【不】【正】【常】【的】【评】【价】。 【想】【当】【初】【梦】【惜】【和】【千】【叶】【公】【主】【让】【梅】【龙】【和】【欧】【阳】【曦】【一】【个】【组】，【可】【不】【完】【全】【是】【因】【为】【这】【两】【人】【熟】【悉】【的】【缘】【故】。 【虽】【然】【那】【个】【时】【候】【说】【的】【是】【自】【由】【搭】【配】，【但】【作】【为】【紫】【萱】【王】【国】【的】【代】【表】，【朝】【圣】【大】【队】【的】
【打】【击】【声】【入】【耳】， 【咚】！ 【历】【斌】【心】【脏】【剧】【烈】【一】【跳】，【视】【线】【立】【即】【捕】【捉】【到】【白】【球】【轨】【迹】。 【二】【垒】【方】【向】【强】【劲】【滚】【地】【球】！ 【他】【将】【视】【线】【接】【着】【一】【转】，【投】【向】【二】【垒】【处】……. 【咚】！【咚】！ 【二】【垒】【手】【特】【拉】【维】【斯】【正】【撒】【腿】【飞】【奔】，【迎】【着】【白】【球】【弯】【腰】【侧】【身】【探】【出】【手】【臂】，【意】【欲】【将】【白】【球】【接】【入】【手】【套】【中】。 「【好】！」 【见】【状】，【历】【斌】【心】【中】【一】【松】。 【但】【接】【下】【来】【一】【幕】，【不】
【陈】【扬】【却】【不】【以】【为】【然】，【他】【要】【灵】【魂】【质】【问】【释】【迦】【摩】【尼】【佛】。 “【你】【们】【的】【悟】，【却】【让】【亿】【万】【生】【灵】【成】【试】【验】【品】，，，”【陈】【扬】【道】。 “【陈】【扬】，【佛】【为】【人】【类】，【在】【地】【球】【转】【世】，【艰】【苦】【传】【道】，【让】【苦】【难】【人】【们】【心】【灵】【得】【以】【寄】【慰】，【渡】【众】【生】【一】【切】【苦】【难】。【这】【是】【无】【上】【功】【德】。【旦】【凡】【有】【良】【知】【之】【士】，【绝】【不】【会】【扺】【毁】【怀】【疑】【佛】【祖】。”【梁】【美】【兰】【道】。 “【梁】【美】【兰】，【陈】【扬】【是】【心】【怀】【慈】【悲】，【不】【忍】【众】
【第】339【章】【逃】【出】【生】【天】 【三】【面】【火】【光】【冲】【天】【一】【面】【是】【高】【耸】【的】【城】【墙】，【崔】【霄】【发】【现】【西】【面】【靠】【近】【城】【墙】【的】【地】【方】，【却】【有】【一】【段】【火】【势】【非】【常】【弱】。 【显】【然】【这】【个】【地】【方】【没】【有】【火】【油】，【火】【焰】【都】【是】【北】【部】【猛】【火】【油】【燃】【烧】【引】【起】【房】【屋】【起】【火】，【经】【过】【一】【番】【燃】【烧】，【火】【势】【非】【常】【大】。 “【难】【道】【又】【是】【个】【圈】【套】？” 【崔】【霄】【已】【经】【成】【了】【惊】【弓】【之】【鸟】，【现】【在】【做】【没】【一】【个】【决】【定】【都】【有】【些】【疑】【神】【疑】【鬼】。
【视】【线】【回】【到】【了】【米】【汐】【的】【脸】【上】，【那】【种】【势】【在】【必】【得】【让】【米】【汐】【不】【寒】【而】【怵】，【她】【不】【知】【道】【为】【什】【么】【冷】【子】【希】【突】【然】【就】【像】【变】【了】【个】【人】【一】【样】，【就】【算】【是】【发】【怒】【中】【的】【冷】【子】【希】【也】【从】【来】【不】【是】【这】【个】【样】【子】【的】。 【心】【里】【不】【种】【不】【安】【正】【慢】【慢】【升】【起】，【米】【汐】【不】【能】【明】【白】【冷】【子】【希】【突】【然】【性】【格】【的】【转】【变】【是】【因】【为】【什】【么】，【如】【果】【只】【是】【占】【有】【欲】【在】【作】【祟】，【那】【也】【不】【应】【该】【是】【这】【个】【样】【子】【的】。 “【呵】，【冷】【子】【希】，【你】【未】广东麻雀外围买码“【各】【位】【旅】【客】，【列】【车】【即】【将】【到】【达】【天】【海】【站】，【请】【在】【天】【海】【站】【下】【车】【的】【旅】【客】【准】【备】【好】【自】【己】【的】【行】【李】【下】【车】……” 【经】【历】【了】【几】【个】【小】【时】【的】【煎】【熬】，【当】【江】【小】【寒】【听】【到】【火】【车】【的】【到】【站】【广】【播】【的】【时】【候】，【不】【由】【松】【了】【口】【气】。 【终】【于】【熬】【到】【头】【了】。 【下】【了】【车】。 【江】【小】【寒】【闻】【着】【外】【面】【带】【有】【寒】【意】【却】【又】【让】【人】【感】【觉】【清】【新】【的】【空】【气】，【感】【觉】【整】【个】【人】【的】【呼】【吸】【都】【畅】【快】【起】【来】【了】。 【这】【一】【次】【的】
【也】【不】【知】【道】【是】【不】【是】【顾】【悦】【笙】【得】【心】【里】【作】【祟】，【她】【总】【感】【觉】【尹】【言】【看】【着】【她】【的】【眼】【神】【已】【经】【不】【像】【当】【初】【看】【着】【她】【那】【么】【的】【单】【纯】，【那】【其】【中】【神】【色】，【总】【是】【让】【她】【觉】【得】【心】【中】【有】【些】【不】【舒】【服】。 【尹】【言】【看】【着】【她】，【还】【不】【知】【道】【她】【心】【中】【所】【想】，【尽】【管】【表】【达】【着】【自】【己】【内】【心】【的】【情】【绪】，【看】【着】【她】【很】【紧】【张】【的】【说】【道】：“【笙】【儿】！【你】【被】【陆】【俊】【科】【欺】【负】【了】【没】【有】？【他】【是】【不】【是】【也】【欺】【负】【你】【了】？” 【看】【着】【尹】【言】【紧】
【国】【际】【在】【线】【四】【川】【消】【息】（【廖】【志】【全】 【通】【讯】【员】 【冯】【常】【英】）：【为】【进】【一】【步】【加】【强】【消】【防】【安】【全】【宣】【传】【教】【育】，【增】【强】【市】【民】【消】【防】【安】【全】【意】【识】，11【月】8【日】，【自】【贡】【市】2019【年】“119”【消】【防】【安】【全】【宣】【传】【月】【启】【动】【仪】【式】【暨】【文】【艺】【汇】【演】【在】【泰】【丰】【国】【贸】【中】【心】【广】【场】【举】【行】。
【孔】【心】【仪】【过】【分】【寒】【毒】【的】【眼】【神】，【桑】【小】【七】【无】【意】【间】【扫】【到】，【眉】【头】【紧】【皱】【了】【下】，【这】【女】【人】【对】【温】【天】【姿】【敌】【意】【很】【深】。 【情】【敌】【的】【味】【道】。 【桑】【小】【七】【脑】【子】【里】【自】【动】【分】【成】，【温】【天】【姿】【和】【敌】【人】。 【孔】【心】【仪】【自】【然】【就】【是】【那】【个】【敌】【人】。 【让】【桑】【小】【七】【意】【外】【的】【是】，【这】【里】【还】【是】【有】【几】【个】【学】【霸】【级】【的】，【比】【如】【杨】【瑾】，【比】【如】【那】【个】【孙】【云】【涛】。 【桑】【小】【七】【之】【所】【以】【记】【住】【孙】【云】【涛】【这】【个】【名】【字】，【是】【因】
【京】【松】【高】【速】【是】【一】【条】【单】【向】【五】【车】【道】【的】【主】【干】【高】【速】【公】【路】，【作】【为】【连】【接】【首】【都】【与】【经】【济】【重】【镇】【的】【大】【动】【脉】，【这】【条】【高】【速】【公】【路】【的】【建】【设】【等】【级】【在】【国】【内】【无】【疑】【是】【称】【得】【上】【首】【屈】【一】【指】。 “【所】【以】【说】，【这】【到】【底】【是】【怎】【么】【一】【回】【事】？” 【此】【时】，【一】【辆】【白】【色】【的】【玛】【莎】【拉】【蒂】【正】【以】【时】【速】120【公】【里】【的】【速】【度】【奔】【跑】【着】，【车】【内】，【林】【剑】【握】【着】【方】【向】【盘】，【眼】【睛】【瞥】【了】【一】【眼】【车】【内】【后】【视】【镜】，【脸】【上】【露】【出】【八】