Nov 14, 2018
California fires are threatening utilities’ bottom line
California damages topped $10 billion in 2017. The bill for this year's fires could be worse.
In this aerial photo, a burned neighborhood is seen in Paradise, California, on Nov. 15, 2018. The toll in the deadliest wildfires in recent California history climbed to 59 on Nov. 14, 2018, as authorities released a list of 130 people still missing.
Josh Edelson / AFP
With Santa Ana winds still kicking up blazes in California, the scope of destruction of this year’s fires still has to be tallied. Last year, the state’s wildfires caused more than $10 billion in damages. Utility companies said they were at risk of bankruptcy, if they didn’t get help. The state legislature responded and passed a law to help for 2017 and set up long-term protections that start in 2019. But there are no state provisions set up for this year, which has utility investors nervous.
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