California regulators are about to vote on whether a utility can claw back costs related to wildfires in 2007. Their decision may set a precedent for PG&E Corp., which could face billions in dollars of potential damages from last month's deadly wine country fires.
The California Public Utilities Commission will vote as early as Nov. 30 on San Diego Gas & Electric's (SDG&E) request to recoup $379 million in costs from Southern California wildfires. Two judges have recommended rejecting the request by the Sempra Energy unit to pass along some costs to customers, saying the company didn't properly manage its facilities.
The outcome could have repercussions for PG&E, which has seen its market value plummet by more than $7 billion since fire investigators said they were looking at its equipment as a possible cause of fires that tore through California's wine country. Maximum total liabilities for those fires could reach $13 billion, according to JPMorgan Chase & Co.
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