PG&E Files For Bankruptcy Amid Wildfire Lawsuits

California's largest power company, Pacific Gas and Electric has filed for bankruptcy protection. 

The company says there have been at least $7 billion in claims from the Camp Fire in Paradise, which is believe to have started from a PG&E power line. The fire ended up causing 86 deaths and destroyed 14,000 homes, while burning down 4800 other structures, including 500 businesses. 

PG&E has been linked to many wildfires in California. In 2017, state investigators said there were 11 fires where the company violated codes, such as not clearing brush near power lines. That year alone, fires caused $10 billion in damages and 44 deaths.  

The company's Interim CEO, John Simon said in a statement, that, "we have heard the calls for change and we are determined to take action throughout this process to build the energy system our customers want and deserve." Also promising the "delivery of safe, reliable and affordable service."

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