PG&E Reports $1.6 Billion Third Quarter Loss

PG&E is reporting a third quarter loss of $1.6 billion because of wildfires and power outages. That compares to a profit of about $560 million in the same period last year. California’s largest utility also warns total costs could be north of $6 billion when adding in bankruptcy-related legal expenses and electric grid repairs. PG&E also admits it’s “reasonably possible” its equipment started the just-contained Kincade Fire, which ripped through nearly 78,000 acres and destroyed or damaged more than 430 structures. An investigation into the official cause of the Kincade Fire is in the early stages.