SAN FRANCISCO (AP) — Pacific Gas & Electric is reporting substantial losses for the third quarter driven by catastrophic wildfires. The company anticipates those costs could escalate to as much as $6.3 billion.
The state's largest utility on Thursday swung to a loss of $1.62 billion, after a profit of $564 million in the same period last year.
That's a per-share loss of $3.06, or $1.11 when one-time costs are removed. Revenue was $4.43 billion.
The bankrupt company is facing criticism for blackouts intended to limit wildfires, but that have left millions without power.
California Gov. Gavin Newsom called PG&E CEO Bill Johnson into a closed-door meeting Tuesday.