PG&E Corp. recorded a $100 million third-quarter charge for a California wildfire that its equipment may have sparked last month in the Sierra Nevada mountains. LiabilityExcess & Surplus Lines
California’s biggest utility said the costs of the Mosquito Fire should be largely offset by insurance and other rate recoveries, according to a filing Thursday with the US Securities and Exchange Commission.
Federal officials have initiated a criminal investigation into PG&E’s role in the fire, which burned 76,788 acres and destroyed 78 structures.
The US Department of Justice has asked PG&E for documents and information in its probe of the cause of the blaze, the company said in its filing. The US Forest Service told PG&E that the Mosquito Fire started in the area of the utility’s power-line and has removed equipment from the location.
PG&E had notified state regulators of a failure on the line around the time the fire reportedly started on Sept. 6.