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Author: nola622 ✶🐝  😊 😞
Number: of 15065 
Subject: PG&E CEO on Buffett's annual letter
Date: 04/25/2024 3:34 PM
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No. of Recommendations: 3
Of course, Berkshire is not primarily operating in California but here are the CEO comments FWIW:


https://www.bnnbloomberg.ca/buffett-got-it-wrong-o...

(this bnn bloomberg link from Canada shouldn't be paywalled for most people)
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Author: DTB ✭  😊 😞
Number: of 15065 
Subject: Re: PG&E CEO on Buffett's annual letter
Date: 04/25/2024 4:07 PM
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PG&E was driven into bankruptcy in 2019 after a series of deadly fires blamed on its equipment. Poppe pointed to measures California has taken since then to cut fire risk. The state has set up a $21 billion wildfire insurance fund to backstop utilities, put shareholder liability caps on utility wildfire claims and required PG&E to carry out fire prevention plans that include hardening its grid against extreme weather.

PG&E went bankrupt with the claims from claims prior to the backstop. Buffett might still be a little unhappy about the prospect of BH Energy going bankrupt because of claims that are not covered by the State's backstop, whereas for Poppe (appointed after PG&E's bankruptcy), that is just water under the bridge.

dtb
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