rtmark
LearnBonds.com

PG&E Corporation (PCG) Will Not Compensate for Northern California Blackout

PG&E Corporation (PCG) Will Not Compensate for Northern California Blackout

PG&E Corporation (PCG) recently drove millions of residents in California into darkness as it is facing bankruptcy. While the jury is still out on the way the company suddenly blacked out a huge population, PG&E looks ready for not paying people for their loss.

No checks for blacked-out homes

PG&E Corporation told a state regulator last Friday that it doesn’t have any plans to pay customers for the unplanned blackout. The company’s utility chief Andrew Vesey clarified that it hasn’t “committed to making those reimbursements.” At a San Francisco meeting, he noted that the utility company doesn’t have an “intention to undertake a reimbursement.”

PG&E Corporation (PCG) Will Not Compensate for Northern California Blackout

Governor Gavin Newsom urged the company to pay its customers for service failure. He suggested paying $100 to residential customers and $250 to business customers. The company seems unphased by his suggestions, but Vesey noted that they could be open to discussing the issue with regulators later. This means that paying customers who suffered outages isn’t a priority for the firm right now.

Is shutting off power the answer to problems?

PG&E shut down power in 22 counties in California earlier this month, including several parts of the north San Francisco Bay Area. The company said that power would not be restored for days. The company undertook this decision to avoid wildfires- the reason behind its bankruptcy. The controversial move was necessary to “ensure safety as a last resort,” according to Community Wildfire Safety Program vice president Sumeet Singh.

Scott Strenfel, company meteorologist said that diablo winds that are flowing through the Northern California region have historically caused destructive wildfires in the region. The company will first assess the damage done by the winds to their system before restoring power to the users.

However, not everyone was impressed at the seemingly “prompt” action by the company. The sudden outages affected the users adversely and caught them by surprise. Not only this, the company was asked to improve and upgrade its infrastructure instead of causing blackouts in large regions of the state.

Most recently, the company was asked to sell its assets in San Francisco, but it refused the deal. It has to pay billions of dollars in damages to people affected by the 2018 wildfires in California that were blamed on its faulty equipment. The company may have wanted to avoid similar consequences this year, but its abrupt actions aren’t helping in saving face.

Trusted & Regulated Stock & CFD Brokers

Rating

What we like

  • 0% Fees on Stocks
  • 5000+ Stocks, ETFs and other Markets
  • Accepts Paypal Deposits

Min Deposit

$200

Charge per Trade

Zero Commission

Rating

64 traders signed up today

Visit Now

75% of investors lose money when trading CFDs.

Available Assets

  • Total Number of Stocks & Shares5000+
  • US Stocks
  • German Stocks
  • UK Stocks
  • European
  • ETF Stocks
  • IPO
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 Zero Commission
  • NASDAQ Zero Commission
  • DAX Zero Commission
  • Facebook Zero Commission
  • Alphabet Zero Commission
  • Tesla Zero Commission
  • Apple Zero Commission
  • Microsoft Zero Commission

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
  • Paypall
  • Skrill
  • Neteller

Rating

What we like

  • Sign up today and get $5 free
  • Fractals Available
  • Paypal Available

Min Deposit

$0

Charge per Trade

$1 to $9 PCM

Rating

Visit Now

Investing in financial markets carries risk, you have the potential to lose your total investment.

Available Assets

  • Total Number of Shares999
  • US Stocks
  • German Stocks
  • UK Stocks
  • European Stocks
  • EFTs
  • IPOs
  • Funds
  • Bonds
  • Options
  • Futures
  • CFDs
  • Crypto

Charge per Trade

  • FTSE 100 $1 - $9 per month
  • NASDAQ $1 - $9 per month
  • DAX $1 - $9 per month
  • Facebook $1 - $9 per month
  • Alphabet $1 - $9 per month
  • Telsa $1 - $9 per month
  • Apple $1 - $9 per month
  • Microsoft $1 - $9 per month

Deposit Method

  • Wire Transfer
  • Credit Cards
  • Bank Account
Users should remember that all trading carries risks and users should only invest in regulated firms. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
Avatar

Viraj loves to write and express his views on anything related to Finance, Crypto, or Fintech. He has been covering Finance & Crypto for more than five years now. He likes Tesla. He also writes on Healthcare, and Technology among other stuff.