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Jan 23, 2019

PG&E expects capital spending of about $6.6 billion in 2019

Reuters Editorial

FILE PHOTO: PG&E works on power lines to repair damage caused by the Camp Fire in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage/File Photo
(Reuters) - U.S. power company PG&E Corp (PCG.N) said on Wednesday it expected capital expenses of about $6.6 billion in 2019 and $6.9 billion in 2020.
PG&E, which provides electricity and natural gas to 16 million customers in northern and central California, faces widespread litigation, government investigations and liabilities related to wildfires that could potentially exceed $30 billion.
In a filing with the U.S. securities and exchange commission, the company said it expects to spend between $5.7 billion and $7 billion annually from 2020 to 2023.
PG&E expects capex to be about $6.5 billion for fiscal 2018.
The company said on Tuesday it secured $5.5 billion in financing from four banks as it prepares to file for Chapter 11 bankruptcy protection.
Reporting by Debroop Roy in Bengaluru; Editing by Arun Koyyur and Anil D'Silva

Source: Reuters

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