If you're watching news of California's #KincadeFire from a safe place, here's what you should know, A THREAD:
1. It's looking like the fire was started by a malfunctioning jumper on a Pacific Gas and Electric transmission line.
2. (In anticipation of bad fire conditions, PG&E had shut off power to its lower-voltage distribution lines in this area, but not the transmission lines. The blackout made dealing with the fire harder.)
3. Last year, PG&E sparked the Camp Fire in basically *the exact same way.* amp.sacbee.com/news/local/art…
4. The Camp Fire did so much damage, PG&E filed for Chapter 11 bankruptcy to protect it from the ensuing lawsuits. pge.com/en_US/about-pg…
5. The fact that PG&E is in bankruptcy now means the claims from #KincadeFire victims will take priority over any pre-bankruptcy liabilities -- including claims from last year's fire victims.
6. If the fire burns more than 500 structures, PG&E could lose the financing it's lined up for an exit from bankruptcy. barrons.com/amp/articles/p…
7. What would that mean? More likelihood PGE shareholders get completely wiped out. Maybe more leverage for SF, which would like the bankruptcy judge to sell them some of PG&E's assets? Definitely more uncertainty for the largest electric utility in the US.mobile.reuters.com/article/amp/id…
8. Meanwhile, fire conditions are projected to get much worse by this weekend:
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