PG&E Takes $2.5 Billion Charge Related to California Wildfires

PG&E Corp (PCG.N) will record $2.5 billion in pre-tax expenses in the second quarter related to wildfires in California, the electric utility said on Thursday, two weeks after state officials blamed its power lines for sparking the fires.

Wall Street analysts said PG&E’s initial estimate for charges related to the fires that killed 46 people last fall was within expectations and not as high as some investors had feared.