Southern California Gas Company (SoCalGas) has issued a statement in response to Southern California Edison's (Edison) filing of cross-claims in the ongoing Eaton fire litigation. SoCalGas intends to vigorously defend itself against what it considers to be Edison’s attempts to deflect responsibility and accountability.
SoCalGas also aims to pursue recovery from Edison for damages to its system through all available causes of action and remedies. The company is reviewing the allegations in the cross-complaint and has insurance, including wildfire insurance, to cover damages related to its system and to defend both Edison’s claims in the Eaton fire litigation and pending lawsuits brought by individual plaintiffs related to the Palisades fire.
SoCalGas, the largest gas distribution utility in the United States, serves more than 21 million consumers across approximately 24,000 square miles of central and southern California. The company has been working diligently to assess the impacts of the fires on its infrastructure, make necessary repairs, and safely restore service to thousands of customers.
As of the latest report, SoCalGas has not provided specific metrics or financial information related to the litigation or the impact on its operations. Therefore, it is unclear how the ongoing litigation and potential damages may affect the company's financial performance. The market has reacted to these announcements by moving the company's shares 1.07% to a price of $92.55. For more information, read the company's full 8-K submission here.
