Berkshire exec calls wildfire claims against utility 'unfounded' [Yahoo! Finance]
PACIFICORP(OREG) 6 PR (PPWLO)
Company Research
Source: Yahoo! Finance
Greg Abel, who is widely recognised as Buffett's successor and the future Berkshire chief executive, said at Berkshire's annual shareholding meeting that "all the litigation will be challenged" in relation to PacifiCorp. One thousand victims filed $30 billion of new claims against PacifiCorp last month, blaming it for causing Oregon wildfires in 2020. The lawsuit comes on top of $825 million that PacifiCorp has already paid or owes in claims due to other wildfire related lawsuits. Berkshire's utility business emerged as a potential drag on the conglomerate's earnings in the past year. Buffett said earlier this year that his failure to anticipate adverse developments in the utility business was a "costly mistake." "When we come to the wildfires, that's been a substantial challenge because it's the first time there's been a lot of discussion around one of our utilities" that is experiencing "significant losses associated with wildfires," Abel said. Utilities can reduce the risk
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