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Pacific Gas and Electric Company

Claims in Porter Ranch gas leak could cost utility billions of dollars

Claims in Porter Ranch gas leak could cost utility billions of dollars

With ailing residents, displaced neighborhoods and a potential decline in property values, the leak at Southern California Gas Co.'s Aliso Canyon storage facility could cost the utility billions of dollars, some legal experts say.

So far, the gas company has spent more than $50 million combating the leak that began Oct. 23, according to a securities filing Thursday. More than 25 lawsuits have been lodged against the utility; "the cost of defending the lawsuits, and any damages, if awarded, could be significant," the filing stated.

The utility has told the U.S. Securities and Exchange Commission that it had "at least four types of insurance policies that it...

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