Warren Buffett’s warning that wildfires have turned utilities across the western US into risky investments is mistaken — at least in California, according to the head of the state’s largest electricity provider.
“Frankly, I think Buffett got it wrong in California,” said Patti Poppe, chief executive officer of PG&E Corp., during the company’s investor call Thursday. “California has done the hard work to mitigate both physical and financial risk.”
Buffett’s most recent letter to Berkshire Hathaway Inc. shareholders expressed a reluctance to invest in the company’s western utilities given their exposure to wildfire liability claims.