PG&E isn't the only company at risk in California fires

PG&E Corp. isn't alone when it comes to utilities with liability risks in the California fires.

Two of the state's top utilities showed in disclosures this week that some equipment sparked fires.

Edison International reported that its Southern California Edison arm likely sparked the 2018 Woolsey Fire, which burned nearly 97,000 acres in suburban Los Angeles and killed three people, according to Dow Jones.

Edison shares took a 5 percent hit on the news.

In addition, the Los Angeles Department of Water and Power, said the current  Getty Fire in Brentwood was likely started by a broken tree limb hitting a power line.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Fires in California are burning in its northern and southern regions, prompting mass evacuations.

Utilities have taken to shutting off power to millions of residents prevent further fires when strong winds kick up.

A legal provision known as inverse condemnation, says if a power company's equipment starts a fire, it is responsible for paying property damages.

WILDFIRE ERUPTS NEAR REAGAN LIBRARY IN SOUTHERN CALIFORNIA

A large fire could result in billions of dollars in liability costs for utilities such as PG&E and Edison, according to Dow Jones.

Proponents of the standard say utilities are held accountable for taking care of equipment maintenance and allows property owners and insurers in high-rick areas some financial protection.

Utilities have pushed for changes, but so far nothing has been altered.

Edison had previously booked a $1.8 billion after-tax charge related to the Woolsey fire in its 2018 earnings.

CLICK HERE TO READ MORE ON FOX BUSINESS

PG&E filed for bankruptcy protection earlier this year, citing $30 billion in liabilities from fires in 2017 and 2018.