PG&E reported a dramatic drop in profits Thursday in the company's most recent quarterly earnings report for investors.
Profits fell to $136 million in the first quarter of 2019, down from $442 million during the same period last year.
The utility blamed the hit to its bottom line on several factors, including legal costs stemming from the 2017 North Bay fires and the 2018 Camp Fire in Butte County, and the utility's ongoing bankruptcy. The company filed for Chapter 11 in January.
Also, the company revealed in a different regulatory filing late Thursday afternoon that it is being investigated by the U.S. Securities and Exchange Commission. The SEC is probing whether the utility properly disclosed and accounted for losses related to wildfires.
PG&E declined to comment on the SEC investigation.
Profits Could Continue to Plunge
Some analysts believe the costs reflected in PG&E's latest financial results aren't likely to subside in the near term.