12:20 PM EDT, 08/22/2024 (MT Newswires) -- PG&E ( PCG ) is working to stem an uptick in fires ignited by its power lines ahead of the period when wildfire risk peaks and has established a task force to evaluate and eradicate such risks, the Wall Street Journal reported Thursday.

The task force will determine actions to be taken to address these problem quickly before the fall, when wildfire risk increases due to strong winds, the report said, citing company executives. The task force is clearing vegetation near the power lines that can cause fires.

So far, Pacific Gas & Electric has informed state regulators about 62 ignitions in high-threat fire areas, of which 22 occurred in recent weeks amid a heat wave. That compares with 65 ignitions in entire 2023.

PG&E ( PCG ) did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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