Fires and floods are sending some of the nation's largestutilities to the bond market to cover huge, unexpected bills.California's PG&E Corp., which was forced into bankruptcy ayear ago after its equipment sparked the deadliest wildfire instate history, is seeking permission from the state to issue asmuch as $7 billion in bonds to cover claims. Meanwhile, NorthCarolina-based Duke Energy Corp. is putting together a bond deal topay for almost $1 billion in repairs and other expenses fromhurricanes and snowstorms that swept across Florida and theCarolinas.
"In the past, storms haven't been at this magnitude or thiscost," said Chris Bauer, director for credit and capital markets atDuke.
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