Pacific Gas and Electric Co. (PG&E), riding on the momentum of a positive fourth quarter of 2021 and shrinking annual losses, has shifted focus to ambitious projects it hopes will reduce risks of wildfire events that have plagued the company.

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In what CEO Patti Poppe called a “new era” for PG&E during a Thursday 4Q2021 investor call, the company gave the first look at a plan to place 10,000 miles of power lines in its most fire-prone areas underground within the next four years.

The initiative will start gradually, with 175 miles of line expected to be laid this year. It will exponentially increase to 1,200 miles in 2026. Poppe said the accelerated speed will result partially from work already accomplished by the utility, with work on more than 50% of the nearly 600 miles...