An aerial view of Paradise, California off of Clark Road on Nov. 15, 2018. The Camp Fire has burned more than 7,000 structures in Paradise.

California utility PG&E faces at least $30 billion in liability for fires in 2017 and 2018, sources tell CNBC.

The figure doesn't include penalties, fines or punitive damages, the sources said.

The report comes as the utility considers bankruptcy protection for some or all of its business as it faces a big fourth-quarter charge related to liability for the fatal fires, Reuters reported Friday. The Camp Fire in early November wiped out the mountain town of Paradise, killing at least 86 people in what has been described as the deadliest wildfire in California's history.

Shares of PG&E are down 49 percent in the last three months. The stock fell 21 percent in midmorning trading Monday.