FILE PHOTO: Pacific Gas and Electric (PG&E) trucks are seen parked on a road between homes destroyed by the Tubbs Fire in Santa Rosa, California, U.S., October 11, 2017. REUTERS/Stephen Lam

(Reuters) - Power company PG&E Corp on Thursday raised its 2019 costs estimates by more than 50% related to deadly wildfires in California and its bankruptcy, sending its shares down nearly 6%.

The company raised its cost estimates to between $6.2 billion and $6.3 billion, from a prior range of $3.8 billion to $4.1 billion, saying its bankruptcy process could extend beyond the June 30, 2020 deadline and even take years to resolve.

PG&E filed for Chapter 11 bankruptcy protection in January, citing potential liabilities in excess of $30 billion from 2017 Northern California wildfires and 2018 Camp fire linked to its equipment.

The company on Thursday reported a quarterly loss, compared with a year ago profit, primarily due to a $2.5 billion pre-tax charge from insurance settlement claims related to the wildfires that it took.

In September, PG&E Corp reached an $11 billion settlement to resolve most claims by insurance carriers related to the wildfires.

Excluding items, the company reported a profit of $1.11 per share, beating analysts’ estimates of $1.01, according to IBES data from Refinitiv.

In October a fresh set of troubles struck the company as the Kincade fire, which forced the evacuation of over 180,000 people in Sonoma County, broke out near the base of a damaged high-voltage transmission tower it owns, PG&E said.

But even as it is struggling with mounting costs, the company rejected a $2.5 billion offer from San Francisco in October to buy the bankrupt Californian company’s power lines and other infrastructure within the city, citing the offer was inadequate.