California’s largest utility soars
Under probe: Employees of PG&E work in the aftermath of the Camp Fire in Paradise, California. California authorities are investigating PG&E equipment as a possible cause of the so-called Camp Fire, the deadliest blaze in state history. — Reuters
PG&E Corp rallied as much as 49% in extended trading on Thursday after the head of the California Public Utilities Commission (PUC) said he can’t imagine allowing the state’s largest utility to go into bankruptcy as it faces billions of dollars in potential liability from deadly wildfires.
“It’s not good policy to have utilities unable to finance the services and infrastructure the state of California needs,” PUC president Michael Picker says in an interview. “They have to have stability and economic support to get the dollars they need right now.”
The end-of-day rally reversed hours of frantic selling, in which the utility fell the most since 2001, during the depths of the California power crisis. PG&E shares had plummeted 64% since Nov 7 amid fears that it would be held liable for a catastrophic wildfire that has killed 63 people, destroyed thousands of homes and scorched over 140,000 acres.
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