Utility PG&E Power Line Outage Sparks Serious Criticism After Incident Report Filed with the California Public Utilities Commission
Utility PG&E Power Line Outage Sparks Serious Criticism - PG&E admits that it could face massive financial liability in excess of its insurance policy limits in the event its equipment caused the Camp Fire. A spokesperson for PG&E said that the company is cooperating with any investigations. More details about the utilities involvement in the Camp Fire are published at Reuters.com.
PG&E Corp (PCG.N) is a publicly traded utility listed on the New York Stock Exchange. Under fears that the utility may go bankrupt should it be found liable, the company's stock price plunged down 60%.
While a rebound occurred on November 16, 2018 following its massive plunge, the rebound probably had nothing to do with liability. California Public Utilities Commission President Michael Picker made comments on an investor conference call that he could not imagine allowing the state's largest utility to go into bankruptcy. It's likely that this reassurance caused the utilities stock to surge over 40 percent on Friday. Paradise Butte County Wildfire lawyer
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