By CCN.com: Over a week ago, PG&E stocks lost most of their value faced with PG&E’s possible $30 billion in liabilities pertaining to wildfires and potential bankruptcy. PG&E’s share price hiked 75% today.
The California Department of Forestry and Fire Protection has said that private electrical equipment is to blame for starting the fire in Sonoma County in October 2017.
— Kurtis Alexander (@kurtisalexander) January 24, 2019
It’s Not Over for PG&E
Reports indicate that PG&E equipment may still have caused at 17 out of the 21 fires in California during 2017. It is also under investigation over the November 2017 “Camp Fire” which killed 86.
PG&E’s CEO John Simon had said on January 14 that bankruptcy was the best way for PG&E to resolve “potential liabilities” in an “order, fair and expeditious fashion” as well as continuing to serve PG&E customers. At this point, PG&E shares fell to a value of $6.96.
At the time of writing the PG&E shares are at a value of $13.01 and showing 30% gains an hour into postmarket trading. The stock recorded near 25% gains over the January 24 trading session ending at $9.98.
PG&E has been cleared of blame for the devastating 2017 #TubbsFire.