After a $6 Billion Wipeout, Wildfires Still Imperil PG&E
- Investigators looking at power-line failure as possible cause
- Utility could be responsible for damages, negligent or not
Wildfires Are Burning Northern California's Wine Country
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The 911 calls began before midnight, with reports of downed power lines and exploding transformers. What would swiftly grow into the deadliest wildfires in California history were ablaze -- and fingers were soon pointing at PG&E Corp.
Investigators may never be able to determine what ignited the wine country fires, but PG&E, one of the nation’s largest utilities, is struggling to fend off catastrophe anyway. The mere suggestion its equipment might be to blame was enough to send shares tumbling, wiping out about $6 billion in value. The stock was trading at $57.06 Friday, down 17 percent since Oct. 9, the first trading day after the fires started.