Climate Changed
PG&E Sees ‘Significant Liability’ in California Wildfire Report
- State has evidence of alleged violations in eight blazes
- Utility cites fatal Redwood, Nuns blazes in U.S. filing
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PG&E Corp. pared losses as investors evaluated the potential impact of a state report that blamed the utility giant for fatal fires in Northern California wine country last year.
The company said Monday it expects to record a “significant liability” for fires, and the shares plunged the most in five months at the open. While some analysts concurred, Morgan Stanley’s Stephen Byrd was skeptical that shareholders would end up liable for all the costs, and by midday in New York the shares had recovered about half of those earlier losses.