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PG&E Shares Fall After California Says Utility Caused Dixie Fire

Last year’s Dixie blaze was the second-largest in California history. 

A firefighter battles flames during the Dixie fire in Genesee, California, on Aug. 21, 2021. 

A firefighter battles flames during the Dixie fire in Genesee, California, on Aug. 21, 2021. 

Photographer: Eric Thayer/Bloomberg

PG&E Corp. fell the most in five weeks after California investigators said late Tuesday that the utility’s power line was responsible for sparking the second-largest wildfire in state history last year.

PG&E declined as much as 3.7% on Wednesday, the biggest drop since Nov. 30.