California Utilities Fall as Investors Worry About Fire Fund
- PG&E shares plunge as much as 12%, Edison down almost 7%
- Role of utility equipment in blazes, insurance major concerns
The Eaton fire has killed at least four people, destroyed or damaged 4,000 to 5,000 structures and charred nearly 14,000 acres in Altadena and Pasadena.
Photographer: Michael Nigro/BloombergThis article is for subscribers only.
California utility giants Edison International and PG&E Corp. fell amid investor concerns about the size of a state wildfire fund set up to backstop power companies if their equipment is linked to a catastrophic wildfire.
Edison shares dropped as much as 6.6% on Friday after the utility told regulators that attorneys representing insurance companies have asked them to preserve evidence in connection with the deadly Eaton fire in Los Angeles. PG&E plunged as much as 12%, the most since March 2020.