Nir Kaissar, Columnist

PG&E Exposes the Pitfalls of Virtuous Investing

ESG ratings didn’t flash many warnings around the California power company.

January 24, 2019 at 11:30 AM UTC

Nir Kaissar is a Bloomberg Opinion columnist covering markets. He is the founder of Unison Advisors, an asset management firm.

Respectable ratings but big problems.
Photographer: Justin Sullivan/Getty Images

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If you’re baffled by environmental, social and governance investing, PG&E Corp.’s recent troubles are likely to raise more questions than answers.

The California power company has been devastated by wildfires that ripped through the state in 2017 and 2018. PG&E’s liabilities are estimated at $30 billion and a bankruptcy filing is imminent. Its stock has tumbled 89 percent from its high on Sept. 11, 2017, through Wednesday.