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Here's Why Shares of Utility Stock PG&E (PCG) are Plunging Today
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On Wednesday, shares of PG&E (PCG - Free Report) , owner of Pacific Gas & Electric company, plunged over 25%. It said that its insurance wouldn’t be able to cover the cost if it’s found responsible for the Camp Fire in Northern California.
Its financial health would be severely impacted, and PG&E’s “financial condition, results of operations, liquidity, and cash flows” would take a big hit.
PG&E also said that it submitted an “electric incident report” to the California Public Utilities Commission on Nov. 8, days before the fire.
At least 48 people have died in the fire. Hundreds remain missing. Around 7,600 homes and other structures have been destroyed, according to estimates.
The Camp Fire has engulfed about 130,000 acres of land. It is the deadliest in the state’s history. In Southern California, the Woolsey Fire and Hill Fire are continuing to burn tens of thousands of acres.
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