Pacific Gas & Electric’s stock price continues to get pummeled on Wall Street amid concerns about potential losses related to a devastating fire in Northern California.
The stock, which was on the course Thursday for a six-day losing streak, was the biggest decliner in the S&P 500 index. It was down 29.5 percent to $18.04 in afternoon trading.
Investors are concerned over whether the power company can weather potential losses related to the blaze that devastated the town of Paradise, killing at least 56 people.PG&E is facing a lawsuit claiming it is responsible for the blaze that started Nov. 8 and has charred nearly 200 square miles.
The company’s stock price has plunged 60 percent since then, wiping out $15 billion of its market value.
Here is the latest statement from PG&E:
Our hearts continue to be with the communities impacted by the Camp Fire. The loss of life and property is staggering. Right now, our primary focus is on supporting the communities and assisting first responders as they work to contain the fire. We are also getting our crews positioned and ready to respond when we get access, so that we can safely restore gas and electricity to our customers.
It’s important to remember that the cause of the fire has not been determined. We will cooperate with any investigations, and support the development of best practices and new policies to help prevent wildfires and protect the public.
We agree with CPUC President Picker’s statement that an essential component of providing safe electrical service is long-term financial stability. Access to affordable capital is critical to carrying out safety measures and meeting California’s bold clean energy goals. Recently passed legislation recognized the importance of financially healthy utilities to California electric customers and implementing it quickly is important to achieve that goal.
- MAP SHOWS HOMES DAMAGED, DESTROYED IN CAMP FIRE
- HORSE SEEKS REFUGE IN SWIMMING POOL DURING CAMP FIRE
- SMOKE FROM CAMP FIRE POURS INTO BAY AREA
- PG&E CRITICIZED OVER DEADLY CAMP FIRE
- SEARCH FOR CAMP FIRE VICTIMS INTENSIFIES IN PARADISE