- May 16, 2019 7:25 pm GMT
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Bad news for PG&E yesterday evening. A state investigation found that the Camp fire last year was started by two points of ignition near its distribution and transmission lines. Not that this was unexpected. "It is a disappointment that this happened. Let’s not do it again," said the company's CEO Bill Johnson. The irony here is that the company could face as much as $30 billion in liabilities for postponed maintenance work (which is being held as reason for the fire) that it estimated would cost $30.3 million. PG&E's stock price has fallen by 7.4% since last Thursday to $18.06. But the current price is still an improvement over its nadir of $6.36 on Jan 17 this year. I'd written earlier about a ratings downgrade from S&P; I am assuming that analysts there had already factored in today's developments when they downgraded the company earlier.