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PG&E Tumbles as California Fires Spreads to its Service Area

Investing.com
Updated

Investing.com - Pacific Gas & Electric Company shared fell on Thursday as a major fire has erupted in part of its service area.

The company had shut off power before to more than 179,000 homes and businesses in Northern California. But the exact cause for the fire has not been determined.

PG&E has been under pressure after authorities found it was responsible for two deadly fires in 2017 and 2018. The company has been forced to go into bankruptcy due to an estimated $30 billion in liabilities.

Other utility companies have also shut off power, including Southern (NYSE:SO) California Edison (NYSE:SCE_pb) in Los Angeles and Sempra Energy (NYSE:SRE) in San Diego due to fire risk.

PG&E (NYSE:PCG) fell 6% in midday trade.

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