[ad_1]
PG & E's shares skyrocketed after California investigators cleared the responsibility of the besieged utility company during the Tubbs fire in October 2017 and declared that an electrical system private sector was responsible for it. It is not clear if PG & E will be declared responsible for the November campfire. This conflagration killed at least 86 people and destroyed about 14,000 homes, making this the deadliest fire in the state.
The California electricity company said Wednesday in court that she could not afford an order from a federal judge to inspect her energy network and clean trees likely to fall on her power lines. It is estimated that the work would cost between $ 75 billion and $ 150 billion.
"PG & E would inevitably need to turn to the California taxpayers for funding, which would result in a substantial increase – an estimated one-year increase of more than five times the current utility bill rates," says the paper. .
PG & E shares rose 6.6% to $ 12.53 on Monday at the trading session. The stock has lost more than 70% of its value in the last 12 months. PG & E is California's largest investor-owned utility with 16 million customers in a 70,000 square kilometer service area in northern and central California.
– CNBC
Leslie Picker
and
Aditi Roy
Contributed reports.
Source link
