PG&E Slumps After Scrutiny Over California Wildfires Escalates

Aug. 19, 2021, 4:03 PM

  • State regulator is weighing more oversight on safety lapses
  • Federal judge is probing utility’s role in starting Dixie Fire

Utility giant PG&E Corp. is once again coming under the spotlight for its role in California’s wildfires, sending its shares falling the most in a week.

Regulators threatened to heighten enforcement action against the company for its track record of safety lapses, while a federal judge is probing its role in starting the second biggest-wildfire in the state’s history, which has been raging for more than a month.

PG&E shares dropped as much as 4.1% Thursday, the most since Aug. 12. They were down 3.1% to $8.84 at 11:36 a.m in New York.

The heightened scrutiny comes as California’s largest …

Mark Chediak

Bloomberg News

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