Investing.com – Pacific Gas & Electric plunged in midday trading, pulling down the utility sector as a whole.
PG&E, familiar in the role of corporate villain to those who have seen “Erin Brockovich,” sold off sharply after it said its potential liability for the California wildfires could exceed its current insurance coverage.
PG&E (NYSE:PCG) stock tumbled about 30% at 12:13 PM ET (17:13 GMT).
The S&P 500 Utilities index fell about 1%.
Also struggling in the index were NextEra Energy (NYSE:NEE), which lost 1.8%, andSempra Energy (NYSE:SRE), which fell 1.3%.
The Camp wildfire, which has killed more than 40 people, is being investigated, and PG&E told regulators it experienced problems with transmission lines or substations in areas around the time the blazes were reported to have started.
In an SEC filing company said it withdrew $3 billion from a credit facility in anticipation of liabilities.
Read more at : https://www.investing.com/news/forex-news/pge-sheds-30-brings-utilities-down-midday-1688276
