PG&E Corporation is a holding company. The Company's primary operating subsidiary is Pacific Gas and Electric Company (the Utility), which operates in northern and central California. The Utility is engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electricity transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides bundled services (electricity, transmission and distribution services) to various customers in its service territory. As of December 31, 2016, the Utility owned approximately 18,400 circuit miles of interconnected transmission lines operating at voltages ranging from 60 kilovolt to 500 kilovolt. As of December 31, 2016, the Utility also operated 92 electric transmission substations with a capacity of approximately 64,600 megavolt ampere (MVA). This seems like a BP play.. was down due to the following reason ( Worth a watch) - After today's drop, the utility's stock price has fallen almost 40% in just a few months, as the likelihood of liabilities associated with California wildfires increases (https://www.fool.com/investing/2017/12/21/pge-corporation-stock-fell-as-much-as-18-today-her.aspx )
PG&E stock crashes nearly 50% as utility says it will file for bankruptcy because of wildfires liability PG&E stock plummets nearly 50 percent after the company said it will file for bankruptcy protection as a results of its financial troubles. CNBC's David Faber reports that speculation the company may be bluffing about its planned bankruptcy are unfounded. The company faces at least $30 billion in potential liability costs stemming from wildfires in 2017 and 2018. The company announced Sunday that Chief Executive Geisha Williams is stepping down. PG&E Corp. stock cratered Monday after the company said it will file for Chapter 11 bankruptcy protection amid the financial anguish stemming from its part in helping spark a wave of historic wildfires in California. Shares of the company dropped nearly 50 percent in early trading Monday, one day after the company said Chief Executive Geisha Williams was stepping down. The company provided the official 15-day advance notice that it and its wholly owned subsidiary, Pacific Gas and Electric, intend to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about Jan. 29. The company, California's largest investor-owned utility, has 16 million customers across a 70,000-square-mile service area in Northern and Central California. There was some speculation that perhaps PG&E was bluffing in order to force aid from California. CNBC's David Faber said that sources told him that is not the case. PG&E faces at least $30 billion in potential liability costs stemming from wildfires in 2017 and 2018, many allegedly started by the company's equipment, that have led state officials to doubt the safety of the company's electric distribution system. FULL ARTICLE: https://www.cnbc.com/2019/01/14/pge-stock-craters-as-beleaguered-utility-faces-bankruptcy.html
