- Pacific Gas & Electric (PCG +8.1%) recoups a chunk of its steep losses from recent days, perhaps as investors ascertain that Cal Fire and the California Public Utilities Commission have cited no evidence that the company contributed to any the deadly northern California wildfires; shares are still down 18% since last Thursday.
- But the speculation goes on, with an attorney specializing in wildfire lawsuits saying PG&E potentially could be on the hook for $5B-$6B in damages if found liable for the wildfires.
- "From everything we've learned, it looks like PG&E is responsible for at least some of the fires," and likely to "dwarf all the other ones" that involved fires linked to California utilities, Gerald Singleton tells CNBC.
- Singleton claims there is a history of California's investor-owned energy utilities generally failing to perform proper maintenance.
- Now read: PG&E - Not Buying The Dip, Even If It Is An Overreaction
Original article