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From CBS News
SACRAMENTO, Calif. - Shares of Pacific Gas & Electric soared Friday after California's top utility regulator said his agency will help the company deal with potentially crippling liability costs from wildfires.
Stock prices soared nearly 38 percent after plunging 60 percent and losing $15 billion in valuation in the week following the Northern California wildfire that is the nation's deadliest in a century.
No cause has been determined, but speculation has centered on PG&E, which reported an outage around the time and place the fire ignited. The death toll from the so-called Camp Fire has risen to at least 63, with hundreds of people still unaccounted for. California state investigators in June faulted PG&E-owned power lines for sparking a dozen blazes in Northern California in the fall of 2017 that killed 46 and incinerated nearly 9,000 homes and other structures.
Late Thursday, California Public Utilities Commission President Michael Picker sought to calm financial markets by indicating support for the continued viability of PG&E and other publicly traded utilities.
COMMENT:-
So PG&E is going to get to charge all customers extra in order to pay some customers for the damage caused by the negligence of PG&E (for which it isn't insured [which insurance it already charges all customers so that it will be able to pay some customers for damage suffered]).
But, not to worry, the California government has taken steps to ensure that the shareholders of PG&E don't suffer any loss due to declines in share prices.
In the words of Tommy Douglas "It's socialism for the rich and capitalism for the rest of us.".
California throws lifeline to PG&E over potential Camp Fire liability
SACRAMENTO, Calif. - Shares of Pacific Gas & Electric soared Friday after California's top utility regulator said his agency will help the company deal with potentially crippling liability costs from wildfires.
Stock prices soared nearly 38 percent after plunging 60 percent and losing $15 billion in valuation in the week following the Northern California wildfire that is the nation's deadliest in a century.
No cause has been determined, but speculation has centered on PG&E, which reported an outage around the time and place the fire ignited. The death toll from the so-called Camp Fire has risen to at least 63, with hundreds of people still unaccounted for. California state investigators in June faulted PG&E-owned power lines for sparking a dozen blazes in Northern California in the fall of 2017 that killed 46 and incinerated nearly 9,000 homes and other structures.
Late Thursday, California Public Utilities Commission President Michael Picker sought to calm financial markets by indicating support for the continued viability of PG&E and other publicly traded utilities.
COMMENT:-
So PG&E is going to get to charge all customers extra in order to pay some customers for the damage caused by the negligence of PG&E (for which it isn't insured [which insurance it already charges all customers so that it will be able to pay some customers for damage suffered]).
But, not to worry, the California government has taken steps to ensure that the shareholders of PG&E don't suffer any loss due to declines in share prices.
In the words of Tommy Douglas "It's socialism for the rich and capitalism for the rest of us.".