Shares in PG & E Corp increased more than 40% in post-trade on Thursday after a state regulator said he…
Shares in PG & E Corp increased more than 40% in post-trade on Thursday after a state regulator said he had no interest in seeing the California tool declared bankrupt.
“It is not good to provide tools that can not finance the services and infrastructure that California needs,” said President Michael Picker, Public Prosecutor, to Bloomberg News. “They must have stability and financial support to get the dollars they need right now.”
PG & E
tumbled 31% in regular trading on Thursday and struck a 1
5-year-old lid of fear of massive debts if it is responsible for Camp Fire, the deadliest and most destructive fire in California history. The company, owner of Pacific Gas & Electric Co., said Tuesday that some of its equipment seemed malfunctioning just before the fire started last week. An investigation is underway, and will probably last months. PG & E shares have fallen 61% over the last five days.
But after Bloomberg’s report was published at the end of Thursday, PG & E shares jumped 44% in the extended session. Edison International
which owns Southern California Edison, also rose and finished trading by 12%, after dropping 12% in the regular session. It is still down more than 30% in the last five days.
On a separate Thursday, California PUC said it broadened its investigation of PG & E security practices and suggested that it could force the company to restructure.
“I am opening a new phase investigating PG & E’s corporate governance, structure and operations, including the latest fires, to determine the best way forward for northern California to receive secure electricity and gas services In the future, Picker said in a statement.
The picker options include breaking up the tool. “We put all these things on the table,” he told the Wall Street Journal.
PG & E’s bonds have also dropped During the week and Thursday, Morgan Stanley downgraded the PG & E share to the corresponding neutral and lowered the price target. Moody also sent PG & E’s credit ratings to a close debris level late Thursday.
From Thursday night, Camp Fire’s death support at 63, while the number of failed rose sharply to over 600. The fire, which is about 40% holds, has burned more than 140,000 hectares and destroyed more than 10,000 structures, most homes.