Earlier, the management filed an incident report with the California Public Utilities Commission in connection with the fire that occurred in Sonoma County. The statement said that a transmission tower operated by the company malfunctioned near the affected area. However, it has not been confirmed whether the accident was caused by the faulty equipment. If the company’s role is proven, the stock might become worthless.
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According to the company, the area will experience power outage in the coming days, affecting nearly half a million California residents. PG&E was involved in wildfire incidents many times in the past and each time the stock suffered heavy losses in the selloff that followed.
The shares, which have been in a downward spiral for more than two years, lost about 74% since the beginning of the year.