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Home / Business / PG & E shares fall 46% after regulators eased fears of bankruptcy of polluted utilities

PG & E shares fall 46% after regulators eased fears of bankruptcy of polluted utilities



  The burnt remains of a vehicle and the house are seen on November 8, 2018 during the camp fire in Paradise, California.

Josh Elelson | AFP | Getty Images

The burned remains of a vehicle and a home are seen on November 8, 2018 during the campfire in Paradise, California. [PG] PG & E traded 46 percent ahead of trading with the market leader on Friday, after the head of a regulator wore off concerns about the California utility's bankruptcy.

Picker told The San Francisco Chronicle that the agency would implement a provision that would allow utilities to pass on the cost of running the fire to consumers.

"Why is the CPUC now against vs Looking for legislative initiatives earlier, given the stock market reaction, we believe that something reasonable has to be done to do something," wrote an analyst at Citi Research on Friday in a note. The analyst has also upgraded the stock to buy from neutral.

"We also believe that the CPUC is gaining importance now because it's easier for them to base the benefits on something out of the political spectrum," the note said.

PG & E's share price dropped more than 50 percent this week amid concerns that its equipment may be responsible in part for the so-called Camp Fire in Northern California.


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