Power line ‘sparks’ blamed for California wildfires: Electric company’s stocks plummet as landowner claims it was investigating fault a DAY before Camp Fire killed 42, while Malibu residents sue over ‘strong evidence’ separate failure caused Woolsey fire
PG&E saw shares drop 48 percent in two days of trading since Camp Fire began
SoCal Edison’s parent company’s shares dropped more than 20% since Woolsey
Betsy Ann Cowley owns land in Pugla, north California, where huge blaze began
Said PG&E emailed her day before about having problems with high-power lines
SoCal Edison electric circuit experienced outage in area where Woolsey began
The outage occurred just two minutes before reports of the fire started coming
By ANNETA KONSTANTINIDES
DAILYMAIL.COM
13 November 2018
Two California power companies’ stocks have plummeted amid the possibility that they could be found liable for California’s deadly wildfires.
Pacific Gas and Electric Company (PG&E) saw its shares drop 48 percent in the two days of trading since the horrific Camp Fire first began on Thursday.
Camp Fire is now the deadliest blaze in California’s history, killing 42 people and destroying more than 7,000 structures.
As the fire continued to burn on Monday, trading was briefly suspended as PG&E became the worst-performing stock on the S&P 500 index.
The company’s shares closed at $32.98, down by 17.4 percent, according to the San Francisco Chronicle.
‘We’re not going to speculate or comment on what factors may or may not be impacting the market,’ said PG&E spokesman Paul Doherty.
‘Right now, our entire company is focused on supporting first responders and assisting our customers and communities impacted by the Camp Fire.’
The company could face nearly $5billion in liabilities for the fire if it’s found responsible, according to Susquehanna Financial Group.
PG&E’s stocks plummeted as Betsy Ann Cowley revealed that the company had emailed her the day before the Camp Fire began and said it needed to investigate power lines that were causing sparks on her land.
Cowley, 31, lives on 64 acres in Pulga, California. Her property is right next to a junction with Camp Creek Road, where the fire first sparked around 6.30am on Thursday.
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