PG & E shares jump after California Clears Company in 2017 Blaze



The California Department of Forestry and Fire Protection said it found no evidence of violations of state law related to the Tubbs fire cause.

The California Department of Forestry and Fire Protection said it found no evidence of violations of state law related to the Tubbs fire cause.

Photo:

George Rose / Getty Images

January 24, 2019 4:28 p.m. ET

Shares of PG & E Corp. rose on Thursday after California firefighters researchers said the most deadly cause in a series of wildfires in the state of 2017 was not caused by the utility.

California firefighters said the Tubbs fire, which killed 22 people and destroyed nearly 37,000 acres, mainly in Napa and Sonoma counties, was caused by a private power system near a residential structure, which put an end to the speculation that

PG & E


PCG 74.59%

He may have been responsible for the fire.

The actions of PG & E, which announced last week that it planned to file for bankruptcy protection at the end of the month in response to liability costs related to wildfires, increased by up to 75 percent to $ 14 after the news.

The California Department of Forestry and Fire Protection said it found no evidence of violations of state law related to the Tubbs fire cause. Previously, he discovered that the PG & E team helped ignite another 18 forest fires during a wave of deadly fires that affected the state in 2017.

State officials have yet to determine whether the PG & E team helped spark the Camp Fire, the state's deadliest fire, which killed 86 people last year. PG & E has revealed that a high-voltage line in the region where the fire started worked badly about 15 minutes before the start of Camp Fire was reported last November.

The vulnerabilities in PG & E's infrastructure combined with the impact of climate change contributed to hundreds of wildfires in California, including the deadly Camp Fire in 2018. Next, we'll see updates from the utilities giant utility grid that could have been avoided these flames Photo: Reuters

Write to Katherine Blunt at [email protected]


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