PG&E Investors Seeking Relief From California Won't Get It Soon
- ‘We’re going to assess all those facts," Governor-elect says
- Utility’s shares, bonds tumble as state ravaged by fires
A Cal Fire firefighter monitors a burning home as the Camp Fire moves through the area in Magalia, California, on Nov. 9.
Photographer: Justin Sullivan/Getty ImagesAs prices of stocks and bonds issued by PG&E Corp. touch record lows, investors probably won’t get any certainty soon from the incoming California governor on how he would deal with the utility’s liabilities from the fatal fires ravaging the state.
In a brief news conference with Governor Jerry Brown, Lieutenant Governor Gavin Newsom, who will succeed him in January, noted that people are concerned about the potential bankruptcy of the state’s largest utility, which reported that its equipment was damaged near where the deadliest fire began. But Newsom didn’t say what he would do to address the concerns sparked by PG&E and other utilities facing billion-dollar liabilities.