California wildfires rage, slamming PG&E, Edison International
Shares of electricity providers PG&E and Edison International continued to fall as wildfires raged throughout California in what is now considered the deadliest wildfires to hit the state in 85 years. So far, the fires have destroyed 177 structures and threatened 57,000 more in southern California as of Sunday night. The fire, which began last Thursday, scorched 85,000 acres and is 15 percent contained, as reported by Fox News as residents fled to safety. The death toll has hit at least 29 and the search for 200 missing continues, as reported by the San Franciso Chronicle.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PCG | PG&E CORP. | 21.35 | +0.15 | +0.71% |
| EIX | EDISON INTERNATIONAL | 86.50 | -0.57 | -0.65% |
PG&E is linked to more than 16 million customers in the state, where three separate wildfires are continuing to burn throughout northeast San Francisco and the Santa Rose Valley in Southern California, causing more than 75,000 evacuations. One of the areas being hit, Ventura County, is also reeling from the deadly mass shooting last week which claimed 13 lives, including the gunman, at the Borderline Bar & Grill.
In the past year, PG&E has been blamed for several destructive wildfires in Northern California. In June, state officials blamed the utility giant for 12 of the roughly 170 wildfires that hit the state last fall.
The California Department of Forestry and Fire Protection said the fires in question “were caused by electric power and distribution lines, conductors and the failure of power poles.” The department’s findings could expose PG&E to billions of dollars in damages, the San Francisco Chronicle reported in June.
The company continues to update investors on the wildfires via public documents.
At a press briefing Friday, the director of the California Office of Emergency Services, Mark Ghilarducci said the Butte County blaze in particular has been "an extremely challenging fire and has resulted in significant and catastrophic loss," especially to the community of Paradise located just outside Chico.
His office has been informing residents of the dangers via twitter.
The magnitude of the destruction we’re seeing is really unbelievable and heartbreaking,” Ghilarducci said. “We know there have been fatalities,” but exact numbers still being determined by local law enforcement agencies, he added.