As PG&E works to restore power, stock stabilizes
"I don't think PG&E really thought this through," chef laments.
Pacific Gas & Electric moved to restore power to thousands of customers across the state as severe weather subsided. The Kincade fire in Sonoma County has burned 76,138 acres and was 15 percent contained on Wednesday.
The stock which has lost 78 percent this year registered a slight rebound.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PCG | PG&E CORP. | 21.35 | +0.15 | +0.71% |
Gov. Gavin Newsom said Tuesday that customers would be getting refunds from PG&E for the lost power.
The bankrupt utility disclosed this week that it plans to raise $14 billion by selling stock to certain investment firms, Reuters reports.
Still, the devastation is widespread.
Chef and caterer Jane Sykes said she would have to throw out $1,000 worth of food, including trays of brownies, cupcakes and puff pastry. Tuesday was her fourth straight day without power.
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She also had little hope of getting a good night's sleep — there was no way to run the machine she relies on to counter her apnea.
"I don't think PG&E really thought this through," she lamented.
Inmate firefighters battle the Kincade Fire near Healdsburg, Calif., on Tuesday, Oct. 29, 2019. Millions of people have been without power for days as fire crews race to contain two major wind-whipped blazes that have destroyed dozens of homes at both ends of the state: in Sonoma County wine country and in the hills of Los Angeles. (AP Photo/Noah Berger)
In Placer County, Angel Smith relied on baby wipes and blankets to keep her 13-month-old son Liam warm and clean. The family has been without power since Saturday night and cannot draw well water without electricity.
She ran a cord from her neighbors' generator to keep her phone and tablet charged so the two could watch movies. Temperatures were expected to drop below freezing overnight in parts of Northern California.
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"The hardest part about this for me has been making sure I keep my son warm as it gets cold here," Smith said.
PG&E, which is in bankruptcy after its equipment was blamed for a string of deadly and disastrous fires over the past three years, including a blaze that all but destroyed the town of Paradise and killed 85 people, has said its foremost concern is public safety.
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The Associated Press contributed to this report.