Investors started selling their PCG shares due to concerns that it can be held liable for property damages. Take note that the utility company was found guilty of criminal negligence in a 1994 blaze in Sierra Nevada. It was also found guilty of safety violations in the deadly explosion in San Bruno in 2010. The courts ordered PG&E to pay $8.3 million and $1.6 billion in penalties, respectively for both incidents.
PG&E commits significant resources to remove dead trees
Last week, PG&E committed significant resources to removing dead trees throughout its service areas. The utility company already removed approximately 148,000 dead or dying trees that could threaten power lines this year. In addition, PG&E also trimmed or removed 1.4 trees under its routine vegetation management every year.
In a statement, PG&E President and COO Nick Stravropoulos said, “We have made significant progress to help reduce wildfire risk by removing dead and dying trees, and we’re not slowing down. We will continue this critical safety work in 2018 and expand our fuel management efforts in high fire-risk areas.”
