Why PG&E Stock Just Dropped 10%
PG&E Corporation (NYSE: PCG) shares are in retreat once again on Thursday -- down 10% as of 1:55 p.m. EDT. Once again, fire is the reason.
In California, the Kincaid wildfires in Sonoma County have cut power to some 200,000 souls and forced residents to evacuate their homes north of San Francisco. PG&E is responding to the blaze by announcing a "Public Safety Power Shutoff (PSPS) in 15 counties in the Sierra Foothills and North Bay -- Alpine, Amador, Butte, Calaveras, El Dorado, Lake, Mendocino, Napa, Nevada, Placer, Plumas, Sierra, Sonoma, Tehama, and Yuba -- impacting about 178,000 customers in those areas" -- explaining some but not all of the power outages.
Furthermore, PG&E is warning that "it is possible that additional customers not impacted by PSPS may experience power outages due to PG&E equipment damaged during the wind event."
Source Fool.com
