PG&E, SoCal Edison Warn of 330K+ Potential Wildfire Power Shutoffs
PCG is trading near its 52-week low of $11.765 (12% above the low).
Summary
PG&E and Southern California Edison are warning of potential power shutoffs for more than 330,000 homes and businesses due to heightened wildfire risk, with a red-flag warning issued by the National Weather Service. PG&E may cut power for about 88,000 customers across 29 counties through Saturday, while SoCal Edison is considering shutoffs for roughly 245,000 customers, or 5% of its total, across five counties. This follows PG&E's earlier warning on Tuesday and comes amid failed state legislation that would have limited utility wildfire liability. The scale of potential outages is material for both utilities, as shutoffs disrupt revenue and can trigger regulatory and legal scrutiny. The situation is developing rapidly with Santa Ana winds and low humidity increasing fire danger.
At the time of this announcement, PCG was trading at $13.16 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $29B. The 52-week trading range was $11.77 to $19.16. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.