PG&E shares plummet as California burns

Published 11-14-2018

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SAN FRANCISCO (AP) - Shares in PG&E are trading at their lowest level in more than a decade with some Californians who have lost homes saying that the power company is at fault for the state's deadliest and most destructive wildfire.

In a lawsuit filed this week, homeowners said a high voltage transmission line failed, sparking the fire. They accuse Pacific Gas & Electric Co. of failing to maintain infrastructure.

Shares in the San Francisco company plunged another 31 percent Wednesday, to $25.99. The have lost about 45 percent of their value since last week.

PG&E told state regulators last week that it experienced a problem on a transmission line just before the blaze erupted in the vicinity.

Investigators have not determined the cause of the blaze.

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