PG&E Shares Rise 7% Following Settlement With Local Govts
June 19 2019 - 3:51PM
Dow Jones News
By Stephen Nakrosis
Shares of electric utility PG&E Corp. (PCG) are rising in
Wednesday's market, one day after the company said it reached a $1
billion settlement with several California cities, counties and
agencies over losses resulting from deadly wildfires sparked by its
equipment.
At 3:14 p.m. ET, the company's shares had gained 6.92% to
$20.46. Volume was over 12 million shares trading, above the 65-day
average volume of some 7.5 million.
The company had estimated it could face more than $30 billion in
potential liability costs resulting from fires in 2017 and 2018.
The recent settlement doesn't include lawsuits by individuals and
businesses.
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
June 19, 2019 15:36 ET (19:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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