Pacific Gas and Electric (NYSE:PCG)
Historical Stock Chart
3 Months : From Oct 2019 to Jan 2020
By Allison Prang
Shares of PG&E Corp. (PCG) rose 9.4% Tuesday morning.
The Wall Street Journal reported earlier that more than a dozen California mayors, including those of Oakland and Sacramento, were supporting a plan to turn PG&E into a cooperative owned by customers.
The Journal's story said a group of local government leaders were planning to deliver a letter to California's governor and the state's public utilities commission advocating that this proposal be considered before California approves a plan for the company's organization under bankruptcy.
Investors and insurance companies also have revised their settlement with PG&E that determines what will happen if PG&E becomes insolvent. The settlement is part of the company's restructuring plan.
Shares of PG&E have fallen 27% in the last month and 67% year to date.
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(END) Dow Jones Newswires
November 05, 2019 10:53 ET (15:53 GMT)
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