Skip to comments.PG&E stock plunges to record low after Citi warns it could be worthless
Posted on 10/28/2019 6:43:03 AM PDT by Eccl 10:2
Shares of PG&E Corp. plummeted on heavy volume to a record low Friday, after Citigroup warned that the latest California wildfire, which the utility may have helped start, could render them worthless.
PG&E PCG-28.5% said Friday that it filed an incident report with the California Public Utilities Commission (CPUC) regarding the Kincade fire, which broke out near Geyserville in Sonoma County.
(Excerpt) Read more at marketwatch.com ...
If not abetting nationalization.
How so? Stevie Wonder coulda seen this coming...
Won’t be long and insurance companies will refuse to cover houses and businesses in Ca. altogether.
It’s going to be interesting. Not sure the state has the wherewithal to do the takeover. It may end up federalized though.
Texas is the only independent electrical distribution system. They’re smart down there.
Every other electrical distribution system is interlinked dependently.
All of it is a big vulnerability.
First, create untenable situations, then when the semi-public utilities fail, nationalize them, voila, national socialism; in this case, at the CA state level.
liberals can learn what life will be like in their global warming utopia.
Just curious if anyone knows
Here in New Jersey our electric & gas company is PSE&G
So far, the Liberals haven’t ruined it and energy prices haven’t really gone up all at over the past 5-10 years.
How does what’s happening with PSE&G in California effect PSE&G in New Jersey (and other states). Or are they separate entities?
Now ask yourselves, who will be buying PG&E if it goes under? Who will be purchasing large amounts of shares just before the price rises? Then, who is pushing for PG&E to be held liable?
Follow the money, always.
And how long do you think it will take for them to turn PG&E into a jobs program for the "disadvantaged", read "less capable", in our society.
Every misfit minority will have a department or two to run at the new company, and there will be chaos.
The California governor just claimed that PG&E utility shutoffs were due to corporate greed. You can’t make this stuff up.
That state is so lost. I lived there for several years in the 70s and thought it was paradise.
And yet the hard lefties still will not acknowlege the simple concept of removing the fuel on the forest floors for many of these monstrous fires that only adds more fuel to the fires. Just more of the planned destruction of civilization in California and beyond by the crazies.
Worthless? Who would have thunk it?
PG&E can do nothing without approval from California utility regulators. Those regulators forced PG&E to spend on alternative energy...
Yeah, frugal Buffet is going to buy this disaster. Actually I’d love to see it then he and his liberal billfold can go down the tubes together.
If he were to buy it, say for 1 dollar and own it outright as a private investment, when the claims come in, they get paid out of his pocket.
We will shortly see if the socialists in Kalifornia are smarter then the socialists in Venezuela, using the same plans.
It will take decades for the socialists to bring California to its knees, and they will. Nature will prevent me from being around when the tab comes do, and it will cost taxpayers trillions to rebuild California.
They're not the same company. PG&E in CA is Pacific Gas and Electric. PSE&G in NJ is Public Service Electric and Gas. Both are investor-owned, but not affiliated.
“Could offer the opportunity for the state to take over the electrical utilities. Scary thought indeed.”
actually, that would be poetic justice ... state policies wrecked the reliable delivery of electricity from PG&E, and should the state take it over, they’ll inherit all the problems they created ...
the state would then have two choices: fix the problems THEY created over the decades by reversing their destructive pseudo-eco policies (most likely requiring massive rate hikes), or continue to run reliable electricity delivery by KommiePG&E into the ground, with either option risking the possibility of serious, negative political fallout ...
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