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PG&E stock plunges to record low after Citi warns it could be worthless
Marketwatch ^ | 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 ...


TOPICS: Business/Economy; News/Current Events; US: California
KEYWORDS: califblackouts; calizuela; pgande; pge; pgestock
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To: SpaceBar

If not abetting nationalization.


21 posted on 10/28/2019 7:07:21 AM PDT by aynrandfreak (Being a Democrat means never having to say you're sorry)
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To: SpaceBar

How so? Stevie Wonder coulda seen this coming...


22 posted on 10/28/2019 7:07:40 AM PDT by Alas Babylon! (The media is after us. Trump's just in the way.)
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To: Eccl 10:2

Won’t be long and insurance companies will refuse to cover houses and businesses in Ca. altogether.


23 posted on 10/28/2019 7:08:59 AM PDT by Openurmind (The ultimate test of a moral society is the kind of world it leaves to its children. ~ D. Bonhoeffer)
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To: Erik Latranyi

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.


24 posted on 10/28/2019 7:21:02 AM PDT by RinaseaofDs
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To: Eccl 10:2

First, create untenable situations, then when the semi-public utilities fail, nationalize them, voila, national socialism; in this case, at the CA state level.


25 posted on 10/28/2019 7:26:22 AM PDT by Manly Warrior (US ARMY (Ret), "No Free Lunches for the Dogs of War")
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To: Rdct29

liberals can learn what life will be like in their global warming utopia.


Don’t you think libs are too dumb to connect the dots? I think they’ll just blame TRUMP.


26 posted on 10/28/2019 7:30:27 AM PDT by miss marmelstein
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To: Eccl 10:2

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?


27 posted on 10/28/2019 7:33:30 AM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: Eccl 10:2

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.


28 posted on 10/28/2019 7:38:06 AM PDT by vpintheak (I don’t want to gain the whole world and lose my soul. - Toby Mac)
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To: Erik Latranyi
...That is EXACTLY what is going to happen....California will “nationalize” PG&E, taking it over and turning it into a state-run agency...

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.

29 posted on 10/28/2019 7:47:27 AM PDT by CurlyDave
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To: miss marmelstein

The California governor just claimed that PG&E utility shutoffs were due to corporate greed. You can’t make this stuff up.


30 posted on 10/28/2019 7:51:15 AM PDT by cornfedcowboy
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To: cornfedcowboy

That state is so lost. I lived there for several years in the 70s and thought it was paradise.


31 posted on 10/28/2019 7:52:34 AM PDT by miss marmelstein
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To: Eccl 10:2
California destroys almost everything it touches. Rather than remove debris from forest and rebuild its forest fire fighting ability he would rather remove electricity. That is a communists way of doing things.
32 posted on 10/28/2019 7:54:55 AM PDT by Logical me
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To: 1Old Pro
God forbid the Governor takes Trump's advice a few years ago and clears the brush.

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.

33 posted on 10/28/2019 7:55:09 AM PDT by Ron H. (Gab.com)
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To: Eccl 10:2

Worthless? Who would have thunk it?


34 posted on 10/28/2019 7:58:39 AM PDT by Drango (1776 = 2020)
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To: Erik Latranyi

PG&E can do nothing without approval from California utility regulators. Those regulators forced PG&E to spend on alternative energy...


Not unlike when the dems demanded that lenders lend money to people who really can’t pay back the loans, and then blame the banks for “predatory lending”.


35 posted on 10/28/2019 8:01:07 AM PDT by hanamizu
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To: Eccl 10:2

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.


36 posted on 10/28/2019 8:04:41 AM PDT by Mouton (The media is the enemy of the people.)
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To: Eccl 10:2

We will shortly see if the socialists in Kalifornia are smarter then the socialists in Venezuela, using the same plans.


37 posted on 10/28/2019 8:11:07 AM PDT by Gritty (Trump Derangement Syndrome is the country fracturing into warring alien tribes - Daniel Greenfield)
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To: Gritty
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.

38 posted on 10/28/2019 8:13:51 AM PDT by 1Old Pro
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To: qam1
How does what’s happening with PSE&G in California effect PSE&G in New Jersey (and other states). Or are they separate entities?

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.

39 posted on 10/28/2019 8:16:07 AM PDT by IYAS9YAS (There are two kinds of people: Those who can extrapolate from incomplete data.)
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To: traderrob6

“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 ...


40 posted on 10/28/2019 8:18:06 AM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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