PG&E Corp. stock surges following settlement | KALW

PG&E Corp. stock surges following settlement

Dec 9, 2019

PG&E's stock is surging after the utility reached a tentative $13.5 billion settlement resolving all major claims related to Northern California wildfires of 2017 and 2018.

The fires were blamed on Pacific Gas and Electric's outdated equipment and negligence. The utility said Friday that the deal is a key step toward its exit from Chapter 11 bankruptcy. It still needs court approval. Shares in San Francisco-based PG&E Corp. were up almost 17% in afternoon trading Monday.