As record wildfires in California become the new normal, the crisis continues to deepen for Pacific Gas and Electric (NYSE: PCG). Amid rolling blackouts and an offer to distribute $13.5 billion in compensation to wildfire victims, the company’s stocks are down 60% in the past three months.
An enormous wildfire that churned through mountains northeast of Los Angeles and into the Mojave Desert was still threatening homes on Monday, but officials said calmer winds could help crews corral the flames.
As California enters wildfire season, the state is scrambling to find sufficient firefighters amid the coronavirus outbreak that has depleted the ranks of inmates who usually handle some of the toughest duties.
The families of some of the 85 people killed by a horrific Northern California wildfire ignited by Pacific Gas & Electric's long-neglected equipment vilified the company Wednesday as greedy, corrupt and reckless, telling heartbreaking stories of their loss in court.