PG&E Falls After Second Power-Line Failure - TheStreet

PG&E Corp. (PCG) - Get Report  shares fell nearly 6% on Monday after the San Francisco-based utility company said a second power line failed on the morning the deadly Camp Fire blaze started.

PG&E filed an incident report on Friday the California Public Utilities Commission's (CPUC) safety division. The company said a line near Concow in Butte County in Northern California suffered an outage at 6:45 a.m. on Nov. 8.

PG&E had previously said it experienced an outage on a transmission line on the morning of Nov. 8 near the town of Pulga, near where the fire is believed to have started. PG&E said it is cooperating with fire officials.

PG&E has warned that it could face liability that exceeds its insurance coverage if its equipment caused the Camp Fire, which destroyed the town of Paradise.

At least 76 people have died in the Camp Fire, and 1,276 people have been reported missing. The cause of the blaze is under investigation. It was about 60% contained on Sunday. The fire is the deadliest, and the most destructive, in California history.

PG&E shares surged last week when CPUC President Michael Picker said that utilities must be able to borrow money cheaply to serve ratepayers properly.

A second wildfire, the Woolsey Fire in Southern California, was reported to be 94% contained on Monday. Officials said that 96,949-acre blaze destroyed 1,500 structures.