Shares of PG&E Corp. (PCG) plummeted 17.4% Monday as wildfires continued to wreak havoc in California.
A report from FactSet Research Systems said analysts have noted initial indications that suggest PG&E's transmission infrastructure could have been a root cause of the Camp Fire in Northern California.
Edison International (EIX) also saw its shares tumble about 11%.
The Camp Fire has burned more than 111,000 acres and was reported to be 25% contained by late Sunday. PG&E has not responded to a request for comment.
The fires have killed least 31 people and forced tens of thousands more to evacuate. Nearly 230 people remain unaccounted for in the vicinity of the northern blaze. The Camp Fire and the Woolsey Fire in suburban Los Angeles have destroyed more than 6,700 structures. The Woolsey Fire is said to be only 15% contained.
Hot, dry winds that have whipped up the fires are expected to continue through Tuesday evening.