Rocked by concerns about potential liability in the Camp fire, shares in PG&E fell more than 20 percent Wednesday after the company told regulators that if found to be at fault, the company likely lacks enough insurance to cover claims.
PG&E said it has 1.4 billion dollars in liability coverage. Experts say Camp fire damage could run to $15 billion dollars. The company is already being sued over the Camp fire, even though CALFIRE investigators have yet to determine the fire’s cause.
PG&E, however, reported to state regulators that it detected a problem with a high-voltage line at about the same time and near the location where the Camp fire is thought to have started on week go.
