PG&E Soars After Regulator Signals No Bankruptcy Interest
- Shares rebound in late trading after biggest drop since 2001
- ‘Not good policy’ to choke off crucial utility, PUC head says
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PG&E Corp. rallied as much as 49 percent in extended trading Thursday after the head of the California Public Utilities Commission said he can’t imagine allowing the state’s largest utility to go into bankruptcy as it faces billions of dollars in potential liability from deadly wildfires.
“It’s not good policy to have utilities unable to finance the services and infrastructure the state of California needs,” PUC President Michael Picker said in an interview. “They have to have stability and economic support to get the dollars they need right now.”