SAN FRANCISCO, CA - JULY 30: Pedestrians walk by a Pacific Gas and Electric (PG&E) truck at a job site on July 30, 2014 in San Francisco, California. A federal grand jury has added 27 new charges, including obstruction of justice, the criminal case agains

PG&E Truck (Photo credit: Justin Sullivan/Getty Images)

PG&E Stock Tumbles Amid Bankruptcy Concerns

Jason Brooks
January 07, 2019 - 1:38 pm
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Bankruptcy fears sent PG&E's stock price plunging on Monday. 

The Bay Area's electric and gas utility is reportedly considering bankruptcy protection if it gets slapped with a fourth quarter earnings charge for potential liabilities due to the recent wildfires in northern California. 

CNBC reports that PG&E is looking at a minimum of $30-billion dollars in liabilities from the fires over the past two years in Butte County and across wine country.

That total would grow if the company gets hit with penalties, fines or punitive damages. 

A bankruptcy filing is not a done deal, and analysts say state legislators could be forced into coming up with a rescue package allowing PG&E to pass fire liability costs to customers.

Listen below for the rest of the day's business news from KCBS Radio's Jason Brooks.