PG&E Corporation (NYSE:PCG) is seeing PCG stock fall hard on Thursday as it deals with angry customers over power outages.
The PG&E Corporation new has to do with severe weather, including winds up to 77 mph, in areas of California. Due to the danger presented by this weather, the company shut off power to a large number of customers as a safety precaution.
The decision to shut off power was made on Wednesday and the outage continues into today. PG&E Corporation notes that the weather is supposed to improve today, but that it will have to inspect its equipment before returning power to areas. This means it will have to look over 25,000 miles of distribution lines and 2,500 miles of transmission lines before it can return power to all areas.
According to a PG&E Corporation news release, the company has already restored power to some 126,000 customers. However, it still has roughly 600,000 customers that are without power.
California State Sen. Jerry Hill’s district is included in the power outages. Here’s what he told the Los Angeles Times about the PG&E Corporation news.
I think it is excessive. PG&E clearly hasn’t made its system safe. These shutdowns are supposed to be surgical. But shutting down power to 800,000 people in 31 counties is by no means surgical. This cannot be something that can be acceptable nor long-term. This is Third World, and we are not.”
PCG stock was down 28% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.