November 14, 2018 / 1:31 PM / a month ago

PG&E shares dive after utility flags impact from Camp fire

Nov 14 (Reuters) - Shares of the utility PG&E Corp fell 18 percent after the company said if it was found liable for the Camp fire raging in California, the damages could be more than its insurance coverage and hurt cash flow and liquidity.

The company drew down $3 billion from its credit line in anticipation of a fire-related liability, it said in a filing on late Tuesday.

No additional amounts are available under the utility’s and PG&E Corp’s respective revolving credit facilities, the company said.

The causes of the deadly Camp and Woolsey fires are under investigation. Southern California Edison and PG&E reported to regulators they experienced problems with transmission lines or substations in areas around the time the blazes were reported to have started. (Reporting by John Benny Editing by Saumyadeb Chakrabarty)

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