January 24, 2019 / 8:34 PM / 6 months ago

California clears PG&E for 2017 Tubbs Fire, shares soar

Jan 24 (Reuters) - The California Department of Forestry and Fire Protection on Thursday cleared electric utility PG&E Corp of the Tubbs Fire in 2017, saying the blaze was caused by a private electrical system close to a residential structure.

“CAL FIRE investigators did not identify any violations of state law, Public Resources Code, related to the cause of this fire,” Cal Fire said in a statement.

PG&E’s shares surged as much as 77.5 percent before trading was halted. (Reporting by Shanti S Nair in Bengaluru; Editing by Sai Sachin Ravikumar)

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