Worries that a Pacific Gas & Electric Co. problematic power equipment may have started the Camp Fire - now considered as the deadliest wildfire in California history - sent the stock on a limbo during Monday trading, plummeting more than 37 percent.
The stock also fell as much as 48 percent in two days, briefly halting trading in PG&E Corp stock on Monday, according to Bloomberg. PG&E stock, in fact, was the most terrible performing stock on the S&P Index during Monday's trading.
An investigation on electrical equipment is still ongoing according to media reports but there is information that a PG&E transmission line in the area was offline for 15 minutes before the fire erupted. The company, for its part, informed investigators that one of its towers near where the fire ignited was damaged in that same day.
Eyes were on PG&E after reports emerged that a woman living near the area where the fire started revealed it received an email about a week ago. The email was from PG&E and was informing her of a scheduled work on power equipment near her property. The email was sent a day before the deadly Camp Fire ignited. The woman also revealed that the email specifies that the power lines near her property were "sparking."
If the woman's claim will be proven true, Susquehanna Financial Group estimated that PG&E could face as much as $5 billion in liabilities. This would be on top of the $17.3 billion liabilities the company could face in relation to the Tubbs fire in 2017, according to JPMorgan Chase & Co.
PG&E has yet to respond regarding suspicions that it sparked Camp Fire which was also now considered the most destructive in California.
In a press release on Nov. 12, PG&E informed public that its crews are supporting first responders. The company has also been assisting the communities impacted by the fire. Its crews are removing fallen poles and wires from roadways.
PG&E has also been conducting its own assessment of the fire damage to electric and natural gas infrastructure. As per initial estimates, 25,000 electric customers are without power due to fire impacts. As soon as deemed safe, PG&E will begin to work to restore customers' lines.
To accelerate its response time, PG&E also set up a base camp on-site where 800 workers are already based and as many as 3,000 personnel are expected to come.
As of Monday, Camp Fire burned down nearly 7,200 structures and some more 15,000 structure remained at risk. It already burned up about 117,000 acres.
There were three wildfires battling California since last week. The other two were the Woolsey Fire and Hill Fire.
The California wildfire took the lives of 44 people. Of these, 42 died in the Camp Fire.
