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

[November 14, 2018]  (Reuters) - Shares of the utility PG&E Corp <PCG.N> 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.

A Pacific Gas & Electric lineman cuts a downed power line during the Camp Fire in Paradise, California, U.S. November 8, 2018. REUTERS/Stephen Lam

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 <EIX.N> 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)

[© 2018 Thomson Reuters. All rights reserved.]

Copyright 2018 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.