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Fly News Breaks for June 11, 2018
PCG
Jun 11, 2018 | 08:36 EDT
After Cal Fire on Friday issued reports on twelve of the Northern California wildfires in October 2017, Morgan Stanley analyst Stephen Byrd estimated PG&E is likely not liable for about 34% of damages reported on to date, while the report on the largest fire has not yet been issued. Among the three largest fires assessed to date, one had no reported PG&E violations, one had a reported violation, and one has a "complex fact pattern," stated Byrd, who also noted that the largest of the NorCal fires - Tubbs - had an incident report "quite different" from the other incident reports issued by the company. Byrd, who believes it is unlikely PG&E shareholders will realize "anywhere close to 100% of both causation and negligence" for all 21 NorCal wildfires, keeps an Overweight rating on PG&E shares.
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