Investors Dump Utility Company Amid Reports It Might Have Sparked Oregon Wildfire
- 4 years ago
Markets Insider reports Oregon utility company Portland General Electric fell 16% on Thursday.
Investors fled after the company acknowledged unconfirmed reports that some of its electrical equipment may have contributed to the Santiam fire.
The Santiam wildfire is just one hour southeast of Portland. It's spread to 159,000 acres and forced thousands of residents to evacuate their homes.
In a statement, the company said it had received unconfirmed reports that heavy winds and debris damaged the electric equipment it operates.
However, Portland General Electric said it's not aware of any evidence 'that our equipment caused any of the fires.'
Shares of Portland Gas Electric traded down as much as 16% in Thursday trades to $31.96.
Investors fled after the company acknowledged unconfirmed reports that some of its electrical equipment may have contributed to the Santiam fire.
The Santiam wildfire is just one hour southeast of Portland. It's spread to 159,000 acres and forced thousands of residents to evacuate their homes.
In a statement, the company said it had received unconfirmed reports that heavy winds and debris damaged the electric equipment it operates.
However, Portland General Electric said it's not aware of any evidence 'that our equipment caused any of the fires.'
Shares of Portland Gas Electric traded down as much as 16% in Thursday trades to $31.96.