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Cal Fire concludes PG&E did not cause 2017 Tubbs Fire, sending shares soaring

Utility Dive: The California fire investigator's report sent shares of PG&E soaring Thursday afternoon. But while any good news is a welcome change for investors, the utility remains in financial jeopardy.

Cal Fire concluded three months ago that PG&E was responsible for the 2017 Cascade fire that killed four people, and in total the utility has been found responsible for more than a dozen fires that year. The utility is expected to file for bankruptcy on Jan. 29, as it faces tens of billions in liabilities associated with the 2017 and 2018 wildfire seasons. Add to that, the judge overseeing the company's probation is considering new terms PG&E says could cost up to $150 billion.

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