Oregon's Portland General tumbles 10% after reports equipment plausibly led to fires



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Oregon's Portland General tumbles 10% after reports equipment plausibly led to fires

NYSE-listed shares of Portland General Electric, the Oregon-based Fortune 1000 public utility company, faltered as much as 16 per cent on Thursday’s morning trading hours following reveal of a media report that the utility company had received information that some of the fires in Oregon region might be caused due to its faulty electrical equipment.

Nonetheless, after falling as much as 8 per cent in the pre-market trading, shares’ prices of Portland General had rounded off the day just a notch shy of 10 per cent to $34.48 a share. In point of fact, latest nosedive in Portland General’s shares’ prices were triggered by a CNBC report published earlier in the day that had quoted the electric utility company as saying that it had received unconfirmed information that some of the fires in Oregon region might be stemmed off its glitchy electrical equipment, eventually leading to a mass-scale market rout over frets of billions of dollars in liabilities and claims as PG&E had witnessed following the California wildfires.

Portland General denies allegation its equipment started off the fires in Oregon

As a matter of fact, followed by the reveal of CNBC report earlier in the day, the Portland-headquartered electric utility company was quoted saying in a statement that it was unaware of any evidence that its electrical equipment had set off the fires, which in effect had led to a mass-scale sell-off wave of Portland General’s shares’ prices and the Oregon-based public utility company had regained much of its footings on late-afternoon session after hitting a six-year low on morning US trading hours.

In factuality, over the past three weeks, the west-coast of the United States had been rattled by dozens of wind-propelled fires that had left tens of thousands of people homeless and had killed at least seven people, while three people had died in Oregon and a 1-year-old met with the same fate in the US state of Washington.

According to local media reports, more than 60,000 homes and businesses in Oregon have been facing off a power failure in the US state of Oregon, the Pacific Northwest region bordered by Washington in the North and Idaho in the east.