utility bankruptcy proves operational risk is real
PG&E (PCG) is a cautionary example that even “conservative” utilities can blow up operationally and financially—its price went from over $70 in 2017 to around $17 a share after bankruptcy protection.
PG&E's share price collapsed from above $70 in 2017 to roughly $17 after bankruptcy protection, driven by catastrophic wildfire liability. The case demonstrates that regulated utility status offers no shield when operational and legal risk overwhelms the business model.
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