PG&E is soaring after a California probe cleared it from causing California's deadliest wildfire

Markets Insider

PG&E, California's largest utility, soared Thursday afternoon, up more than 25%, after a state regulator cleared it from any responsibilities related to the 2017 wildfire.

Last week, the company said it intended to file bankruptcy petitions at the end of the month to reorganize under Chapter 11 - two months after the deadliest and most destructive wildfire in California history broke out. PG&E previously said it was having trouble with its transmission lines when the blaze erupted and that it may be responsible.

PG&E shares had lost as much as 90% of their value in the wake of the wildfire.

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