PG&E shares drop on dividend suspension after wildfires

PG&E Corp. shares dropped in the extended session Wednesday after the power company suspended its dividend amid potential liabilities for October's Northern California wildfires. PG&E shares fell 10% to $46.04 after hours. The company said its board will suspend the dividend beginning in the fourth quarter. PG&E last paid out a dividend of 53 cents a share for the third quarter. "After extensive consideration and in light of the uncertainty associated with the causes and potential liabilities associated with these wildfires as well as state policy uncertainties, the PG&E boards determined that suspending the common and preferred stock dividends is prudent with respect to cash conservation and is in the best long-term interests of the companies, our customers and our shareholders," said PG&E Chairman Richard Kelly in a statement.

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