California regulator stunned by impact of his reassurance on PG&E

FILE PHOTO: Employees of Pacific Gas & Electric (PG&E) work in the aftermath of the Camp Fire in Paradise, California, U.S., November 14, 2018. REUTERS/Terray Sylvester/File Photo

(Reuters) - The chief of California's top utilities regulator said on Friday he was "stunned and terrified" to learn that reassurances he made to investors about PG&E caused the embattled power utility's stock to surge over 40 percent in a matter of minutes.

PG&E's stock had nosedived earlier this week on fears that without help from California's government, the utility could go bankrupt should it eventually be found responsible for the state's deadliest-ever wildfire. The fire, which erupted a week ago and destroyed the town of Paradise, has killed at least 63 people.