Utilities sector exchange traded funds were among the worst performers Monday after PG&E (NYSE: PCG) prepares its bankruptcy filing in response to the devastating liabilities incurred during the widespread wildfires across California.

On Monday, the Invesco S&P 500 Equal Weight Utilities ETF (NYSEArca: RYU) fell 3.0%, First Trust Utilities AlphaDEX Fund (NYSEArca: FXU) dropped 2.7% and Utilities Select Sector SPDR (NYSEArca: XLU) decreased 2.4%, with the utilities sector-related ETFs briefly testing their long-term support at the 200-day simple moving average.

PG&E said it is preparing to file for Chapter 11 bankruptcy for all its businesses due to the liabilities linked to the wildfires in 2017 and 2018, Reuters reports.

“A Chapter 11 reorganization for both the utility and PG&E Corporation represents the only viable option to address the company’s responsibilities to its stakeholders,” PG&E’s Chairman Richard Kelly said.

PCG shares plunged 51.6% on the announcement. PCG makes up 2.6% of RYU’s underlying portfolio, 2.7% of FXU and 1.3% of XLU.

PG&E will have to tackle litigation, government investigations and liabilities that could potentially hit $30 billion due to damages from the fires last year and in 2017.

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