PG&E Shares Drop Over 20% Following California Wildfire Liability Bill
Shares of PG&E Corporation (PCG) fell more than 20%, closing at $13.27, after California lawmakers introduced an amended Senate Bill 492 that rejected Governor Gavin Newsom's proposal to protect utilities from insurer lawsuits related to wildfire liabilities. The bill amendment removes the governor’s plan for shielding PG&E and other utility companies from legal claims by insurers seeking compensation for damages caused by wildfires. This development has raised concerns about potential financial exposure, leading investors to sell off shares of the company. As a major public utility in Northern and Central California, PG&E faces ongoing challenges related to wildfire liabilities, which have previously led to significant costs and bankruptcy proceedings.
Tickers: $PCG
Topics: California legislation PG&E stock decline utility sector