California Assembly Fails to Pass Wildfire Response Bill
The California Assembly is set to adjourn without voting on a significant bill aimed at overhauling the state’s wildfire response system. The decision comes amid growing concerns about utility companies' liability for wildfires, particularly affecting major power providers like PG&E and Edison International. Shares of both Pacific Gas & Electric (PG&E) and Edison International dropped by approximately 20% following news that the bill would not be passed before adjournment. This legislative delay raises uncertainty over how utilities will manage wildfire risks in California moving forward, potentially impacting their financial stability and regulatory exposure.
