California Wildfire Legislation Postponed; Utility Stocks Rebound
On Tuesday, California utility stocks saw a rebound after the state Assembly decided not to bring wildfire liability legislation to a vote. The bill had been part of an agreement reached on Monday between Governor Gavin Newsom and legislators but failed to move forward. This decision followed a sharp decline in stock prices for utilities due to concerns over potential liabilities from wildfires. Edison International (EIX), which is listed in the S&P 500, saw its shares rise by 8.9% during late trading as investors reacted positively to the delay of the bill.
Tickers: $EIX
Topics: California utility stocks Edison International (EIX) stock rebound wildfire liability