🔴 PG&E is trading 10.54% down in pre-market after California lawmakers rejected wildfire-loss recovery reform

PG&E is trading 10.54% down at $14.85 after California lawmakers rejected Governor Gavin Newsom’s proposal to limit insurers’ ability to recover wildfire losses from utilities.

• The decision preserves uncertainty around PG&E’s potential wildfire liabilities ahead of California’s August 31 legislative deadline; lawmakers pursued narrower survivor-support measures without substantially reducing utilities’ obligations.
• PG&E closed at $16.60 on August 28, down 7.52%; broader futures are only modestly lower, suggesting the wildfire-liability setback is the primary catalyst.