🔴 PG&E is trading 4.2% down in pre-market after California lawmakers blocked wildfire-loss recovery reform

PG&E is trading 4.2% down in pre-market at $15.91 after California lawmakers blocked Governor Gavin Newsom’s proposal to limit insurers’ wildfire-loss recovery.

• The setback preserves uncertainty around potential wildfire liabilities ahead of California’s August 31 legislative deadline.
• PG&E previously closed at $16.60 on August 28, down 7.52%; volume reached 109.0 million shares, about 387% above its three-month average.
• No separate August 31 company announcement or earnings release was identified; broader rate and geopolitical concerns may add pressure.