California utilities slide after revised wildfire risk bill

PG&E

31/08/2026 11:27

** Shares of major California electric utilities fall in premarket trading; PG&E Corp PCG.N down 10.5%, Edison Int EIX.N down 4.8% and Sempra SRE.N down 1.4% before the bell
** California legislature amends Senate Bill 492, which addresses wildfire risk reduction and recovery, preserving insurers' ability to recover wildfire-related claim payments from utilities
** "California wildfire legislation appears to provide no meaningful incremental benefit for utilities versus the existing framework," TD Cowen analysts say in a note
** Jefferies analysts point to more downside for PG&E; also note co could increase its dividend payout rather than turn to stock buybacks given the political pushback
** PG&E says the bill does not adequately address financing risks tied to California's wildfire-liability framework
** Edison unit Southern California Edison calls for comprehensive wildfire reform to protect communities and keep bills affordable
** PCG up 3.3% YTD, EIX up 16.9%, SRE down 4.5% 


 (Reporting by Darshan Kumar in Bangalore)
 ((darshan.kumar@thomsonreuters.com))