Business
PG&E, Edison Head for Biggest Stock Drop in Years on California Wildfire Legislation
California utility PG&E shares tumbled 19%, on pace for their biggest drop since the Covid-19 selloff of March 2020.
Other California-based utility stocks also sank, including Edison International. Its shares are down 20%, on pace for their biggest loss in more than 25 years.
Newsom and California lawmakers have clashed this month over updates to the state’s wildfire response. The administration initially proposed blocking insurance companies from suing utilities over wildfire claims—a move proponents argue is necessary to prevent higher electricity bills for California residents and to prevent utilities from facing bankruptcy.
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