Pacific Gas & Electric Stock Slides As California Lawmakers Block Key Wildfire Insurance Reform: Report

Stock Market Today, Aug. 28: PG&E Falls 8% on Wildfire-Liability Uncertainty Ahead of Aug. 31 Deadline

PG&E stock plummeted 7.52% to $16.61 after California lawmakers blocked Governor Newsom's plan to protect utilities from insurer recoupment in catastrophic wildfires. With an Aug. 31 legislative deadline approaching, investors face uncertainty over wildfire-liability protections. Trading volume surged 387% above average as concerns rippled through the utility sector.

Pacific Gas & Electric shares are trading lower following a report suggesting that California lawmakers have blocked Gov. Gavin Newsom from pursuing his plan to prevent insurance companies in California from recouping their losses from investor-owned utilities that cause a catastrophic wildfire.

UPDATE: KCRA 3 News Network Reports "California Lawmakers Block Newsom's Push To Prevent Insurance Companies From Suing Utilities That Cause Wildfires"

https://www.kcra.com/article/california-lawmakers-newsom-wildfire-liability-funds/73554380