24 Hrs
Source:
Los Angeles Times
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Utilities warn of action over wildfire liability
California’s two largest utilities are warning that they may take shareholder-protective actions, such as share buybacks and spending cuts, if lawmakers do not pass legislation limiting their wildfire liabilities. Executives from PG&E and Edison have indicated they are prepared to make financial adjustments, including stock repurchases and reducing spending, to safeguard their profits if legislation does not reduce their exposure to wildfire damages. This comes amid ongoing efforts by state officials to develop a bill that would cap victim payouts and attorney fees, aiming to address the rising costs associated with wildfires sparked by utility equipment.
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