1 Day
Source:
New York Post
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California's largest utility faces crisis amid plummeting shares
California lawmakers rejected Gov. Gavin Newsom’s proposed wildfire liability overhaul, causing shares of utilities PG&E and Edison International to decline sharply. The legislation aimed to limit insurer claims against utilities and implement measures to protect fire victims and restrict utility executive bonuses, but was scaled back after opposition from insurers and investors. The utilities argued the bill does not address long-term wildfire risks or ensure financial stability, while the state continues to manage wildfire liabilities through existing funds.
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