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Story summary
- PG&E Corp. announced it will cut about $2 billion of 2027 investments.
- California Democrats rejected Gov. Gavin Newsom’s wildfire-liability overhaul, ending the session without a deal.
- PG&E shares plunged 20% after the proposal’s defeat, reflecting market reaction to liability concerns.
- The abandoned plan would have shifted some wildfire-related costs from utilities to insurers via subrogation changes.
- CEO Patti Poppe said the spending reduction stems from financing difficulty, not political pressure.
