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PG&E Launches Review, Defers $2 Billion in Spending After Wildfire Bill Setback
The utility said the review will examine regulatory and financial options as wildfire liability concerns push higher financing costs and customer prices.
- On Wednesday, utility PG&E announced it will defer about $2 billion in 2027 spending, leaving a capital plan of about $11.4 billion as it launches a strategic review amid wildfire liability concerns.
- California utility stocks crashed more than 20% on Monday after Sacramento Legislators rejected a bill backed by Gov. Gavin Newsom to limit liability exposure for wildfire-related lawsuits.
- CEO Patti Poppe stated that California's wildfire liability framework "continues to create financing risks that drive higher costs, affect customer affordability, and limit investment in the energy system." The Corporation previously planned to spend $13.4 billion in 2027.
- PCG stock resumed falling this morning, down 9.6% by mid-morning, as the Corporation initiates a strategic review exploring regulatory and financial alternatives to address solvency concerns.
- Uncertainty persists over the Corporation's ability to afford wildfire damage compensation without Senate support for liability reduction. The strategic review aims to reduce customer costs associated with higher financing expenses in California's liability environment.
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12 Articles
Pacific Gas & Electric Launches Strategic Review, Cuts 2027 Capital Plan by $2B
Pacific Gas & Electric (NYSE:PCG) said its board has authorized a strategic review of regulatory, financial, operational and strategic alternatives after California’s legislative session ended without wildfire liability reform. Chief Executive Officer Patti Poppe said the review will examine ho
·Sioux Falls, United States
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PG&E to Defer $2 Billion of Work as California Shelves Fire Bill
PG&E Corp. plans to defer about $2 billion of investments next year as part of a strategic review of its businesses, a move that comes after it said a proposed revamp of California’s wildfire response didn’t do enough to protect the company and its peers from the cost of such disasters.
·New York, United States
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Coverage Details
Total News Sources12
Leaning Left2Leaning Right1Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 29%
C 57%
14%
Factuality
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