PG&E CEO Hopeful California Wildfire Liability Reform Talks Resume

According to CNBC, PG&E CEO Patti Poppe said Wednesday she is hopeful California lawmakers will return to wildfire liability reform talks after a proposal failed to advance, and she said the legislature could also take up the issue in a special session. PG&E and Edison International shares fell 20% and 21%, respectively, this week after lawmakers did not move forward with a plan that would have limited how much individuals could seek from utilities whose equipment sparked wildfires. PG&E also announced a strategic review and cut $2 billion from its 2027 capital spending plan, reducing planned investment to $11.4 billion. Poppe said the lower spending would delay housing starts and renewable-energy projects in California. She also said unresolved wildfire liability risk has complicated PG&E's effort to regain an investment-grade credit rating, and estimated that lower borrowing costs could have saved customers $600 million over the last two years of debt issuances.