PG&E

PG&E CEO Patti Poppe said California lawmakers should return to the table to pass wildfire liability reform after a failed proposal sent PG&E shares tumbling about 20%. Poppe argued reform would lower borrowing costs, help regain an investment-grade credit rating and unlock billions for investment, noting lower rates could have saved customers roughly $600 million on recent debt issuances. The utility cut $2 billion from its 2027 capital plan to $11.4 billion, delaying housing starts and renewable projects amid continued wildfire liability uncertainty. » Mere på cnbc.com

PG&E will defer about $2 billion of planned 2027 capital spending, leaving a capital plan of roughly $11.4 billion versus an earlier $13.4 billion target. The company opened a strategic review after a Senate bill amendment failed to meaningfully reduce utilities' wildfire liability exposure, saying the framework raises financing risks and customer costs. The review aims to cut customer costs and reduce debt financing needs by $2 billion and will evaluate regulatory, financial, operational and structural options. » Mere på finance.yahoo.com

Bank of America downgraded PG&E from "Buy" to "Neutral" and cut the price target from $24 to $13, saying the new California wildfire laws do not create a sustainable liability and funding framework. The bank expects PG&E could cut about $7.3 billion in investments, which would dampen projected EPS growth through 2030 from over 9% to around 7%. At the same time, a return of capital could lift the dividend yield to about 6.5% and the payout ratio to 43–50%, although the bank emphasized that PG&E has not announced such a plan. » Mere på de.investing.com