PG&E

California Assembly changes to SB 492 removed protections favored by the governor, increasing PG&E's exposure to wildfire litigation and prompting an 18% one-day stock drop and over a 25% decline in a month. Fitch cut its outlook on PG&E to negative while affirming a BBB- rating, and the company says the bill does not adequately address wildfire financing risks. Given the heightened legislative and regulatory uncertainty, the author is watching PG&E closely but has not bought the dip. » More on finance.yahoo.com

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. » More on 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. » More on finance.yahoo.com