PG&E stock surges as Assembly kills fire liability bill
California Assembly just killed SB 492, the wildfire liability plan that Newsom and legislative leadership had already agreed to. PG&E's stock jumped 7% within minutes.
Why? The bill would have forced utilities to absorb future fire costs instead of shifting them to insurance companies and ratepayers. Dead bill means PG&E keeps the racket.
BREAKING: The California Assembly will kill the wildfire liability plan CALeg & Gov. Newsom agreed to days ago, multiple sources tell me. The plan (SB 492) had been giving PG&E/SoCal Edison financial heart burn because it wouldn't let them shift future fire costs to insurance.
Source
x.com