{"id":8173,"date":"2026-09-01T15:09:15","date_gmt":"2026-09-01T15:09:15","guid":{"rendered":"https:\/\/nextcitydigest.com\/?p=8173"},"modified":"2026-09-01T15:09:15","modified_gmt":"2026-09-01T15:09:15","slug":"with-shares-falling-pge-and-edison-international-weigh-in-on-wildfire-liability-bill-day-before-vote","status":"publish","type":"post","link":"https:\/\/nextcitydigest.com\/?p=8173","title":{"rendered":"With shares falling, PG&E and Edison International weigh in on wildfire liability bill, day before vote"},"content":{"rendered":"
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PG&E and Edison International took their case to California lawmakers, one day after news of an agreement on wildfire liability legislation now being debated in the final hours of Gov. Gavin Newsom\u2019s final legislative session.<\/p>\n

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Pedro Pizarro, president and chief executive officer of Edison International, the parent company of Southern California Edison in Rosemead, and Patrica Poppe, chief executive officer of Oakland-based PG&E, said in a letter dated Monday that the bill on the floor would lead to higher utility bills, less jobs and investment in California.<\/p>\n

\u201cAlready, the financial consequences are apparent,\u201d they wrote to leaders of the state Senate and Assembly, as the deadline looms Tuesday for the legislation to be voted on. \u201cThe State\u2019s investor-owned utilities have collectively lost more than $20 billion in value from market close on Thursday through Monday morning\u2019s market opening. Further, increased costs of borrowing, driven by bondholder reactions or credit agency actions, will only exacerbate the affordability crisis for customers.\u201d<\/p>\n

Shares of Edison International dropped 23% on Monday and PG&E stock tumbled 18% by midday Monday.<\/p>\n

Newsom touted the deal as \u201creal progress for future fire survivors,\u201d but admitted that it appears to fall short of full structural reform, even by the governor\u2019s own account, prompting him to urge broader change next year \u2014 when he will no longer be governor.<\/p>\n

The legislation aimed at reducing wildfire risk, supporting future fire survivors and making power companies more accountable for fire risks.<\/p>\n

Orange County Assemblymember Cottie Petrie-Norris, who along with state Senator Josh Becker authored the bill, said this weekend that in its final form was a win for wildfire survivors.<\/p>\n

\u201cThis solution puts them first \u2014 helping communities recover more quickly, while eliminating the Wall Street profiteering that has no place in their recovery,\u201d she said in a statement Saturday.<\/p>\n

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But both utility executives said Monday that SB 492 fails to \u201cprovide a durable, long-term solution for compensating wildfire victims, sustaining the Wildfire Fund, and managing the financial risk created by California\u2019s wildfire liability framework,\u201d adding the bill creates continued uncertainty for wildfire victims, opens up ratepayers to higher bills and the California economy to continued risk.<\/p>\n

The letter was addressed to Monique Limon, president pro tempore of the California State Senate, and Speaker Robert Rivas of the California State Assembly.<\/p>\n

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Caroline Winn, chairman of the board of San Diego Gas & Electric, which is owned by Sempra, sent her own letter to the lawmakers on Monday, criticizing the state\u2019s wildfire risk network which she said has led the company to incur credit downgrades, increasing the cost of borrowing the capital required to keep its system safe.<\/p>\n

\u201cPolicies that increase the likelihood of further downgrades are not consistent with the state\u2019s affordability or clean energy goals,\u201d Winn wrote, adding the company is aligned with PG&E and Edison International in calling for comprehensive reform.<\/p>\n

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SB 492 will compound the affordability problems Californians face today, Winn said.<\/p>\n

California lawmakers will vote on the bill on Tuesday, one day after the usual end of the legislative session, since the bill\u2019s language needed to be printed and online for 72 hours before a vote can take place.<\/p>\n

Whatever the outcome, Newsom will have been termed out of office when a new legislature meets. Supporters and critics of the bill agree more work needs to be done then, with Newsom urging a full structural reform in the next legislative session.<\/p>\n

As it stands, SB 492 would establish a Fast-Pay system so wildfire victims can get paid quicker; prevent investor-owned utility CEOs from collecting a bonus if their company starts a wildfire; set new limits for attorney fees; and bolsters bond provisions for the state\u2019s Wildfire Fund, an account designed to keep investor-owned utility companies from going bankrupt if they start a wildfire. That fund is paid for by utility shareholders and ratepayers.<\/p>\n

Edison spokesperson Scott Johnson said SCE will engage with the new governor and Legislature \u201cto finish the work needed to address the state\u2019s wildfire risk.<\/p>\n

California\u2019s wildfire policies must evolve with the changing climate. Only comprehensive reform can deliver the support fire survivors need, protect customers and enable SCE to access capital at a reasonable cost to build a safer, more resilient future.\u201d<\/p>\n

Eaton fire survivors, consumer advocates and community leaders hailed the bill as it was filed early Saturday morning as a victory for \u201cevery Californian who could become the victim of the next utility-cased fire.\u201d<\/p>\n

Read more Shopping spree for South Bay apartments widens in downtown San Jose<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Big California publicly-traded utilities said in a letter that major state wildfire legislation on the floor of the Legislature and set for a deadline vote would lead to higher utility bills, less jobs and investment in California.<\/p>\n","protected":false},"author":1,"featured_media":8172,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-8173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nWith shares falling, PG&E and Edison International weigh in on wildfire liability bill, day before vote - Next City Digest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nextcitydigest.com\/?p=8173\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"With shares falling, PG&E and Edison International weigh in on wildfire liability bill, day before vote - 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