- Pacific Gas & Electric (NYSE:PCG) surged 7.3% in today's trade to lead the S&P 500, as shares continue to rebound in the aftermath of the California wildfires and investors digest reports of new legislation that could shore up the company's balance sheet and ease fears of bankruptcy.
- A California lawmaker has said he will offer new legislation that allows investor-owned utilities such as PG&E to file with the California Public Utilities Commission and recover some fire costs retroactively.
- Also, a judge overseeing a separate criminal case against PG&E today asked the utility to explain any role it may have played in the Camp Fire, potentially to help determine whether any requirements in a sentence handed down last year for a deadly 2010 pipeline blast in San Bruno "might be implicated" by any reckless operation or maintenance of PG&E power lines in igniting the fire.
- Meanwhile, Edison International (NYSE:EIX) rose 2.4% today, adding to recent gains amid expectations that it would be able to continue paying a dividend despite potential losses from liabilities linked to fires in southern California.
- Now read: Brookfield Renewable Partners Offers 6.5% Starting Yield And Tremendous Growth
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