California’s biggest utility companies were rocked Monday after lawmakers dealt Gov. Gavin Newsom a blow over a sweeping wildfire liability overhaul.
Pacific Gas and Electric Company (PG&E Corp.) and Edison shares plunged nearly 20% Monday morning after California Democrats gutted Newsom’s proposal, which sought to change who pays when utility equipment sparks catastrophic wildfires.
The plan would have blocked insurance companies from suing utilities to recover some of their wildfire losses — a move insurers fiercely opposed.
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Lawmakers…
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