PG&E Stock Plunges on Wildfire Liability Setback

PG&E shares are down 16.9% to $13.79 pre-open after California lawmakers advanced wildfire legislation that fell short of the liability protections utility investors had expected. The bill’s weaker-than-hoped liability framework raises perceived wildfire cost and balance-sheet risk. The move is likely to pressure PCG sentiment until clearer protections or economics are defined.