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PG&E and Edison International shares tumble 19% and 20% respectively, set for biggest drops in years, after California lawmakers reject wildfire liability shield
Shares of California utilities PG&E and Edison International are tumbling this morning, with PG&E down 19% and Edison International down 20%. This follows the rejection by state lawmakers of California Governor Gavin Newsom's proposal to shield the sector from wildfire-related lawsuits. Newsom's administration had argued that blocking insurance companies from suing utilities over wildfire claims was necessary to prevent higher electricity bills and potential bankruptcies for utilities.
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