PG&E CEO calls on California to pass wildfire reform after the shelved effort crushed the stock - CNBC
PG&E CEO Patti Poppe is urging California lawmakers to reconsider wildfire liability reform after a failed legislative effort caused utility stocks to drop. The proposed changes would have limited financial liability for utilities in wildfire cases, a move opposed by consumer advocacy groups.
Why it matters
The debate highlights the tension between utility financial stability and the rights of wildfire victims in a state increasingly prone to climate-related disasters.
PG&E CEO Patti Poppe said Wednesday she's hopeful the fight over California wildfire liability reform isn't over.
"We really are hopeful that they'll be able to find their way to get back to the table and finish the job for our customers," Poppe said on CNBC's " Mad Money ." "The people of California are waiting."
Shares of PG&E and fellow utility Edison International have fallen 20% and 21%, respectively, this week after lawmakers failed to advance a proposal that would have limited the amount of money individuals could seek from utility companies whose equipment ignited wildfires. PG&E is a utility company that provides electricity and natural gas to millions of people in California.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in