PG&E is trading at $13.26, down 5.69%, after announcing a strategic review as California’s wildfire legislation failed to resolve liability and financing concerns.
- PG&E will defer approximately $2 billion of planned 2027 spending, reducing its capital plan to $11.4 billion from $13.4 billion.
- Bank of America downgraded PG&E to Neutral and cut its target to $13 from $24, adding pressure.