Stock Market Today, Aug. 28: PG&E Falls 8% on Wildfire-Liability Uncertainty Ahead of Aug. 31 Deadline
On Aug. 28, 2026, California's largest utility tumbled 7.52% as lawmakers race toward a key legislative deadline on wildfire-liability protections.
Overview
PG&E (NYSE:PCG), a California-regulated utility delivering electric and gas service, closed at $16.61, down 7.44%. California Governor Gavin Newsom's plan to protect utilities from insurers in the case of a catastrophic wildfire has been blocked by California lawmakers. Investors are watching wildfire liability legislation before the Aug. 31 deadline. Trading volume reached 109.0M shares, coming in about 387% above its three-month average of 22.4M shares.
The S&P 500 (SNPINDEX:^GSPC) fell 0.27% to 7,710, and the Nasdaq Composite (NASDAQINDEX:^IXIC) lost 0.52% to 26,402. Among regulated electric and natural gas utility peers, Southern (NYSE:SO) closed at $88.24, down 0.91%, while Edison International (NYSE:EIX) fell 4.79% to $70.15 as wildfire-liability concerns stayed in focus.
Details
California lawmakers have blocked a plan by Gavin Newsom to prevent insurers from recouping losses from utilities (such as PG&E) when their equipment causes a wildfire. This development takes a major layer of potential protection away from PG&E, which is likely why its shares tumbled 8% on the news today.
Source
Originally published at www.fool.com.