PG & E launches review , defers $2 billion in spending after wildfire bill setback

AI summary world

PG&E has announced a strategic review and will defer approximately $2 billion in planned 2027 spending, reducing its capital plan to about $11.4 billion. This decision follows renewed uncertainty regarding wildfire liability costs after a Senate bill amendment failed to significantly reduce utility exposure or address the long-term solvency of California's fire fund. CEO Patti Poppe stated that the existing wildfire liability framework creates financing risks that increase costs and limit energy system investment. The company intends for the review to explore various regulatory, financial, and operational options to help lower customer costs linked to these higher financing expenses.