Newsom returns to a defining California fight: Who pays for wildfire damage?

A California federal judge approved a $100 million settlement for PG&E investors who claimed the company and its underwriters misled them about wildfire risks. The deal resolves allegations of investor deception.

The DOE has made a partial Civil Nuclear Credit payment for Diablo Canyon Unit 1, according to the article. California’s NRC approved 20-year license extensions for Units 1 and 2, extending operations to 2044 and 2045. The plant generates about 18,000 GWh annually, about 9% of California power. PG&E could receive up to $1.1B in DOE support for continued operations.

California Governor Gavin Newsom is urging lawmakers to pass bills to reduce investor-owned utilities’ wildfire-related liability and the profit impact of payouts. The proposal faces opposition from insurers and wildfire survivors’ attorneys, while PG&E, Southern California Edison, and San Diego Gas & Electric say they may act if changes are not approved. The state’s wildfire fund is expected to be depleted as claims are tallied.

Pacific Gas & Electric CEO Patti Poppe and Edison International CEO Pedro Pizarro warned California lawmakers that if wildfire-liability legislation is not passed, they may take actions to protect shareholders, including potential share buybacks and credit-support measures. Edison faces Eaton fire lawsuits; officials blamed its transmission line. Edison paid over $1B to victims and says it expects reimbursement via state funds.

Pacific Gas and Electric Company (PG&E) set pricing terms for cash tender offers to buy up to $1.2 billion of its 3.30% Senior Notes due Dec. 1, 2027 and 2.10% First Mortgage Bonds due Aug. 1, 2027. Consideration is based on a fixed spread over U.S. Treasury yields. As of July 31, 2026, it expects to accept all tendered 3.30% notes and 26.6% of tendered 2.10% bonds, subject to conditions.

Pacific Gas and Electric Company (PG&E) increased the maximum aggregate cash tender offer purchase price for its 3.30% Senior Notes due Dec. 1, 2027 and 2.10% First Mortgage Bonds due Aug. 1, 2027 from $1.0 billion to $1.2 billion. Tender consideration is determined July 31, 2026 at 3:00 p.m. ET, with payment subject to a financing condition and possible proration.