PG&E Investors Get Final OK For $100M Wildfire Suit Deal

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.

Pacific Gas and Electric Company (PG&E) said it has started cash tender offers to buy up to $1 billion of its 3.30% Senior Notes due Dec. 1, 2027 and 2.10% First Mortgage Bonds due Aug. 1, 2027, subject to proration and acceptance priority. Holders tendering by July 31, 2026 receive consideration plus accrued interest. J.P. Morgan and Barclays are dealer managers.