# With shares falling, Edison International, PG&E weigh in on wildfire liability bill, day before vote > Source: > Published: 2026-08-31 23:11:09+00:00 **Getting your** [Trinity Audio](//trinityaudio.ai)player ready...PG&E and Edison International took their case to California lawmakers, one day after news of an [agreement](https://www.dailynews.com/2026/08/29/after-months-of-grass-roots-lobbying-a-compromise-on-state-wildfire-bill-reached-but-appears-to-fall-short-of-full-structural-reform/) on wildfire liability legislation now being debated in the final hours of Gov. Gavin Newsom’s final legislative session. Pedro Pizarro, president and chief executive officer of Edison International, the parent company of Southern California Edison in Rosemead, and Patrica Poppe, chief executive officer of Oakland-based PG&E, said in a letter dated Monday that the bill on the floor would lead to higher utility bills, less jobs and investment in California. “Already, the financial consequences are apparent,” they wrote to leaders of the state Senate and Assembly, as the deadline looms Tuesday for the legislation to be voted on. “The State’s investor-owned utilities have collectively lost more than $20 billion in value from market close on Thursday through Monday morning’s market opening. Further, increased costs of borrowing, driven by bondholder reactions or credit agency actions, will only exacerbate the affordability crisis for customers.” Shares of Edison International dropped 23% on Monday and PG&E stock tumbled 18% by midday Monday. Newsom touted the deal as “real progress for future fire survivors,” but admitted that it appears to fall short of full structural reform, even by the governor’s own account, prompting him to urge broader change next year — when he will no longer be governor. The legislation aimed at reducing wildfire risk, supporting future fire survivors and making power companies more accountable for fire risks. Orange County Assemblymember Cottie Petrie-Norris, who along with state Senator Josh Becker authored the bill, said this weekend that in its final form was a win for wildfire survivors. “This solution puts them first — helping communities recover more quickly, while eliminating the Wall Street profiteering that has no place in their recovery,” she said in a statement Saturday. But both utility executives said Monday that SB 492 fails to “provide a durable, long-term solution for compensating wildfire victims, sustaining the Wildfire Fund, and managing the financial risk created by California’s wildfire liability framework,” adding the bill creates continued uncertainty for wildfire victims, opens up ratepayers to higher bills and the California economy to continued risk. The letter was addressed to Monique Limon, president pro tempore of the California State Senate, and Speaker Robert Rivas of the California State Assembly. Caroline Winn, chairman of the board of San Diego Gas & Electric, which is owned by Sempra, sent her own letter to the lawmakers on Monday, criticizing the state’s wildfire risk network which she said has led the company to incur credit downgrades, increasing the cost of borrowing the capital required to keep its system safe. “Policies that increase the likelihood of further downgrades are not consistent with the state’s affordability or clean energy goals,” Winn wrote, adding the company is aligned with PG&E and Edison International in calling for comprehensive reform. SB 492 will compound the affordability problems Californians face today, Winn said. California lawmakers will vote on the bill on Tuesday, one day after the usual end of the legislative session, since the bill’s language needed to be printed and online for 72 hours before a vote can take place. Whatever the outcome, Newsom will have been termed out of office when a new legislature meets. Supporters and critics of the bill agree more work needs to be done then, with Newsom urging a full structural reform in the next legislative session. As it stands, SB 492 would establish a Fast-Pay system so wildfire victims can get paid quicker; prevent investor-owned utility CEOs from collecting a bonus if their company starts a wildfire; set new limits for attorney fees; and bolsters bond provisions for the state’s Wildfire Fund, an account designed to keep investor-owned utility companies from going bankrupt if they start a wildfire. That fund is paid for by utility shareholders and ratepayers. Edison spokesperson Scott Johnson said SCE will engage with the new governor and Legislature “to finish the work needed to address the state’s wildfire risk. California’s wildfire policies must evolve with the changing climate. Only comprehensive reform can deliver the support fire survivors need, protect customers and enable SCE to access capital at a reasonable cost to build a safer, more resilient future.” Eaton fire survivors, consumer advocates and community leaders hailed the bill as it was filed early Saturday morning as a victory for “every Californian who could become the victim of the next utility-cased fire.”