California lawmakers are set to vote Tuesday on a scaled-back wildfire liability package after Gov. Gavin Newsom's push to shield utilities from some of the costs associated with fires sparked by their equipment failed to gain enough support.

The Legislature’s decision not to shield utilities from wildfire liability caused stock prices for Pacific Gas and Electric and Edison International to tumble by 20% and 23%. Bills that passed included proposals on balcony solar and data center rate structures.

Gov. Gavin Newsom on Saturday backed off his proposal to reduce costs for electrical utilities after their equipment sparks wildfires, agreeing instead to a narrower deal.

PG&E stock rises after a report that California lawmakers kill a key wildfire bill that didn’t include liability protection for utilities.

In a sudden change of fortune, the wildfire liability deal agreed to by top Democrats died on the final day of California’s legislative session after

As wildfire season intensifies, four California fires have scorched thousands of acres, including the growing Timber Fire in Big Sur.

With billions of dollars at stake, it was ultimately the proposal’s ambition and breadth that sank it.

A California bill is “more focused on victim protections without any new investor protections,” according to analysts.

Two wildfires in California's Big Sur region that have burned tens of thousands of acres continued to grow over the weekend, with one fire nearly doubling in size, officials said.