Jefferies analyst Julien Dumoulin-Smith notes that the leaked wildfire bill was inserted into SB254, a securitization bill that was held at third reading in the Assembly, adding that the arrival of this bill bolsters investor confidence entering into wildfire season. The wildfire fund bill being introduced largely unchanged versus what was leaked removes fear of upsized shareholder funding, adds the analyst, who argues that the California legislative session” surprises to the positive” for PG&E (PCG) and Edison International (EIX). The firm has Buy ratings on shares of both utilities.
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