
PG&E's (PCG) 20% plunge says wildfire reform failed shareholders
PG&E's 20.06% plunge is a verdict on the missing piece in its investment case: California still has not delivered a durable liability shield. The $69B-to-$106B rate-base plan is real, but uncertain wildfire recovery, rising fund expense and weak financial-health signals make PCG a sell rather than a turnaround bargain.
