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California legislation limiting utility rate pass-throughs and requiring faster payouts reduces EIX profitability, leading to a significant drop in its stock price.
PC, Pacific Gas and Electric here, PCG is getting trounced along with EIX. These are both uh utilities out of California. And really what's going on here is that new legislation was passed that essentially they can't pass on rate hikes as much as they want.
And also that, you know, people that have problems like their house burns down, the payouts have to be made sooner. And so essentially more restrictions on utilities that essentially will hamper their their profitability.