“In general, we try to make sure that all utilities have the economic strength and wherewithal to procure the goods and services that Californians need,” Michael Picker, president of the California Public Utilities Commission, told the Wall Street Journal.
PCG shares surged 37.9% Friday after plunging 63% over the past week.
“Why is the CPUC stepping up now vs. mostly looking for legislative initiatives earlier? Given the reaction in the stock market, we think there was an appropriate level of urgency that something needed to be done,” an analyst at Citi Research wrote in a note Friday. “We also think the CPUC is stepping up now because it is easier for them to come out quickly to support the utility vs. something from the political spectrum.”
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