PG&E Falls After Proposed Rejection of Generation Spin-Off

PG&E Corp. fell as much as 1.5% after California regulators issued a proposal that would reject the utility owner’s proposed spinoff and minority sale of its non-nuclear power plants.

• California Public Utilities Commission judge issued a proposed decision on Friday, finding that PG&E’s proposal was not justified, reasonable, and in the public interest, according to a filing
• The five-member commission can vote on the proposal as early as April 18: filing
• “The late Friday decision was unfortunate but not a surprise as the proceeding saw delays and ex-parte filings,” Guggenheim Securities said in a research note

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