PG&E will consider separating some of its assets as part of a strategic review launched after California lawmakers failed to reach a deal limiting utilities’ wildfire liability, according to CEO Patti Poppe

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PG&E $PCG and Edison International $EIX shares are falling after California lawmakers blocked Gov. Newsom’s push to stop insurers from recovering wildfire losses from utilities. The proposal was part of a broader plan to limit utility wildfire liabilities. With the legislative session ending Aug. 31, the larger structural reforms now appear off the table.