Shares of PG&E (PCG) closed up 11% after Scott Deveau and Mark Chediak of Bloomberg reported that the company has spoken to lawmakers about putting together a pool of capital worth about $11B to settle claims related to the California wildfires.
The plan calls for PG&E to set up a special purpose vehicle into which it would redirect about $400M a year in earnings, people familiar with the matter told Bloomberg.
The stock closed the trading day up 11%, or $2.01, to $20.75.
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