Why These Energy Stocks Are Losing This Week

8. PG&E Corporation (NYSE:PCG)

Share Price Decline Between June 10 – June 17: 8.38%

Next on our list of Energy Stocks that Fell the Most This Week is PG&E Corporation (NYSE:PCG), which provides natural gas and electric service to approximately 16 million people throughout a 70,000-square-mile service area in northern and central California.

PG&E Corporation (NYSE:PCG) continues to plunge and reached a new 2-year low this week following the backlash of the company’s role in past wildfire incidents, and a proposed California legislation that would overhaul utility regulation and financing in the state.

The legislation calls for the creation of a new regulatory authority and excludes utility shareholders from earning profits from as much as $15 billion in capital spending on fire mitigation and infrastructure. Moreover, it seems to include provisions for improving the Golden State’s utility wildfire insurance fund, requiring ongoing contributions from utilities.