Pacific Gas and Electric Company (NYSE: PCG) issued a statement saying that California's Senate Bill 492, which was amended by the California Legislature, does not adequately address the state's wildfire liability framework.

PG&E acknowledged that the bill would make some progress in helping wildfire survivors recover and strengthening wildfire preparedness, but said it falls short of providing what the company described as a sustainable solution for California.

The company said the bill does not sufficiently address financing risks created by California's current wildfire liability framework, and as a result would not attract the affordable investment needed for a reliable energy system.

PG&E cited an April report by the California Earthquake Authority, which concluded that existing funding mechanisms are not sufficient, stating that SB 492 does not adequately address those concerns.

PG&E said California still needs a solution that supports wildfire survivors, maintains safety incentives, reduces wildfire risk, and enables affordable investment to serve customers reliably.

Pacific Gas and Electric Company is a subsidiary of PG&E Corporation and serves more than 16 million people across 70,000 square miles in Northern and Central California.