(Updates with recent share movement in the headline and the first paragraph.)

PG&E (PCG) shares fell 5.9% in Wednesday trading after it said it expects to defer about $2 billion of planned investment in 2027 and is launching a strategic review of its businesses, as it looks for ways to improve customer affordability while maintaining its safety performance.

The moves come after the state of California legislature recently rejected provisions in Senate Bill 492 that would limit the amount of money people could recover from utilities for equipment-caused wildfires.

"Over the last several years, PG&E has made meaningful progress improving safety, reliability and affordability for our customers," CEO Patti Poppe said in a statement. "But California's wildfire liability framework continues to create financing risks that drive higher costs, affect customer affordability, and limit investment in the energy system. Something has to change so that we can better serve our customers. That's why we're taking action today.

PG&E expects to provide updates on its strategic review during its quarterly earnings calls, it said.

Price: 13.24, Change: -0.83, Percent Change: -5.87