Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Streaks of lights from vehicles drive along highway 24 during an Oct. 10 PG&E power shutoff in Oakland, Calif. Photo: Ray Chavez/MediaNews Group/The Mercury News via Getty Images

PG&E lost a challenge Wednesday to a California law holding it liable for billions of dollars in wildfire damage connected to its equipment, Bloomberg first reported.

Why it matters: The ruling in the U.S. Bankruptcy Court in San Francisco by Judge Dennis Montali is a victory for victims of the state's 2017 and 2018 wildfires, who are hoping to be awarded damages for their affected properties in the utility’s bankruptcy.

Driving the news: In a January Chapter 11 bankruptcy protection filing, the embattled power giant estimated it was on the hook for $30 billion dollars in liability costs for the fires.

What's new: PG&E said it shouldn’t be subject to the "inverse condemnation" legal doctrine that "holds utilities strictly liable for covering the costs of blazes linked to their equipment — regardless of whether they were negligent," Bloomberg notes, because investors own the firm, not taxpayers. But the judge sided with the fire victims.

  • The utility and fire victims are holding discussions on a chapter 11 plan that could pay them about $13.5 billion, but they're "still preparing to litigate over whether PG&E is legally liable and how much it will have to pay," the Wall Street Journal.
  • The company was also defeated in its "attempts to get aid" from Sacramento and California lawmakers "refused PG&E’s attempts to change how the doctrine is applied, which might have reduced the amount of damages it must pay," the WSJ noted.

Go deeper:

Go deeper

2 hours ago - World

World leaders react to "new dawn in America" under Biden administration

President Biden reacts delivers his inaugural address on the West Front of the U.S. Capitol on Wednesday. Photo: Alex Wong/Getty Images

World leaders have pledged to work with President Biden on issues including the COVID-19 pandemic and climate change, with many praising his move to begin the formal process for the U.S. to rejoin the Paris Climate Agreement.

The big picture: Several leaders noted the swift shift from former President Trump's "America First" policy to Biden's action to re-engage with the world and rebuild alliances.

Updated 5 hours ago - Politics & Policy

In photos: The Biden and Harris inauguration

President Biden and first lady Jill Biden watch a fireworks show on the National Mall from the Truman Balcony at the White House on Wednesday night. Photo: Chip Somodevilla/Getty Images

President Biden signed his first executive orders into law from the Oval Office on Wednesday evening after walking in a brief inaugural parade to the White House with first lady Jill Biden and members of their family. He was inaugurated with Vice President Kamala Harris at the U.S. Capitol on Wednesday morning.

Why it matters: Many of Biden's day one actions immediately reverse key Trump administration policies, including rejoining the Paris Agreement and the World Health Organization, launching a racial equity initiative and reversing the Muslim travel ban.

Republicans pledge to set aside differences and work with Biden

President Biden speaks to Sen. Mitch McConnell after being sworn in at the West Front of the U.S. Capitol on Wednesday. Photo: Erin Schaff-Pool/Getty Images

Several Republicans praised President Biden's calls for unity during his inaugural address on Wednesday and pledged to work together for the benefit of the American people.

Why it matters: The Democrats only have a slim majority in the Senate and Biden will likely need to work with the GOP to pass his legislative agenda.