Poppe did not specify what her company would do, but made it clear any action would protect shareholders’ money. Any legislation that passes without a protective framework for utilities, Pizarro said, would “influence how we prioritize and deploy future capital.” Pizarro also told analysts that without legislation supporting the utilities, Edison’s credit rating could be downgraded. Newsom and lawmakers are drawing up legislation based on recommendations in an April study that the governor ordered last year. The letter warned that without reform of current state laws protecting utilities, disasters like the Eaton fire could happen again.