California’s biggest utility was rocked Monday after lawmakers dealt Gov. Gavin Newsom a blow over a sweeping wildfire liability overhaul.
Page F9From§Eachthe matinee edition — 31 August 2026
California town, utilities, insurers all hit the market as shares tank
California’s largest utilities are in crisis mode as their shares plummet and insurers look to capitalize (19), while an entire California town, all 35 buildings, is listed for sale (17). Ruth’s column reconciles the ledger: she lays out the numbers, the assets, and the liabilities, noting that the same market forces driving utilities toward the brink are now driving towns onto the real estate market. The precision here is not accidental: the economy turns on a dime, and the dime is up for auction. Ruth observes that when the infrastructure fails, the last asset left is the place itself—hon. Chip’s defense is a blur of innovation and ‘dynamic economy,’ quickly retreating from the word crisis, and finding refuge in the language of liquidity. Ruth closes by pointing out that the market doesn’t just price electricity or insurance; it prices entire communities, and the price tag is whatever the buyers will bear.
“When the utilities start crashing and an entire town goes up for sale, it’s not just the buildings on the block—it’s the whole economy. Insurers smell blood and the only thing left to buy is the town itself.”
“California is known for innovation, and sometimes market fluctuations create opportunities. The utilities are facing challenges, but that’s part of a dynamic economy. I wouldn’t call it a crisis—well, maybe I would, but only for the moment. Did I say blood? I meant, uh, liquidity.”
The receipts
The town has its own local Post Office, a Border Patrol facility, a church, a VFW post, and multiple specialized workshops such as a cabinet shop and metal shop.
This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front.