State Sen. Ben Allen is rebuking Southern California Edison and Pacific Gas & Electric over shareholder-focused threats tied to wildfire liability legislation and weighing oversight hearings as lawmakers craft a new fire bill package. Existing laws already shield utilities from billions in wildfire damages, including Altadena’s deadly Eaton fire, as new proposals could further curb victim payouts and shift costs to homeowners’ insurance. PG&E and Edison executives are signaling stock buybacks and capital shifts if legislation falls short, despite investigations blaming their aging, idle lines for some of California’s most destructive recent wildfires.