PCG - California governor drafts plan to extend life of PG&E nuclear plant - AP

California Gov. Gavin Newsom has drafted a proposal to extend the life of the Diablo Canyon nuclear power plant by at least 5-10 years beyond its planned closing in 2025 to "ensure statewide energy system reliability," the Associated Press reported Friday.

The draft proposal also includes a possible loan for operator Pacific Gas & Electric ( NYSE: PCG ) for as much as $1.4B, according to the report.

AP said the draft was obtained ahead of a California Energy Commission meeting on the state's energy needs and the role the plant could play.

California's legislative session shuts down August 31, allowing for less than three weeks to determine if it will attempt to extend the life of the plant, which has been mired in controversy over safety and costs.

As PG&E's ( PCG ) wildfire de-risking continues, "a rangebound stock could be a recovery story," Mike Zaccardi writes in a bullish analysis published recently on Seeking Alpha .

For further details see: