US EditionNewsom Seeks $18 Billion for Utilities’ Wildfire Fund as California Faces Future Blazes
CALIFORNIA, JUL 31 – The proposal would nearly double the wildfire fund to $39 billion and extend its sunset to 2045, aiming to protect utilities from fire-related liabilities amid growing wildfire risks.
- Last week, Governor Gavin Newsom circulated a legislative proposal to shore up the California Wildfire Fund by channeling an additional $18 billion, aiming to bolster utility recovery.
- With $131 billion in losses from the Eaton and Palisades fires, insured losses up to $23 billion risk exhausting the wildfire fund if Southern California Edison is responsible.
- To secure funding, electricity ratepayers would contribute half via a monthly fee and three utilities would supply the other half, with the fund’s sunset date extended to 2045.
- Newsom is pushing to cap insurers’ subrogation claims from the fund, while investors dumped Edison shares amid worries and insurers warn caps may raise rates or limit policies.
- On August 18, the California Legislature reconvenes to consider a bill requiring state agencies to study spreading wildfire risk costs across taxpayers, which may face opposition.
15 Articles
15 Articles
Los Angeles Times
Denver GazetteGov. Newsom seeks to raise $18 billion to shore up state wildfire fund
Gov. Newsom proposes that electric customers and utility shareholders pay another $18 billion to shore up a $21 billion state fund for wildfire victims
Press-Telegram
Newsom seeks $18 billion for utilities’ wildfire fund as California faces future blazes
By Eliyahu Kamisher and Mark Chediak | Bloomberg California Governor Gavin Newsom is circulating a legislative proposal to shore up a state fund for utilities that’s at risk of being depleted following the deadly wildfires that struck Los Angeles County in January. The plan would channel an additional $18 billion to the wildfire fund, almost doubling the current commitments, said people familiar with the matter. Electricity ratepayers would cont…
East Bay Times
Gov. Newsom seeks $18 billion for utilities’ wildfire fund as California faces future blazes
By Eliyahu Kamisher and Mark Chediak, Bloomberg California Governor Gavin Newsom is circulating a legislative proposal to shore up a state fund for utilities that’s at risk of being depleted following the deadly wildfires that struck Los Angeles County in January. The plan would channel an additional $18 billion to the wildfire fund, almost doubling the current commitments, said people familiar with the matter. Electricity ratepayers would contr…
Newsom Seeks $18 Billion for Utilities’ Wildfire Fund as California Faces Future Blazes
California Governor Gavin Newsom is circulating a legislative proposal to shore up a state fund for utilities that’s at risk of being depleted following the deadly wildfires that struck Los Angeles County in January.
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