How California Lawmakers and Gov. Newsom Plan to Change Payouts when a Utility Starts a Wildfire
- California's legislative session concluded with a deal rejecting Governor Gavin Newsom's proposed wildfire overhaul, filing SB 492 to establish a Fast Pay program instead of shifting financial burdens to insurance companies or limiting victim recovery rights.
- Wildfire survivors and various groups protested the governor's initial plan throughout the week, arguing it would have acted as a 'corporate bailout' by shielding utilities from liability for the deadly Eaton Fire.
- The legislation includes measures to curb executive bonuses at companies like Edison International if a fire damages 500 or more structures, while also banning hedge funds and private equity firms from profiting on wildfire insurance claims.
- Consumer Watchdog President Jamie Court and Every Fire Survivor's Network director Joy Chen praised the legislature's refusal to shield utilities, calling the deal a 'remarkable display of courage' that protects survivors and consumers from costs.
- A 72-hour public notice requirement delayed the vote until Tuesday, as state leaders acknowledge this agreement is only a partial step toward the structural reform needed for long-term wildfire durability.
64 Articles
64 Articles
With shares falling, Edison International, PG&E weigh in on wildfire liability bill, day before vote
Big California publicly-traded utilities said in a letter dated Monday that major state wildfire legislation on the floor of the Legislature and set for a deadline vote on Tuesday would lead to higher utility bills, less jobs and investment in California.
Newsom’s Plan To Limit Utilities’ Wildfire Liability Thwarted In Eleventh-Hour Deal
A contentious part of Newsom’s wildfire proposal would have reduced utility companies’ financial liability when their equipment causes wildfires, but California lawmakers rejected the provision during a last-minute deal Friday night.
PG&E Sinks 18%, Edison International Tumbles 23% as California Wildfire Bill Omits Liability Cap
California lawmakers handed utility investors a brutal surprise over the weekend, and the fallout raises an urgent question about whether PG&E and Edison International can absorb what comes next without a credit rating collapse.
Coverage Details
Bias Distribution
- 69% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
