(Reuters) -California Governor Gavin Newsom is proposing legislation to bolster the state’s wildfire fund with an additional $18 billion for utilities, Bloomberg News reported Wednesday, citing sources familiar with the plan. Reuters could not immediately verify the report. In 2019, California lawmakers established the $21 billion California Wildfire Fund, managed by the California Earthquake Authority, […]
U.S.
California governor seeks additional $18 billion for utilities’ wildfire fund, Bloomberg News reports
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(Reuters) -California Governor Gavin Newsom is proposing legislation to bolster the state’s wildfire fund with an additional $18 billion for utilities, Bloomberg News reported Wednesday, citing sources familiar with the plan.
Reuters could not immediately verify the report.
In 2019, California lawmakers established the $21 billion California Wildfire Fund, managed by the California Earthquake Authority, to provide faster, more substantial compensation for victims of certain utility-caused wildfires while protecting power companies from massive claims.
Electricity ratepayers would contribute half the money through a monthly fee while the other half would be funded by utility companies that benefit from the fund, Edison International, PG&E and Sempra, the report said.
The proposal remains in draft form and is subject to change, according to the report.
“We continue to work with the legislature on policy that will stabilize California’s Wildfire Fund to support the recovery of wildfire survivors and to protect California utility consumers,” Newsom’s office said in a statement to Bloomberg.
Newsom’s office, Edison, PG&E and Sempra did not immediately respond to a Reuters’ request for comment.
(Reporting by Anusha Shah in Bengaluru; Editing by Himani Sarkar)