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18h ago

California Lawmakers Unveil $18 Billion Plan to Refill Wildfire Fund

The proposal extends a customer surcharge with matching shareholder payments to stabilize the utility backstop after January’s lethal Eaton blaze.

SoCal Edison workers replace burnt power poles and run new lines along Highway 74 near Mountain Center after the Cranston fire in Idyllwild on Monday, July 30, 2018. Destroyed lines have cut off power to much of Anza. (Photo by Terry Pierson, The Press-Enterprise/SCNG)

Overview

  • Amendments to SB 254 were introduced Wednesday after a deadline suspension, proposing an $18 billion boost subject to legislative votes and the governor’s signature.
  • Electric customers would pay $9 billion through a 10-year extension of an existing surcharge beyond its 2035 expiration.
  • Utility shareholders at Edison, PG&E and SDG&E would contribute $9 billion, with a floor vote no earlier than Saturday under the 72-hour posting rule.
  • Consumer and environmental groups decried the “gut and amend” process and limited public input, as TURN said it would support the package despite affordability concerns.
  • Shares of the three utilities climbed on the filing, and the Eaton fire investigation continues after state warnings the blaze could deplete the fund.