Three California Assembly members have introduced legislative language that would put Gov. Gavin Newsom’s plan to address the wildfire crisis enveloping the state’s electric utilities into action.
The proposal includes a special fund to rein in the massive wildfire liabilities that electricity providers are exposed to — a worsening problem that already drove Pacific Gas and Electric Co. into bankruptcy protection.
At first glance, the legislative text appears at least broadly similar to the outline Newsom announced one week ago. It would create the fund for utilities, overseen by an administrator who would report to a new California Catastrophe Council. Utilities would have to receive safety certification in order to access the funding.View Article