Today, Gov. Gavin Newsom signed legislation to create a multibillion-dollar wildfire fund available to California’s electricity providers. Here's how it works:
Gov. Gavin Newsom signs a bill to create a multibillion-dollar wildfire fund for utilities on Friday at the state Capitol.
Newsom has said the law will stabilize the state’s electricity markets to protect ratepayers from skyrocketing costs while requiring Pacific Gas & Electric Co. to pay victims for wildfire claims in 2017 and 2018 and prioritize overall utility safety.The bill took effect immediately with the governor’s signature, but it will take months for the money to be deposited into the fund and several years to gauge whether the complex law achieves its promised goals.
The law extends a state Department of Water Resources charge, originally expected to expire by 2021, for another 15 years to raise $10.5 billion for the fund from customers of PG&E, Southern California Edison and San Diego Gas & Electric Co. A suburban home with a pool in PG&E’s Northern California territory was charged more than $6 in the month of June, while a small two-bedroom apartment with no air conditioning in Edison’s coverage area in Hermosa Beach only saw a 29-cent charge last August.The state’s three largest investor-owned utilities have 15 days, or until July 26, to decide whether they intend to spend a collective $10.5 billion to match the ratepayer money in exchange for a cap on their liability.
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