California Governor Gavin Newsom is circulating a legislative proposal to shore up a state fund for utilities that’s at risk of being depleted following the deadly wildfires that struck Los Angeles County in January.
The plan would channel an additional $18 billion to the wildfire fund, almost doubling the current commitments, said people familiar with the matter. Electricity ratepayers would contribute half the money through a monthly fee while the other half would come from three utility companies that benefit from the fund, Edison International, PG&E Corp. and Sempra, the people said.
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