LOS ANGELES (Reuters) – California Governor Gavin Newsom has proposed a fund of up to $21 billion to help utilities pay for future wildfire damage, according to media reports on Friday.
The proposal by the state’s Democratic governor follows the bankruptcy filing of San Francisco-based utility PG&E Corp, which anticipates $30 billion in liabilities from wildfires in 2017 and 2018 that have been blamed on its equipment.
Newsom - Models - Fund - Media - Reports
Newsom has proposed two models for the fund, according to media reports.
One model would place the reserve at $10.5 billion, to be funded by a surcharge on electricity bills, and the second model would raise the value to $21 billion fund by including a multi-billion dollar insurance policy paid for by utilities, the Wall Street Journal reported.
PG - E - California
PG&E and California’s two...
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