California Governor Proposes $21 Billion Wildfire Fund: Media

www.oann.com | 6/1/2019 | Staff
kims (Posted by) Level 3
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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