The context: The Newsom administration claimed that the current wildfire liability setup enables attorneys, hedge funds, and other actors to prevent wildfire survivors from receiving what they’re owed. But a draft proposal to lower utility liability prompted pushback by state politicians, survivor advocates, and insurance industry groups.
The compromise: Newsom and CA officials have agreed to a bundle of wildfire policies, including: 1) barring PE groups from investing in wildfire claims 2) prohibiting CEO bonuses in years of company-caused fires and 3) creating a “fast-pay” program for survivors.
What’s next: CA lawmakers will vote on the package next week.
Sun, Aug 30
Molly Glick
Energy Central Team
NEWS: California Gov. Gavin Newsom has ditched his plan to lower costs for utilities after equipment-sparked wildfires.
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