California lawmakers just pushed through one of the biggest energy overhauls in years—a six-bill package that touches everything from wildfire costs to oil drilling to how power flows across the West. (CalMatters)
Cap-and-trade extended: The state’s carbon market—renamed “cap and invest”—will now run through 2045. Lawmakers earmarked $1B a year for high-speed rail and another $1B for general budget use starting in 2026.
Wildfire + utility costs: Utilities won broader liability protections, while ratepayers will keep paying into a $9B wildfire fund. New rules aim to hold down transmission costs and limit how much utilities can raise bills for wildfire hardening.
Regional market: The deal also clears the way for California utilities to join a Western regional power market.