California Gov. Gavin Newsom proposed adding $18B to the state’s wildfire fund, with costs split between utility ratepayers and investor-owned utilities like Edison, PG&E, and Sempra. (Bloomberg)
Here’s the history: The fund, created in 2019 after PG&E’s bankruptcy, was designed to stabilize utilities’ finances and cap shareholder losses by covering fire-related damages above $1B. It currently holds over $13B in assets.