California’s three investor-owned electric utilities have agreed to chip in a combined $10.5 billion to a new fund to cover the costs of future catastrophic wildfires caused by power company equipment.
Southern California Edison and Pacific Gas & Electric’s decision Thursday to contribute to the fund marks a win for Gov. Gavin Newsom and lawmakers who argued it will help stabilize the state’s utilities and protect ratepayers. San Diego Gas & Electric had already agreed to contribute to the fund.
How much each utility gives depends on its risk of catastrophic wildfire and prior history with safety. Pacific Gas & Electric will pay the most when it emerges from bankruptcy, with San Diego Gas & Electric paying the least. Read More