Gov. Gavin Newsom is expected to sign legislation Friday to overhaul how the state pays for utility wildfire damage — a complex bill the governor championed and moved swiftly through the California Legislature this week at Wall Street’s urging.
Thank you for reading this post, don't forget to subscribe!The bill’s passage was a political victory for the governor, but some questioned whether California leaders were just making a down payment for wildfire costs that will skyrocket if more isn’t done to prevent ever-larger blazes.
The administration says the bill will provide investor-owned utilities with at least $21 billion to pay for damage from blazes linked to their equipment beginning this summer. Utility customers will be required to pay $10.5 billion to the so-called wildfire fund through a 15-year extension of an existing charge on monthly bills, one that was originally expected to expire by 2021. …
Click here to read the full article from the Los Angeles Times
Was there ANY doubt who was going to have to pay for it anyway? The good part is the homeowners who have lost everything will get something after the slow grinding wheels of Government get involved.
Problem is with all the off spec wind and solar coming from different directions and different quantities the utility equipment will become increasingly stressed and fail.
And still no perp walk for the executives who knowingly avoided infrastructure investmentso, upgrades and routine maintenance so they could pay themselves handsome bonuses???
Until corporate America is held to account for the mismanagement, the costs of living in CA are only going to continue to increase…