Will utility rates go up? What California’s $26 billion wildfire plan means for you

BY BRYAN ANDERSON

California Gov. Gavin Newsom signed off on a $26 billion plan on Friday to address the state’s ongoing wildfire threats.

The comprehensive plan, which sped through the Capitol in less than a week, aims to offer a timetable for reimbursing past wildfire victims following PG&E’s decision to declare bankruptcy earlier this year.

It also establishes a new panel called the California Catastrophe Council to oversee a fund of up to $21 billion, with costs split evenly between ratepayers and shareholders of the state’s largest investor-owned utilities. Utilities will be allowed to dip into the fund to pay out victims’ claims. If they are found to have acted recklessly, they’ll have to reimburse the fund.

The new law takes effect immediately, and is quite complex. But these are the most important things you need to know:…

Read the rest of the article on The Sacramento Bee


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