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 Response 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.
