Calif. Lawmakers Create $21B Wildfire Insurance Fund

By Juan Carlos Rodriguez (July 11, 2019, 9:46 PM EDT) -- California legislators on Thursday passed a bill that would force California utilities to funnel $21 billion into a wildfire protection fund, a measure supported by two of the state's largest investor-owned utilities as well as fire victims and ratepayers.

Gov. Gavin Newsom said Thursday he will sign Assembly Bill 1054 on Friday. The legislation was passed to provide a measure of security to the state, ratepayers and the utilities themselves as they struggle to cope with devastating and expensive wildfires that in the past season forced the state's largest investor-owned utility, Pacific Gas and Electric Co., into bankruptcy.

Newsom said the...

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