Consumer Watchdog Warns Governor Newsom Against Last-Minute Utility Bailout Plan

Regulation
โดย PR Newswire·Read original
Summary · why it matters

Consumer Watchdog has issued an alert warning California Governor Gavin Newsom against a reported eleventh-hour proposal to limit utility liability for wildfires. The alert exposes a new ad campaign by a group called Wildfire Victims First, which it describes as a front for the state’s three for-profit utilities—PG&E, Southern California Edison, and SDG&E—whose equipment has caused nine of the twenty most damaging fires in California. According to Public Utilities Commission records, 70 percent of the coalition’s members are funded by the utilities to the tune of $6.9 million. The rumored proposal would cap attorney fees and victim payouts, limit insurance recoveries, and shift more fire costs onto survivors and all Californians. Campaign finance records show the three utilities have given approximately $162,000 to Newsom’s campaign committees since he began running for statewide office, more than any other elected official reviewed. A coalition led by the Every Fire Survivor’s Network has urged the governor to put any proposal through the normal legislative process rather than a last-minute gut-and-amend with no public input.

Impact on stocks 2

Energy Transition & Power Demand · 2 stocks
Edison International
EIX
▼ NegativeRegulationrelevance

Consumer Watchdog warns against limiting utility liability for wildfires, which could increase costs for Edison International.

PG&E Corp
PCG
▼ NegativeRegulationrelevance

Consumer Watchdog warns against limiting utility liability for wildfires, which could increase costs for PG&E Corp.