A coalition of governmental entities, wildfire survivors, insurance companies, attorneys and consumer groups sent a joint letter to the California legislature vowing to oppose any proposal that would shift billions of dollars in costs away from utility shareholders and onto insurance policyholders, cities, counties, taxpayers, and wildfire victims. The groups expressed concern that an 11th hour proposal backed by Governor Newsom would undermine one of California's most important incentives for utility safety. Senate Energy Committee Chair Ben Allen has written the CEOs of PG&E and Edison to call out the executives for threats made on recent shareholder calls, as reported by the Los Angeles Times. The CEOs threatened that if they didn't get a bailout in the legislature they would engage in tactics to protect shareholders, such as buying back stock with available cash to prevent the money from being used to improve infrastructure. Allen said he is contemplating having the CEOs appear at hearings to explain themselves.
Edison InternationalSenate Energy Chair calls out Edison CEO for bailout threats, opposing cost shift to ratepayers.
PG&E CorpPG&E CEO criticized for bailout threats, with potential hearings and opposition to cost shift.
