SACRAMENTO, Calif. (CN) – California utilities will soon be able to access a $21 billion state insurance policy to settle wildfire-related lawsuits and liabilities under legislation approved Thursday by lawmakers.
Grappling with the prospect of another major electricity provider filing for bankruptcy as Pacific Gas & Electric did in January after its faulty power lines sparked the deadly 2018 Camp Fire, lawmakers are hoping to soften the financial blow for utilities that agree to undertake costly fireproofing actions.