Los Angeles Times: California Needs a Big Pot of Money for Wildfires. But How Big? And Who Pays?

June 17, 2019

California is requesting a large sum of money to help electrical providers pay for damage caused by wildfires. Such funds are critical to prevent another utility bankruptcy and to stop Wall Street from, once again, downgrading the state’s utilities.

In a test of his new power to steer the state away from a looming crisis, Governor Gavin Newsom created a team this year to strategize and develop a solution. Newsom hired the Los Angeles based law firm O’Melveny & Myers to advise his administration.

In February, the governor promised to deliver a “comprehensive strategy” to address the financial problems caused by wildfires in California. Since then, his office published a report outlining their suggestions for lawmakers to address wildfires. Newsom is expected to release a more detailed proposal as soon as this week.

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