Holden chairs the state
"We want to send a signal to the financial markets that we are not going to leave the utilities flapping in the wind,"
"If a utility goes bankrupt, that will hurt ratepayers a lot more than this mechanism we are creating to make the utility pay until it hurts," Smith said.
It's unclear when the bill might be submitted. A message left for Holden spokesman
"There will be a time and a place for all of this, but right now,
State officials have blamed fallen or sagging power lines and poles for sparking some of
No cause has been determined, but speculation has centered on
Several victims have sued the company, blaming its equipment for the fire.
Meanwhile, victims of a destructive
Edison said in a statement that it can't comment on litigation related to wildfires.
This fall, Gov.
The measure requires the PUC to determine how much a utility and its shareholders can handle without being forced into bankruptcy. It was inspired by last year's devastating fires and also applies to 2019 fires but doesn't cover potential costs for 2018 fires if utilities are found liable for them.
Holden's bill apparently would plug that hole but critics are calling it a bailout.
"What a happy