Three California Power Giants Sign Off on $21 Billion Fire Fund
- Edison, Sempra have elected to contribute to state backstop
- California lawmakers cleared creation of fund earlier in month
Pacific Gas & Electric employees watch as contractors clear trees away from the company's power lines in Nevada City, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
All three of California’s investor-owned utilities have now signed off on the creation of a $21 billion wildfire fund that any one of them could tap the next time a power line sparks a catastrophic blaze.
PG&E Corp., which was forced into bankruptcy in January amid crippling fire liabilities, said Thursday that it would kick in an initial $4.8 billion for the insurance-like pool. Sempra Energy said last week that it would commit $450 million. Edison International was the last to chime in, confirming late Thursday that it would participate and pitch in $2.4 billion.