California Utilities Face Scrutiny Over Wildfire Liabilities
California's largest utilities, including Pacific Gas & Electric (PG&E) and Edison International, are urging lawmakers to pass legislation that would limit their financial liabilities for wildfires caused by their equipment. This comes as the state grapples with the aftermath of the devastating Eaton Fire in Altadena, which destroyed over 9,000 structures and claimed 19 lives. Utility executives have warned that failure to enact protective measures could lead to shareholder-focused actions, such as share buybacks and spending cuts, potentially impacting California's energy programs. The state legislature, working with Governor Gavin Newsom, is considering proposals to cap victim payouts and attorney fees, raising concerns among wildfire survivors and consumer advocates. The utilities argue that without legislative support, their credit ratings could be downgraded, leading to higher costs for customers. (Source time: 2026-08-05 10:00:00 GMT)