California legislative leaders aren’t yet on board with Gov. Gavin Newsom’s plan to create a fund that utilities can tap if they face massive liability costs from wildfires.
Senate leader Toni Atkins says the chamber hasn’t yet received a formal proposal from Newsom.
She says any action taken by the Legislature must protect ratepayers and wildfire victims while keeping electric service reliable.
Assembly Speaker Anthony Rendon says committees will need to review the proposal and hold public hearings.
Under the plan, utilities would have to adopt strict safety measures, including tying executive compensation to safety performance, to access the fund.
Newsom’s proposal Friday was not written in formal language needed to begin the legislative process.
He says he wants a deal by July 12.
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