California Overhauls Wildfire Payouts for Investor-Owned Utilities

Lawmakers and Gov. Newsom struck a partial deal to reform wildfire liability: SB 492 would curb CEO bonuses after fires, cap attorney fees, deter billboard lawyers, bar certain private equity investments in wildfire claims, speed payouts to victims, create a wildfire data-sharing system, and require a new statewide preparedness plan every five years. It would empower the California Earthquake Authority to borrow or issue bonds to cover fund shortfalls, with ratepayers potentially on the hook to repay, while public-record exemptions were included and broader reforms remain for next year.