California Assembly Kills SB 492 Wildfire Plan as Utilities Rebound After $20 Billion Stock Slide
Updated
Updated · KCRA Sacramento · Sep 2
California Assembly Kills SB 492 Wildfire Plan as Utilities Rebound After $20 Billion Stock Slide
3 articles · Updated · KCRA Sacramento · Sep 2
Summary
SB 492 died Tuesday when Assembly Speaker Robert Rivas declined to bring the wildfire liability bill to a vote on the legislature’s final day, scrapping a deal Newsom had backed.
PG&E and Southern California Edison had pressed lawmakers to curb insurers’ subrogation claims after Senate negotiators left that out; their CEOs said the companies had lost more than $20 billion in market value.
Assembly lawmakers also cited unresolved gaps in the bill’s fast-pay program for wildfire victims, while Rivas said the measure needed more work and denied stock pressure drove the decision.
Newsom said the bill failed to fix California’s broader wildfire liability system and left open a special session, as leaders plan hearings later this year on utility payouts, insurer claims and victim compensation.