California Utilities Back Caps on Wildfire Settlements as SoCal Edison Profit Jumps to $4.5 Billion
Updated
Updated · KABC-TV · Aug 9
California Utilities Back Caps on Wildfire Settlements as SoCal Edison Profit Jumps to $4.5 Billion
3 articles · Updated · KABC-TV · Aug 9
Summary
Wildfire Victims First, funded in part by Southern California Edison, PG&E and San Diego Gas & Electric, is pressing lawmakers to limit how much wildfire victims can recover for pain and suffering.
Victims and advocates say the mail campaign is deceptive because the same utilities backing it have been accused of igniting at least six of California's most destructive fires, including the Eaton Fire.
Every Fire Survivor's Network says the push would shift more utility-sparked fire costs to insurers and give utilities billions in added protection from future payouts.
The backlash lands as Gov. Gavin Newsom is said to be working on a utility bailout bill and as SoCal Edison's profit rose from $1.3 billion to nearly $4.5 billion, with dividends and executive pay also increasing.