California senators approved a proposal Monday aimed at stabilizing the states electric utilities and putting a renewed focus on safety in the face of devastating wildfires caused by utility equipment, with supporters calling it a plan that holds utilities accountable and protects ratepayers.LiabilityLegislation & RegulationExcess & Surplus Lines
"Make no mistake this is not a utility bailout, its a ratepayer bailout," said Sen. Bill Dodd, a Napa Democrat and one of the bills co-authors.
Lawmakers and Gov. Gavin Newsom are rushing to pass a package of wildfire bills by Friday before lawmakers take a monthlong break and as ratings agencies consider whether to further downgrade the credit ratings of the states investor-owned utilities.
Californias wildfire season has already begun.
The proposal now heads to the state Assembly.