LA fires reveal limits of California’s $21 billion utility fund

Quick Summary:

Financial losses from the devastating Los Angeles wildfires are mounting after the blazes incinerated entire neighborhoods and destroyed thousands of homes.

And now, investors are growing increasingly concerned that a $21 billion state fund crafted to backstop utilities will fall far short of what’s needed if companies are found liable.

The fund has more than $12 billion in liquid assets and should the agency need more liquidity to pay claims, legislation allows for the remaining monthly customer bill charges to be securitized through the issuance of revenue bonds, the spokesperson said.

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Article Details

Author / Journalist: Mark Chediak & Eliyahu Kamisher / Bloomberg

Category: BusinessStartups

Markets: PhilippinesOman

Topics: Wildfire California Billion Utilities Edison Utility Found Fund Fires State Fire

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-19 @ 10:39:10 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 933 words

Reading Time: 6 minutes read

Sentences: 30 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 25250746

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About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 50 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 9 hours ago

Coverage Areas: Philippines

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