SACRAMENTO, Calif. (AP) — Gov. Gavin Newsom is proposing to throw a financial lifeline to California’s biggest electric companies dealing with the results of disastrous wildfires — but only if the companies agree to concessions such as tying executive pay to safety.
The plan announced Friday would also require companies to spend a combined $3 billion on safety measures over the next three years.
If the utilities satisfy the proposed requirements, they would get financial assistance from the state.
Newsom is proposing letting Southern California Edison and San Diego Gas & Electric decide what type of assistance fund they want. Pacific Gas & Electric Corp. would not get a say as it goes through bankruptcy proceedings.
Legislators still have to approve the plan. Newsom aims to strike a deal within the next three weeks.
