California’s Fire ‘Bailout’ for PG&E, Edison Clears Hurdle (1)

Utility giants PG&E Corp. and Edison International are one step closer to getting California’s help in covering the costs of increasingly catastrophic wildfires that their equipment keeps igniting.

The state Senate passed a bill late July 8 that would create a multibillion-dollar fund that power companies could borrow from to cover future wildfire liabilities. It would also make it easier for them to recover costs from their customers. The legislation, which California Governor Gavin Newsom has been pressing lawmakers to pass before a recess begins July 12, still needs the Assembly’s approval.

The bill is seen as especially crucial for ...