California Plans to Boost Wildfire Fund by $18 Billion (3)

California lawmakers have reached an agreement to shore up the state’s wildfire utility fund.

The boost would be around $18 billion, with contributions spread out over the next two decades, according to legislation filed on Wednesday. Ratepayers would contribute half of the money and utility shareholders the rest.

The proposal confirmed earlier reporting from Bloomberg News and still needs to be voted on by both state legislative chambers in Sacramento. Then, it would need to be signed by Governor Gavin Newsom, who had previously proposed a draft similar to Wednesday’s text.

The effort is aimed at stabilizing utilities’ finances ...