Assemblymember Chris Holden’s Statement on the Commission on Catastrophic Wildfire Cost and Recovery Report

Thursday, May 30, 2019

Assemblymember Chris Holden’s Statement on the Commission on Catastrophic Wildfire Cost and Recovery Report

 

 

Sacramento, CA – The Commission really dug-in on the financial risk our utilities are facing in connection with wildfires, and I appreciate their hard work.  The risk of financial liability has destabilized every California utility – public and private –  in the markets and increased the cost of doing business.  Bond ratings have fallen, financing costs have risen, and electric ratepayers are paying the costs. We have to take action to stop the fall.

 

To address this issue, I will be working closely with leadership to seek equitable resolution of the prudent manager standard, bridge financing, and to allow cost recovery for electricity providers who act responsibly and in the public’s best interest.  These actions will include insisting on a culture of safety for utilities and on affordability for ratepayers.

 

I have also scheduled a hearing of the Utilities & Energy Committee for June 5th at which time we will have the Commission on Catastrophic Wildfire Cost and Recovery Chair, Carla Peterman, to present the findings.

 

 

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