Senator 'deeply troubled' by utility threats

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Set us as preferred The chair of the California Senate’s utilities committee said Tuesday that he was “deeply troubled” by electric company executives’ recent threats to take action to protect their shareholders if they don’t get legislation in Sacramento to limit their wildfire liabilities.In a letter to Southern California Edison and Pacific Gas & Electric, Sen.

Benjamin Allen (D-Santa Monica) wrote that he was considering calling the utility executives to an oversight hearing to have them explain their plans.Allen sent the letter after the Times reported that the two companies’ top executives promised their investors in recent conference calls that they planned to respond if they don’t get legislation for which they have been lobbying.Gov.

Gavin Newsom and lawmakers are working behind closed doors on a package of wildfire bills.“While I understand that utility investors seek predictability for their invested dollars, and stable utilities are important to the state of California, we as legislators must balance the additional interests of wildfire victims and survivors, our residents’ ability to access affordable insurance, and the need to ensure affordable utility service,” Allen wrote.Business Top executives of California’s two biggest utilities warned they would take action to protect their shareholders if Sacramento lawmakers fail to pass legislation limiting their companies’ liabilities for wildfires sparked by their equipment“We are certainly not interested in being threatened as we seek a balanced path that is right for California,” he added.

In response to the letter, PG&E and Edison said Tuesday night that The Times had “mischaracterized” their executives’ comments to investors.“PG&E’s objectives remain unchanged: safely and reliably serve our customers, ensure wild...