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Senate bars utilities from passing wildfire liability costs to ratepayers, restricts shareholder payouts until judgments paid
Summary
The Senate passed SB 926A to prevent electric companies found negligent in causing wildfires from recovering those costs from customers and to block distributions such as dividends or stock repurchases until court judgments are satisfied.
The Oregon Senate on Wednesday passed Senate Bill 9 26 A, legislation aimed at preventing electric companies from shifting the cost of negligence-related wildfire damages onto ratepayers and at denying certain shareholder payouts until companies satisfy court judgments.
Senator Tim Brzezinski, closing debate on the bill, said the measure "prohibits an electric company from paying or distributing dividends, income, interest or profits, or paying, distributing or repurchasing stock" if the utility owes debts on judgments finding that a wildfire resulted from the company's negligence. Brzezinski told colleagues these restrictions are intended to ensure victims receive court-ordered awards…
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