Senate committees advance wildfire recovery fund with amendments after hours of testimony

The Hawaii State Senate’s joint committees on Commerce and Consumer Protection and on Energy and Intergovernmental Affairs voted Tuesday to pass SB1201, a bill to establish a wildfire recovery fund and allow securitization for electric utilities, with multiple amendments and a defective effective date to permit further drafting.

Why it matters: Supporters say the bill would provide faster compensation to wildfire victims and help Hawaiian Electric Company (HECO) regain an investment‑grade credit rating so the utility can finance grid hardening and new renewable projects. Opponents and some consumer advocates warned the bill could cap liability, shift large costs to ratepayers, and leave unanswered questions about administration, timing and claim procedures.

Jason Ben, senior vice president for Hawaiian Electric, told the committees the measure “is in the public interest” and frames it as protection for both residents and the state economy. He said…