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Informational hearing on SB 254 outlines $9 billion wildfire fund proposal and affordability measures; no committee vote
Summary
Sen. Becker and coauthor Assemblymember Petrie Norris held an informational hearing on SB 254, which combines wildfire‑fund reforms, securitized financing for mitigation, transmission financing measures and permitting changes aimed at lowering rates. The hearing was informational; the committee did not vote on the bill.
The Senate Committee on Energy, Utilities and Communications held an informational hearing on SB 254, authored by Sen. Becker with Assemblymember Petrie Norris and Sen. Wahab as joint authors. The hearing presented a multi‑part proposal that the authors said is intended to lower electricity bills, stabilize utilities after recent catastrophic wildfires and accelerate clean energy and transmission projects.
Sen. Becker described SB 254 as a combination of several components: reforms to wildfire mitigation spending and oversight; a requirement that utilities finance $6 billion of future wildfire mitigation capital spending through securitized debt to reduce carrying costs; measures to use public financing or ownership to reduce transmission costs; heightened scrutiny of utility profits; permitting reforms to speed clean energy projects; and a proposed successor wildfire fund capitalized with contributions from both ratepayers and utility shareholders.
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