Southern California Edison Chief Warns Wildfire Impasse Risks Higher Customer Bills
Southern California Edison customers face hundreds of millions of dollars in additional costs if the utility’s credit rating is downgraded t
Southern California Edison customers face hundreds of millions of dollars in additional costs if the utility’s credit rating is downgraded to junk after California failed to pass wildfire legislation, according to the head of the utility’s parent company. Among the pieces of wildfire reform on Edison’s wish list is a permanent shareholder liability cap, Edison International Chief Executive Officer Pedro Pizarro said Tuesday in an interview with Bloomberg News in New York.
Under current law, that cap is set at 20% of a utility’s equity rate base, or $4.3 billion in Edison’s case, if the company’s equipment sparks a blaze and it’s found to have acted imprudently. But that cap disappears if the state’s wildfire fund runs dry.
First reported by Insurance Journal.
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