Electricity bailout bill sails through the Legislature despite its numerous flaws

SACRAMENTO – The California State Senate voted to approve Assembly Bill 1054 – Governor Newsom’s Wildfire Fund legislation, July 8. Some have called it Governor Newsom’s first real test of legislative leadership.

The measure actually is a feeble attempt to thread the needle between Wall Street, the investor-owned utility companies, ratepayers, trial lawyers, and victims of recent devastating wildfires that jeopardize the solvency of the state’s IOUs. Senator Brian Jones (R-Santee) released the following statement regarding the passage of AB 1054:

“As is often the case when multiple interests f...