CA SB254

Creates the Wildfire Fund Continuation Account to pay eligible wildfire claims arising from fires ignited after the bill's effective date, funded by $300 million in annual contributions from large electrical corporations (2029-2045), ratepayer charges starting February 2036, and up to $9 billion in bonds from the Department of Water Resources

Establishes a Transmission Infrastructure Accelerator within GO-Biz to develop financing strategies for transmission projects, with the California Infrastructure and Economic Development Bank authorized to provide financial assistance through a new California Transmission Accelerator Revolving Fund

Provides a 20% tax credit (up to $20 million per year) for qualified expenditures on eligible transmission projects from 2026-2035, with recipients prohibited from earning a return on equity on the credited portion

Revises wildfire mitigation plan requirements for electrical corporations, changing submission from every 3 years to every 4 years, requiring preliminary plans to be filed with general rate case applications, and requiring Office of Energy Infrastructure Safety approval within 9 months

Requires property insurers selling wildfire subrogation rights to third parties for fires destroying 1,000+ structures to first offer those rights to the responsible large electrical corporation on the same terms, with 30 days for the utility to accept or reject