SB2922 Summary

• Creates a new regulatory framework requiring electric utilities to develop risk-based wildfire protection plans subject to Public Utilities Commission approval through a public process.

• Establishes a securitization mechanism allowing utilities to issue bonds to finance wildfire protection costs, with recovery through non-bypassable wildfire protection charges imposed on all utility customers, capped at 5% of average residential customer bills.

• Implements a true-up adjustment process requiring annual review of wildfire protection charges to ensure accurate cost recovery, with commission review limited to mathematical and clerical errors.

• Requires electric utilities to report wildfires potentially caused by or occurring in connection with their operations, and prohibits such reports from being used as evidence of utility liability in legal proceedings.

• Provides liability protection for utilities complying with approved wildfire protection plans and establishes performance-based civil penalties for non-compliance, with revenues deposited into the Public Utilities Commission special fund.