PG&E Rejects Senate Bill 492 as Incomplete Wildfire Solution

The utility company maintains that the current funding mechanisms remain insufficient to handle the scale of wildfire-related risks. Citing an April report from the California Earthquake Authority, PG&E officials argue that the state’s existing fiscal approach creates volatility that discourages the capital investment necessary for modernizing the grid. Without a more durable solution, the company warns that the proposed bill will not effectively stabilize costs for the 16 million customers it serves across Northern and Central California.

PG&E is pushing for a broader legislative overhaul that balances safety incentives with financial viability. By failing to address the specific financing risks inherent in the current liability structure, the company contends that SB 492 leaves the energy system vulnerable to the same economic pressures that have historically hindered reliable service and long-term recovery efforts.