Pacific Gas and Electric Company (PG&E) today released a statement on Senate Bill 492.

"On Saturday, the California Legislature amended Senate Bill 492 to address the state's wildfire risk reduction and recovery framework.

While the proposed legislation would make some progress in helping wildfire survivors recover and strengthening wildfire preparedness, it would not provide the sustainable solution California needs.

Specifically, the bill does not adequately address the financing risks created by California's current wildfire liability framework. As a result, it falls short of creating the long-term durability needed to attract affordable investment to support a safer, more reliable energy system and help keep costs down for customers.

The California Earthquake Authority's April report found, among other conclusions, that existing funding mechanisms are not sufficient. PG&E believes that SB 492 does not adequately address these concerns.

California still needs a durable solution that supports wildfire survivors, maintains strong safety incentives, reduces wildfire risk, and enables the affordable investment needed to serve customers and communities safely and reliably."

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE: PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news

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SOURCE Pacific Gas and Electric Company

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