California Governor Signs $21 Billion Wildfire Relief Fund

Reuters reports that California Governor Gavin Newsom signed a bill of $21 billion on Friday to help PG&E Corp and the other stakeholders in the state. The Fund will be used to cover the liabilities rising from wildfires caused by the equipment of PG&E Corp in the future.

Both chambers of California’s legislature passed the bill and sent it to the Governor as July 12 was the deadline given by S7P Global Ratings.

PG&E looked for Chapter 11 liquidation assurance in January after serious rapidly spreading fires in 2017 and 2018 saying it expected more than $30 billion in liabilities.

Last November more than 80 people were killed in a campfire and failures of PG&E hardware have been accused of many of the blazes.