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Government

Sep. 2, 2026

Wildfire liability deal collapses amid utility bankruptcy warnings

A sweeping deal to reshape California's wildfire liability system fell apart after utilities warned it could undermine their finances and threaten investment in the electric grid.

A potentially historic deal to overhaul California's wildfire liability system collapsed this week amid warnings that the compromise could push major utilities toward bankruptcy.

Lawmakers and Gov. Gavin Newsom announced SB 492 over the weekend, pitching it as a way to address wildfire liability while shoring up the state's insurance and utility systems. The measure was expected to receive Assembly and Senate floor votes Monday night.

Those votes never happened. <...

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