To reduce wildfires and save utilities, California governor wants $10.5 billion from ratepayers

SACRAMENTO, Calif. - Gov. Gavin Newsom is asking the California Legislature to extend an existing charge on utility customers' bills in hopes of generating $10.5 billion for a new wildfire fund, one that power companies could use to pay for fire damage - but only if they meet the state's safety standards.

Under pressure from Wall Street analysts to take action, the governor disclosed a broad outline of a plan Friday that seeks to shore up the finances of the state's utilities amid rising costs for wildfires.

The proposal stops short of meeting investor demands that the state change its doctrine of inverse condemnation, which holds utilities responsible for wildfire damage linked to their equipment.

But Newsom's