California plans to expand utility wildfire funding by $18 billion

California lawmakers have reached a preliminary agreement to support the state's wildfire utility fund. The agreement was submitted as legislative text on Wednesday after lawmakers postponed Tuesday's deadline. Bloomberg cited informed sources reporting that the capital increase will be around $18 billion. According to the agreement, taxpayers will fund half, while utility shareholders will cover the other half. The proposal aims to stabilize the financial condition of utility companies and limit shareholder losses