Gov. Newsom signs bill overhauling compensation for wildfire victims

SACRAMENTO, Calif. (KGO) -- Governor Gavin Newsom has signed legislation that overhauls how the state pays for wildfire damages.

The bill creates a new $21 billion fund to compensate victims. Part of the money will come from utility company shareholders, but half will come ratepayers.

RELATED: State assembly approves $21 billion fund to help victims of wildfires

A $2.50 fee already on your utility bill will be extended 15-years. It was supposed to expire next year.

The plan also requires utility companies to get annual safety certifications. Critics say the bill is a sweetheart deal for the utility industry.

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