SB926: Relating to wildfires resulting from the fault of an electric company.

Legislative Summary

Bans the recoupment of certain costs that a power company incurs from claims based on a wildfire. (Flesch Readability Score: 65.1). Prohibits the recovery from customers of certain costs and expenses that an electric company incurs [as a result of allegations of a wildfire resulting] if a court or jury finds that a wildfire resulted from the negligence or a higher degree of fault on the part of the electric company. Prohibits an electric company from paying or distributing dividends, income, interest or profits or paying, distributing or repurchasing stock or other ownership interest to any person or individual with an ownership or beneficial interest in the electric company if the electric company owes any debt on an outstanding judgment that is based on a finding by a court or jury that a wildfire resulted from the negligence or a higher degree of fault on the part of the electric company. Sets the rate of interest on the judgment at nine percent per annum to accrue from the date the wildfire was ignited if a plaintiff establishes that a wildfire resulted from the negligence or a higher degree of fault on the part of the electric company. Provides that an electric company is liable for all taxes that may be owed by a prevailing party on a judgment that the electric company has not satisfied by January 1, 2026, for a judgment that is based on a finding by a court or jury that a wildfire resulted from the negligence or a higher degree of fault on the part of the electric company.