California Wildfire Legislation (SB 254) Effective; Sempra's SDG&E to Participate in $18B Continuation Account

SEMPRA

California SB 254 signed on Sept. 19, 2025, adds up to $18 billion in liquidity via the Continuation Account for large electric IOUs like SDG&E.
SDG&E intends to elect participation by Oct. 4, 2025; its total shareholder contribution through 2045 is $387 million ($219.3M fixed + $167.7M contingent).
Liability cap for SDG&E on imprudence findings is approx. $1.4 billion based on 2024 transmission & distribution equity rate base.
The 2025 legislation preserves AB 1054 elements: safety certifications, cost recovery standards, and a cap on liability for imprudent claims.
Ratepayer contributions of $9 billion financed via bonds secured by extending a non-bypassable charge from 2036-2045, pending CPUC approval.

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