As California grapples with high costs of electricity and gas, Gov. Gavin Newsom on Friday signed a set of bills he says will help either stabilize or lower prices. Following the 2024 election in which the cost of living was the top concern for California voters, electricity prices this year have been the second highest in the nation and their rising rates have outpaced inflation. The state is also bracing for the closure of two major oil refiners that account for 20% of the state’s refining capacity, a situation that threatens to significantly raise gas prices. The legislation Newsom approved includes a measure that is expected to increase oil production in Kern County to ramp up in-state fuel supply and avoid rising costs. Another bill establishes a regional energy grid system that would allow the state to trade renewable energy with nearby states to improve California’s grid reliability. The governor also signed off on an $18 billion replenishment of the state’s catastrophic wildfire liability fund, which the state’s investor-owned utility companies can tap into when they are held responsible for wildfires. The fund is expected to be significantly depleted following the Eaton fire in Southern California. The refill will be split between ratepayers and the utility companies. Supporters have said the fund stabilizes electricity prices. They claim that without it, a utility company’s expenses for a wildfire could send bills soaring. The more controversial measure the governor approved Friday is an extension of the state program that will now be known as “cap and invest.” The program, which is now good through 2045, sets a declining limit on greenhouse gas emissions for companies that emit them into the air. Companies have to reduce their emissions, buy allowances from the state or other businesses, or fund state projects that try to offset their emissions. Money the state collects from the program goes toward environmental, housing and transportation projects. “I just signed into law the biggest electricity bill refunds in a decade,” Newsom said in a statement. “Millions of Californians will soon start saving billions on their energy costs, and the savings don’t stop there – we’re stabilizing the state’s gasoline supply to avert severe price spikes at the pump and we’re making it easier to build the abundant clean energy we need to keep bills lower. On top of all that, we’re doubling down on our best tool to combat Trump’s assaults on clean air – Cap-and-Invest – by making polluters pay for projects that support our most impacted communities.”Among the projects benefitting from the cap and invest legislation is California’s embattled high-speed rail project, which will receive $1 billion a year through the program, totaling $20 billion. Republican state lawmakers warned last week the reauthorization for this program will wipe out the progress on affordability Democrats were trying to make this year. Following the news conference where Newsom signed the bills, Republican Assembly Minority Leader James Gallagher took to social media platform X to share his thoughts on the legislation.”Translation: I, Gavin C. Newsom, am slightly reversing course on my own policies because they suck and would have driven gas and electricity prices even higher,” Gallagher said in his post. “Nonetheless I am not lowering any of those costs. Good luck to you California. I’m busy running for President.”During a press conference, Newsom was asked to respond to claims in Kamala Harris’ new book that he never called her back after former President Joe Biden dropped out of the presidential contest. Newsom responded by saying he hadn’t read Harris’ book, and later explained that he had received a call from an unknown number while hiking and was later occupied in working with his staff on an endorsement of Harris. See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel
As California grapples with high costs of electricity and gas, Gov. Gavin Newsom on Friday signed a set of bills he says will help either stabilize or lower prices.
Following the 2024 election in which the cost of living was the top concern for California voters, electricity prices this year have been the second highest in the nation and their rising rates have outpaced inflation. The state is also bracing for the closure of two major oil refiners that account for 20% of the state’s refining capacity, a situation that threatens to significantly raise gas prices.
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The legislation Newsom approved includes a measure that is expected to increase oil production in Kern County to ramp up in-state fuel supply and avoid rising costs. Another bill establishes a regional energy grid system that would allow the state to trade renewable energy with nearby states to improve California’s grid reliability.
The governor also signed off on an $18 billion replenishment of the state’s catastrophic wildfire liability fund, which the state’s investor-owned utility companies can tap into when they are held responsible for wildfires. The fund is expected to be significantly depleted following the Eaton fire in Southern California. The refill will be split between ratepayers and the utility companies. Supporters have said the fund stabilizes electricity prices. They claim that without it, a utility company’s expenses for a wildfire could send bills soaring.
The more controversial measure the governor approved Friday is an extension of the state program that will now be known as “cap and invest.” The program, which is now good through 2045, sets a declining limit on greenhouse gas emissions for companies that emit them into the air.
Companies have to reduce their emissions, buy allowances from the state or other businesses, or fund state projects that try to offset their emissions. Money the state collects from the program goes toward environmental, housing and transportation projects.
“I just signed into law the biggest electricity bill refunds in a decade,” Newsom said in a statement. “Millions of Californians will soon start saving billions on their energy costs, and the savings don’t stop there – we’re stabilizing the state’s gasoline supply to avert severe price spikes at the pump and we’re making it easier to build the abundant clean energy we need to keep bills lower. On top of all that, we’re doubling down on our best tool to combat Trump’s assaults on clean air – Cap-and-Invest – by making polluters pay for projects that support our most impacted communities.”
Among the projects benefitting from the cap and invest legislation is California’s embattled high-speed rail project, which will receive $1 billion a year through the program, totaling $20 billion.
Republican state lawmakers warned last week the reauthorization for this program will wipe out the progress on affordability Democrats were trying to make this year.
Following the news conference where Newsom signed the bills, Republican Assembly Minority Leader James Gallagher took to social media platform X to share his thoughts on the legislation.
“Translation: I, Gavin C. Newsom, am slightly reversing course on my own policies because they suck and would have driven gas and electricity prices even higher,” Gallagher said in his post. “Nonetheless I am not lowering any of those costs. Good luck to you California. I’m busy running for President.”
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During a press conference, Newsom was asked to respond to claims in Kamala Harris’ new book that he never called her back after former President Joe Biden dropped out of the presidential contest.
Newsom responded by saying he hadn’t read Harris’ book, and later explained that he had received a call from an unknown number while hiking and was later occupied in working with his staff on an endorsement of Harris.
This content is imported from Twitter.
You may be able to find the same content in another format, or you may be able to find more information, at their web site.
See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter | Find us on YouTube here and subscribe to our channel