The law would add to an existing fund for wildfire victims, which officials have warned could be exhausted by the Eaton wildfire. Funds would come from customers and shareholders of the state’s three biggest for-profit utilities.

Electricity ratepayers would contribute half the money through a monthly fee. The other half would come Edison, PG&E and Sempra.

California Governor Gavin Newsom is proposing legislation to bolster the state's wildfire fund with an additional $18 billion for utilities, Bloomberg News reported Wednesday, citing sources familiar with the plan.