Gavin Newsom: “The costs are being absorbed and socialized to a degree that…”

“I think shareholders should have some skin in the game to force CEOs and executives to make the kind of investments that they need well beyond 1054 of which we statutorily require investments for undergrounding and other safety measures. The costs are being absorbed and socialized to a degree that it compelled us and Lauren and her team to work with the legislature on a $60 billion just shy of $60 billion rebate through 2045 in our cap and invest program for utilities to offset the burden. But it shouldn't be the burden of the cap and invest framework to make that subsidy. We need to lower those costs and stabilize the cost increases.” (28:00–28:21)

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