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 officials are concerned the state's wildfire fund could be drained if utilities begin tapping it to cover fire-related claims.