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WEF 2022:

Yahoo Finance is in Davos! Get the latest updates here

Newsom’s California Budget Seeks $8 Billion More for Energy Push

Mark Chediak
·1 min read

(Bloomberg) -- California Governor Gavin Newsom proposed spending an additional $8 billion over five years to make sure the lights stay on and help consumers pay for rising electric bills.

Most Read from Bloomberg

As part of that spending, the governor wants the state to invest $5.2 billion to create a “strategic electric reliability reserve” that could be called on when the electric grid is stressed, according to a budget revision released Friday. The backup supplies, which could provide up to 5,000 megawatts of capacity, may include existing power plants slated for retirement, new generation and battery storage projects as well as other resources.

Another chunk of the energy investment would include $1.2 billion that would help consumers pay for rising electricity costs.

The governor’s proposed budget in January allocated $2 billion to support clean energy technologies. Newsom’s proposals will require approval from state lawmakers, who must back a budget by June 15 or forgo pay.

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©2022 Bloomberg L.P.

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