California Code, Public Utilities Code - PUC § 8386.10

(a) The commission shall not allow a large electrical corporation to include in its equity rate base its share, as determined pursuant to the Wildfire Fund allocation metric specified in Section 3280, of the six billion dollars ($6,000,000,000) that the large electrical corporations collectively first expend on fire risk mitigation capital expenditures approved by the commission on or after January 1, 2026.  These amounts are in addition to the amounts the large electrical corporations shall not include in their equity rate base pursuant to subdivision (e) of Section 8386.3.  An electrical corporation's share of the fire risk mitigation capital expenditures and the debt financing costs of these fire risk mitigation capital expenditures may be financed through a financing order pursuant to Section 850.1, subject to the requirements of that financing order.

(b) Subdivision (a) does not apply to an expenditure made after December 31, 2035.