By Eliyahu Kamisher and Michelle Ma | Bloomberg

California lawmakers have reached an initial agreement to shore up the state’s wildfire utility fund.

The agreement was filed into legislative text on Wednesday after lawmakers suspended a Tuesday deadline. The move confirmed earlier reporting from Bloomberg News.

The boost will be around $18 billion, according to people familiar with the negotiations who asked not to be named because the information is private. The agreement would see ratepayers contribute half of the money and utility shareholders contribute the other half, according to the people. The proposal is aimed at stabilizing utilities’ finances and limiting shareholder losses.

The move comes after January wildfires that devastated the Los Angeles area put the California Wildf

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