SB 1298, as introduced, Hertzberg. Electrical restructuring: financing orders.
Under existing law, the Public Utilities Commission has regulatory authority over public utilities, including electrical corporations. Existing law relative to restructuring of the electrical industry authorizes an electrical corporation to apply to the commission for a determination that certain transition costs, as defined, may be recovered through fixed transition amounts, which would constitute transition property, as defined, and provides, until December 31, 2016, for the issuance of financing orders and provides for the issuance of rate reduction bonds to be paid out of rates.
This bill would extend the authorization for the issuance of financing orders from December 31, 2016, to December 31, 2017.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 846 of the Public Utilities Code is
2amended to read:
The authority of the commission to issue financing orders
4pursuant to Section 841 shall expire on December 31,
begin delete 2016.end delete
5 The expiration of the authority shall have no effect upon financing
P2 1orders adopted by the commission pursuant to this article or any
2transition property arising therefrom, or upon the charges
3authorized to be levied thereunder, or the rights, interests, and
4obligations of the electrical corporation or a financing entity or
5holders of transition bonds pursuant to the financing order, or the
6authority of the commission to monitor, supervise, or take further
7action with respect to the order in accordance with the terms of
8this article and of the order.