This bill makes significant changes to California’s energy governance by: (1) eliminating provisions for transforming the CAISO into a regional organization while authorizing participation in voluntary energy markets governed by an independent regional organization starting January 1, 2028, subject to strict governance conditions including state policy protections, consumer representation, and market transparency requirements; (2) maintaining CAISO’s core transmission and reliability functions while allowing it to operate under the regional organization’s market rules if specified conditions are met; (3) preserving state authority over renewable energy policies by explicitly excluding the regional organization from California’s balancing authority designation and strengthening eligibility requirements for out-of-state renewable resources; (4) establishing mechanisms for California to withdraw from regional markets if they conflict with state policies or unfairly burden ratepayers; and (5) repealing obsolete provisions related to the former Power Exchange. The bill includes robust safeguards for California’s clean energy goals and ratepayer protections while creating a framework for potential regional market participation.