This bill would require each utility, defined as an investor-owned electrical corporation or gas corporation, to report certain information for any taxpayer funding, as defined, greater than or equal to $1,000,000 that the utility has applied for or received. The bill would require the commission, for each application in which a utility is seeking ratepayer funding, to require the utility to report all relevant taxpayer funding greater than or equal to $1,000,000 that the utility is pursuing or has secured, and, if the commission determines that a utility is not in compliance with that requirement, the bill would authorize the commission to impose a penalty against the utility, as specified. The bill would require the commission to require each utility to promptly deliver to ratepayers the financial benefits of taxpayer funding to ratepayers, funding received, as provided.

This bill would require the commission to provide an annual report to the Legislature with a summary of the information on taxpayer funding reported by each utility, including the number of grants or loans, the source of those grants or loans, the dollar amount received, the projects funded by the grants or loans, and the demonstrated ratepayer savings.

The bill would repeal these provisions on January 1, 2036.