AB 825 establishes the Public Transmission Financing Act of 2025, creating a Public Transmission Financing Fund to support clean energy transmission projects using $325 million from Proposition 4 bond funds (subject to future appropriation). The bill authorizes the California Infrastructure and Economic Development Bank (I-Bank) to administer financing for publicly sponsored transmission projects—including bonds, loans, and refinancing—while requiring project labor agreements and prohibiting cost recovery through FERC-approved rates without commitments to reduce ratepayer burdens. It also expands the California Consumer Power and Conservation Financing Authority’s role to partner with utilities on transmission projects, allowing shared ownership, revenue-sharing from CAISO operations, and removing a $5 billion bond cap. The bill mandates that ratepayer bill credits from public transmission projects appear as separate line items and expresses intent to allocate $5 million for authority staffing. The bill imposes a state-mandated program but excludes reimbursement requirements by creating a continuously appropriated fund and modifying utility regulations (with potential criminal violations). These changes aim to accelerate grid expansion for clean energy goals while mitigating customer costs.