This bill would require the commission to include, as part of its annual update to the Legislature on the status of its review of balancing accounts, the amount of funds in, and the expenditures from, the memorandum accounts and balancing accounts of each public utility. The bill would require the commission to conduct a comprehensive audit, with specified criteria, of each wildfire- or emergency-related memorandum account or balancing account of each electrical corporation on or before July 1, 2025, or, on or before January 1, 2027, if the commission is unable to review all those accounts by July 1, 2025, as provided. The bill would require the commission, if it determines that any actual costs recorded in those electrical corporation accounts have already been authorized and collected from customers, to deny the electrical corporation a 2nd recovery of those costs and to close the account after granting the electric corporation recovery of any just and reasonable costs that have not been collected from customers. costs. The bill would require the commission to make those determinations and take those actions in a manner that ensures that the rates are sufficient to enable the public utility to recover a just and reasonable rate of return.