This bill would implement sweeping reforms to increase utility accountability by: (1) requiring the Energy Commission to conduct a comprehensive study by September 2028 analyzing alternative ownership models for investor-owned utilities (IOUs), including historical impacts and transition feasibility with advisory council input; (2) mandating all utilities to quarterly publish service termination data online and requiring IOUs to submit executive compensation plans tied to safety performance metrics by April 2026; (3) strengthening wildfire safety measures through triennial third-party equipment audits with 5-year replacement requirements for high-fire-risk areas, directing the PUC to create “best value” procurement standards for infrastructure projects, and prohibiting ratepayer recovery of wildfire mitigation costs (including undergrounding) after disasters; (4) authorizing PUC fines for non-compliance while maintaining existing criminal penalties for violations of PUC orders; and (5) specifying no state reimbursement for mandated local costs, with these provisions applying to both IOUs and publicly owned utilities to enhance transparency, incentivize safety improvements, explore alternative governance models, and protect ratepayers from bearing certain costs.