This bill requires the State Energy Resources Conservation and Development Commission (Energy Commission) to conduct a study evaluating the transition from investor-owned utilities (IOUs) to a successor entity, including an energy justice assessment and a justice-centered implementation plan, with findings due to the Legislature by 2028 and 2029. It prohibits utilities from disconnecting service to residential customers below 200% of the federal poverty line and requires them to offer payment plans. Utilities must also submit executive compensation plans prioritizing safety. The bill limits rate increases for residential customers and allocates a portion of greenhouse gas revenues to climate programs for disadvantaged communities. Additionally, it revises the Wildfire Fund charge structure and mandates annual audits of electrical corporation equipment, with penalties for non-compliance. The bill expands participation in the utility distribution undergrounding program and requires rebuilding infrastructure using undergrounding methods post-emergency, with costs not recoverable from ratepayers. It also outlines penalties for non-compliance with these regulations and clarifies state-mandated local program reimbursements.