Public utilities: electrical and gas corporations: financial distress: public assistance.

Existing law vests the Public Utilities Commission with regulatory authority over public utilities, including electrical corporations and gas corporations. This bill would prohibit an electrical corporation or gas corporation from receiving public assistance, as defined, to avoid or recover from financial distress, as defined, unless the commission finds that the corporation has agreed to certain terms and conditions, including a requirement that shareholders contribute equity capital equal to not less than 25% of the total amount of public assistance provided. The bill would require an electrical corporation or gas corporation receiving public assistance to provide quarterly public reports detailing compliance with the terms and conditions for the public assistance, as specified. The bill would require the commission, before approving the public assistance, to make certain findings, including a finding that the public assistance is necessary to maintain safe and reliable utility service to California residents and businesses. The bill would require the commission to continuously monitor compliance with all terms and conditions on the public assistance and would authorize the commission to take certain enforcement actions, as specified. Under existing law, a violation of the Public Utilities Act or an order, decision, rule, direction, demand, or requirement of the commission is a crime. Because the above provisions would be part of the act and a violation of a commission action implementing the bill's requirements would be a crime, this bill would impose a state-mandated local program. Existing constitutional provisions require that a statute that limits the right of access to the meetings of public bodies or the writings of public officials and agencies be adopted with findings demonstrating the interest protected by the limitation and the need for protecting that interest. This bill would make legislative findings to that effect. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.