[{"_1":2,"_88":-5,"_89":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6527381,"mediaKeyId","3632302-ea7742d6035e70dc0065b5bbcc31ef5e","parentId",3632302,"title","Committee advances AB 825 to pursue securitization, public transmission financing and oversight to address rising electric rates","audioSeconds",3233,"startMs",2955000,"endMs",6188000,"viewUrl","/Search/View?dp=1&key=3632302-ea7742d6035e70dc0065b5bbcc31ef5e&start=2955&end=6188","thumbnailUrl","https://assets.pipeline.soar.com/3632302-ea7742d6035e70dc0065b5bbcc31ef5e/thumbnail_2955000.jpg","articleUrl","/articles/6527381/California/Committee-advances-AB-825-to-pursue-securitization-public-transmission-financing-and-oversight-to-address-rising-electric-rates","mediaUrl","https://secure.pipeline.soar.com/6527381-a5f8f1460e67d05352d1dd8271db9e84/orig.mp4?Expires=1771003932&Signature=TxJyvp-3Glyq0e~VOEmfUwPdzfovzIP3AsOgb6g4KF~TYEM9nk9PKxB6QVRxla-Wt1BAQ7cbLWBDCgoBgUg2ToXmB9GH-ozI8b4Swsndm6zSaz0vjMXauaRKWWdo7Np43k2VJcZANP4SaU-8amuZ5kSEyxMzHN70glt3Rqt-MXwdoA7OXRoqu8VgXXFIkoZWayNV~2NWqxWg7KVlnJKSksG-fN2-UzVE-DZj3mmDym0UAc0KVhL-JjszsWIN92J23Hi6AwJO5g-plAuZ8QfW9H6mUbbrSePz86azoOZmQzbmpGOmXIaEKlaA1gMygsBjxjaYCorUrvgWguF87N12Mg__&Key-Pair-Id=KUT5TJCACFTXG","author","California State Assembly","date","2025-06-03T00:00:00Z","article","The Assembly Committee on Utilities and Energy on a recorded vote advanced AB 825, a broad package to address rising electric rates and wildfire mitigation costs, to the Assembly floor. The bill, brought to the committee by Chair Petrie Norris, would (1) authorize securitization for a portion of future undergrounding capital expenditures, (2) create an optional public transmission financing program that could use Proposition 4 funds and I Bank financing to lower transmission costs, and (3) establish a task force to complete a value‑for‑money review of ratepayer‑funded programs.

\"This bill contains meaningful steps to address the crisis of affordability facing electric ratepayers,\" Matt Friedman of The Utility Reform Network testified in support. Friedman described two headline proposals: a securitization mechanism for $15,000,000,000 of future undergrounding capital expenses and public financing options for transmission that could use existing voter‑authorized Proposition 4 funds.

Friedman and other supporters told the committee that public ownership or public‑private financing could lower the cost of capital for large transmission projects and produce long‑term savings for ratepayers. Committee testimony cited California ISO planning that shows an estimated $63,000,000,000 in new transmission expenditures through 2045 and testimony by Friedman that investor‑owned utilities forecast roughly $90,000,000,000 in capital expenditures from 2025–2028. Friedman said securitizing $15 billion \"would save about $8,000,000,000\" over the long term, with most savings front loaded into the first decade.

Stakeholders were divided. Representatives of investor‑owned utilities and the California Coalition of Utility Employees urged caution and asked for more analysis of liability, credit market appetite for large securitizations, and the cumulative effects of multiple legislative proposals on utility financial health. Kent Kaus for SDG&E and Brandon (last name recorded as Ebit) for PG&E said utilities were open to public financing in principle but warned that changes affecting return on equity or the utilities' balance sheets could raise borrowing costs if credit ratings were impacted. Labor representatives raised concerns about the pace of infrastructure spending and broader market effects.

Other stakeholders—including community choice aggregators, energy efficiency groups and agricultural energy consumers—expressed conditional support or said they wanted to continue working on amendments, particularly around protections for energy efficiency and demand response programs.

The committee discussed wildfire fund participation for publicly financed projects; the author said amendments require any publicly financed project to participate in the state's wildfire fund, obtain insurance and submit mitigation plans, to ensure new public owners share liability and contribute financially to the shared risk pool.

Committee members raised additional questions about how the $15 billion securitization figure was derived and whether the measure could disincentivize necessary undergrounding. The author and witnesses said the securitized amount is a modest portion of forecasted capital spending and that the measure is intended to provide additional financing options, not to prevent undergrounding.

After discussion the committee voted to pass AB 825 to the Assembly floor. The committee recorded the motion as passed to the floor and indicated further work with stakeholders and financial analysts would continue as the measure moves forward.","mediaType","Video","parentTitle","Assembly Utilities and Energy Committee","oneSentenceSummary","The Assembly Committee on Utilities and Energy advanced AB 825, a multi‑part bill that would allow securitization of some undergrounding costs, create an optional public transmission financing program using Proposition 4 funds, and order a review of ratepayer‑funded programs to address rising electric bills.","taxTitle","California State Assembly, House, Legislative, California","taxId",17099,"location","California","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6527386,"Assembly committee advances bill to convert California Climate Credit into summer volumetric electricity rate cuts",3849,2319000,6168000,"/Search/View?dp=1&key=3632302-ea7742d6035e70dc0065b5bbcc31ef5e&start=2319&end=6168","https://assets.pipeline.soar.com/3632302-ea7742d6035e70dc0065b5bbcc31ef5e/thumbnail_2319000.jpg","/articles/6527386/California/Assembly-committee-advances-bill-to-convert-California-Climate-Credit-into-summer-volumetric-electricity-rate-cuts","https://secure.pipeline.soar.com/6527386-ef764daa24239b367782dfa18638a494/orig.mp4?Expires=1771003932&Signature=Sn3jAq7etGMilfStsAm2SCic3jTqZvFyYbq2uMbnW17Ep405N~~Uiw0ShVQgxiqFnEiO3gcYI1mOF0Ek6YA4VSDGqxiHP33iQSfDdmip0UKWN~x9zDQC7Hg2ZqHtBTaG-y030rZDpR3EqHrlYs~37YGlo4Jubekf3TEShQpw~RMy~VpY8bel3QOgwoq7iZzlQ9-2Ao2RObyZO52J0PBQ5DcVUv6r5f6Mu1~MUvBV6BXBMx0KNvxW13wKaQxVhfaEh7Qm0Vw0D-CED5ArC4W1~uwM3h1tqBpTngmeFu0pPA6vN8BPeES9fjtSldq3yLNZE5~RbFnhC8ve51FfGL0HZg__&Key-Pair-Id=KUT5TJCACFTXG","Assemblymember Laura Petrae Norris's Assembly Committee on Utilities and Energy on an aye vote moved AB 745, a bill by Assemblymember Buffy Erwin, to the Assembly floor. The bill would reconfigure the California Climate Credit so electricity customers in investor‑owned utility territory receive a summer volumetric rate reduction rather than two lump‑sum bill credits in April and October.

AB 745 is aimed at improving affordability during high‑use summer months. \"Rather than receiving a flat on bill credit in off peak months, our constituents would pay noticeably less per kilowatt hour for electricity during the high demand summer months,\" Erwin said when presenting the bill.

The bill would use proceeds from allowances under California's cap‑and‑trade program that utilities currently sell and distribute as the climate credit. Dr. Kyle Meng, professor of economics at UC Santa Barbara, told the committee the credit could be used more effectively as rate relief: \"If this $1,200,000,000 were used to reduce rates for all households served by PG&E, SCE, and SDG&E for just the summer months, electricity rates were lower by 13 to 19%.\" He also described larger reductions if the credit were targeted at low‑income (CARE) households.

Supporters who spoke included Michelle Canales of the Union of Concerned Scientists and Joe Guardia of the Natural Resources Defense Council, both urging changes to apply the credit volumetrically and to consider redirecting the gas climate credit. Representatives of investor‑owned utilities noted they were still reviewing the bill: Brandon Ebit of Pacific Gas & Electric said PG&E had no position while it reviewed the measure; Laura Parr of Southern California Edison asked to work with the author on low‑income provisions. Scott Wetscher, representing the California Coalition of Utility Employees and related electrical worker organizations, said the bill should be amended to protect CARE customers and to account for customers with net energy metering.

Committee members asked a few clarifying questions, then the committee voted to pass AB 745 to the floor. The committee called the roll and recorded a majority of ayes; the clerk later reopened the roll for absent members to add their votes. The motion was reported out of committee as passed to the floor.

The bill in committee testimony repeatedly tied its authority and funding source to the state cap‑and‑trade program and the existing California Climate Credit. The bill text and committee discussion did not adopt a new statute beyond those programmatic changes; it would change how existing proceeds are applied on electric bills.

AB 745 now heads to the Assembly floor for further consideration and potential amendments.

","The Assembly Committee on Utilities and Energy voted to pass AB 745 to the floor after testimony that the bill would redirect the California Climate Credit from lump‑sum bill rebates to lower summer volumetric electricity rates to help households facing extreme heat and high bills.","actionData","errors"]

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Committee advances AB 825 to pursue securitization, public transmission financing and oversight to address rising electric rates

Assembly committee advances bill to convert California Climate Credit into summer volumetric electricity rate cuts