Public Utilities Commission: electrical corporations: wildfire victim restitution shortfalls: report: restitution mechanisms., the official text

An act to add Section 719.3 to the Public Utilities Code, relating to electricity.

LEGISLATIVE COUNSEL'S DIGEST

Existing law vests the Public Utilities Commission with regulatory authority over public utilities, including electrical corporations. Existing law requires the Wildfire Fund Administrator, in consultation with the commission and other entities, to prepare and submit to the Legislature and the Governor a report that evaluates and sets forth recommendations on new models or approaches that mitigate damage, accelerate recovery, and responsibly and equitable allocate burdens from natural catastrophes, including catastrophic wildfires, across stakeholders, as provided.
This bill would require the commission, on or before January 1, 2028, to generate a report assessing the verified restitution shortfalls for victims of wildfires caused by electrical corporations occurring before July 12, 2019. The bill would further require the commission to recommend mechanisms for electrical corporations to address those shortfalls, as provided.

The people of the State of California do enact as follows:

SECTION 1.
Section 719.3 is added to the Public Utilities Code, immediately following Section 719, to read:
719.3.
On or before January 1, 2028, the commission shall generate a report assessing the verified restitution shortfalls for victims of wildfires caused by electrical corporations occurring before July 12, 2019, and recommend mechanisms for electrical corporations to address those verified restitution shortfalls to ensure victims are fully and fairly compensated in a timely manner while supporting long-term rate stability. The recommendations shall not include any measures that authorize rate recovery for restitution payments.