BILL NUMBER: SB 1298 INTRODUCED BILL TEXT INTRODUCED BY Senator Hertzberg FEBRUARY 19, 2016 An act to amend Section 846 of the Public Utilities Code, relating to electricity. LEGISLATIVE COUNSEL'S DIGEST SB 1298, as introduced, Hertzberg. Electrical restructuring: financing orders. Under existing law, the Public Utilities Commission has regulatory authority over public utilities, including electrical corporations. Existing law relative to restructuring of the electrical industry authorizes an electrical corporation to apply to the commission for a determination that certain transition costs, as defined, may be recovered through fixed transition amounts, which would constitute transition property, as defined, and provides, until December 31, 2016, for the issuance of financing orders and provides for the issuance of rate reduction bonds to be paid out of rates. This bill would extend the authorization for the issuance of financing orders from December 31, 2016, to December 31, 2017. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 846 of the Public Utilities Code is amended to read: 846. The authority of the commission to issue financing orders pursuant to Section 841 shall expire on December 31,2016.2017. The expiration of the authority shall have no effect upon financing orders adopted by the commission pursuant to this article or any transition property arising therefrom, or upon the charges authorized to be levied thereunder, or the rights, interests, and obligations of the electrical corporation or a financing entity or holders of transition bonds pursuant to the financing order, or the authority of the commission to monitor, supervise, or take further action with respect to the order in accordance with the terms of this article and of the order.