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

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…