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Committee advances bill to require utilities to disclose cash and capital structure details
Summary
SB 1233 would require additional reporting to inform the rate‑setting process by adding data on cash on hand and capital structure related to ROE; the committee passed the bill as amended after IOU witnesses warned of duplicative processes and potential delays.
Senator Allen presented SB 1233 to require expanded disclosure about utilities’ cash on hand and capital structure as it relates to return on equity (ROE), adding those data to an existing legislative report to better inform affordability policy.
Supporters said greater transparency will help identify drivers of rates and hold utilities accountable. Olivia Herrera, appearing for Consumer Watchdog, testified in support. Major investor‑owned utilities, including Pacific Gas & Electric and San Diego Gas & Electric, opposed the bill as drafted, warning it could duplicate PUC proceedings, increase regulatory uncertainty and slow approvals for necessary reliability and safety work.
Valerie Torella Velajos of PG&E said the company supports transparency but argued SB 1233 would add duplicative reporting and questioned whether the additional layer would improve affordability outcomes. SDG&E echoed concerns that detailed operational discovery and expanded reporting could lengthen technical proceedings.
Senator Allen said committee amendments clarify that section 2 places the reporting requirement on the PUC rather than utilities and stated he worked with stakeholders to reduce uncertainty. After debate the committee voted to pass SB 1233 as amended to appropriations; committee clerks left the roll open for absent members to add on before final transmittal.
