CA AB21

Establishes renewable energy procurement targets requiring retail sellers to achieve 20% by December 31, 2013; 25% by December 31, 2016; and 33% by December 31, 2020, with interim targets based on 2009 actual achievement through December 31, 2012.

Authorizes the Public Utilities Commission to delay compliance with 20% and 25% targets for up to two years per request if transmission capacity or project delays prevent timely procurement, but prohibits delays for the 33% target.

Replaces existing market price referent provisions with a new methodology for determining market prices of electricity based on long-term ownership, operating, fixed-price fuel costs, and environmental compliance costs.

Establishes a cost limitation for electrical corporations at 6% of 2008 total bundled electric revenues multiplied by years remaining until 2020, allowing corporations to limit procurement to resources at or below market prices if this limitation is insufficient.

Requires the Public Utilities Commission to monitor cost limitations and report to the Legislature if electrical corporations may exceed their limits while pursuing compliance with renewable energy procurement requirements.