CA AB478

Authorizes the Public Utilities Commission to order gas corporations to hold fines or penalties in a separate account to offset pipeline replacement investments that would otherwise be recovered from ratepayers, specifically for Investigations 11-02-016, 11-11-009, and 12-01-007.

Requires moneys held in separate accounts be used only for pipeline replacement investments within the corporation's service territory that would otherwise be recovered through customer rates.

Specifies that any moneys not used for pipeline replacement purposes must be paid to the State General Fund five years after deposit into the trust account.

Directs the PUC to set an interest rate for accounts established under this provision.

Declares the bill an urgency statute effective immediately to address financial issues in ongoing PUC proceedings related to pipeline safety investments.