CA AB56

Authorizes the Public Utilities Commission to empower the California Alternative Energy and Advanced Transportation Financing Authority to undertake backstop procurement of electricity to meet state resource adequacy, integrated resource planning, and renewable portfolio standard goals not satisfied by load-serving entities or retail sellers.

Requires the authority to manage resale of electricity in wholesale markets, participate in transmission planning, and establish an external advisory group representing consumer, environmental, labor, and other affected interests to advise on procurement decisions.

Directs that renewable energy credits and resource adequacy attributes procured by the authority shall reduce compliance obligations for retail sellers under the Renewables Portfolio Standard Program and for load-serving entities under resource adequacy requirements.

Requires the authority to develop annual revenue requirements for commission approval to recover administrative costs, procurement costs, and anticipated resale revenues, with costs assigned as either direct obligations of retail customers through nonbypassable rates or direct obligations of load-serving entities and retail sellers.

Mandates the commission to periodically review the need for and benefits of continuing the authority's backstop procurement responsibilities and permits revocation of these duties if no longer reasonable.