CA AB913

Authorizes electrical corporations to file applications for financing orders to recover verified incremental undercollection amounts for calendar year 2020 through bond issuance if the annual true-up advice letter is accepted.

Defines recoverable incremental undercollections as either revenue shortfalls of at least 5 percent compared to forecasted billed revenues, or residential and small business customer bad debt expenses exceeding amounts adopted in the general rate case.

Prohibits incremental undercollection amounts approved in a financing order from being recovered through any other cost recovery application, mechanism, or request by the electrical corporation.

Changes the definition of "eligible claims" under the Wildfire Fund from "calendar year" to "year" regarding claims for third-party damages exceeding $1,000,000,000 in the aggregate.

Addresses revenue shortfalls resulting from the COVID-19 pandemic by allowing securitization to stabilize rates and smooth rate increases over a longer repayment period rather than implementing immediate rate increases.