Senate Bill 350 - The Golden State Energy Act

• Authorizes the Public Utilities Commission to petition courts to appoint a receiver to operate Pacific Gas and Electric Company's electrical and gas systems if the commission determines a receiver is warranted based on processes in Commission Decision 20-05-053.

• Empowers the Governor to incorporate Golden State Energy as a nonprofit public benefit corporation to own, operate, and manage electrical and gas services, with a 9-member initial board transitioning to a 6-member elected board plus 3 appointed members.

• Authorizes Golden State Energy to acquire Pacific Gas and Electric Company through eminent domain if the commission determines the company's certificate of public convenience and necessity should be revoked, and exempts this acquisition from standard Public Utilities Code merger and acquisition prohibitions if Golden State Energy assumes all collective bargaining agreements and pension obligations.

• Allows Golden State Energy to issue debt to facilitate acquisition of Pacific Gas and Electric Company and participate in the Wildfire Fund following acquisition, with ratepayers able to recover initial and annual contributions through rates.

• Establishes Golden State Energy as subject to full Public Utilities Commission regulatory authority as an electrical and gas corporation, with special provisions for its nonprofit capital structure, rate-setting procedures, and debt service requirements.