SB 917 Summary

• Renames the California Consumer Power and Conservation Financing Authority to the California Consumer Energy and Conservation Financing Authority and repeals the prohibition on approving new programs after January 1, 2007.

• Authorizes the authority to acquire electrical, gas, or combined utility companies through eminent domain if they have been convicted of one or more felony criminal violations of public safety laws within the past 10 years.

• Establishes the Northern California Local Energy Utility District as a new public agency to receive and operate utility assets acquired by the authority, with a 7-member board selected by county boards of supervisors representing districts of roughly equal population.

• Creates Northern California Energy Utility Services as a nonprofit corporation to manage employees and operations of acquired utilities, with employees maintaining identical salaries and benefits until transfer to the district is complete.

• Removes the $5 billion cap on authority bond issuance and requires bonds issued to acquire utilities to be secured by a dedicated rate component in the utility's rates.