CA SB947

Requires the Public Utilities Commission to evaluate financial performance-based incentives and performance-based metric tracking for electrical corporations in a public proceeding.

Directs the commission to identify mechanisms that align electrical corporation operations, expenditures, and investments with public benefit goals including safety, reliability, cost efficiency, and state energy policies.

Mandates the commission report findings to relevant Senate and Assembly policy and fiscal committees by January 1, 2022.

Report must include determination of whether performance-based metrics regulation would benefit the state regarding electrical grid safety, utility-caused wildfire reduction, and deenergization event reduction.

Report shall address commission actions to guide the transition, directives for electrical corporations, proposed timeline for transition, and any recommended legislation needed to implement performance-based metrics regulation.