CA SB1469

Requires the Public Utilities Commission to consider and may authorize water corporations with more than 10,000 service connections to implement a "decoupling mechanism" that separates revenues from water sales upon application.

Decoupling mechanisms must ensure differences between actual and authorized water sales do not result in overrecovery or underrecovery of the corporation's authorized water sales revenue.

Prohibits decoupling mechanisms from enabling water corporations to earn revenue windfalls by encouraging higher sales.

Allows water corporations to submit decoupling applications only as part of their triennial general rate case unless the commission and corporation mutually agree otherwise.

Finds that water suppliers have financial disincentives to encourage conservation since fixed costs create revenue challenges when consumption decreases, and authorizes this mechanism to incentivize conservation efforts.