AB 124 Summary

• Authorizes California Infrastructure and Economic Development Bank (I-Bank) to provide financial assistance and use all financing authorities under the Bergeson-Peace Act when implementing climate catalyst financing plans, beginning in 2023-24 fiscal year.

• Expands the Transportation Fuels Transition Plan workgroup to be jointly convened by the Energy Commission, California Environmental Protection Agency, Natural Resources Agency, and State Air Resources Board, with membership representing environmental justice, labor, environmental protection, land use, public health, fuel producers, refiners, and relevant agencies.

• Modifies the Independent Consumer Fuels Advisory Committee to access only aggregated or anonymized information from the Energy Commission and Division of Petroleum Market Oversight, with confidentiality protections to prevent unfair competitive disadvantage.

• Extends the independent peer review panel for Diablo Canyon seismic studies from August 26, 2025, to August 26, 2030, and extends the Independent Safety Committee for Diablo Canyon until the powerplant ceases operations and all spent nuclear fuel moves to dry storage.

• Establishes the California Water Resources Development Bond Account within the state treasury and authorizes the Department of Water Resources to deposit direct payments received under the federal Inflation Reduction Act into this continuously appropriated account for renewable energy procurement.

• Authorizes the Department of Water Resources to obtain and receive direct payments of applicable credits under the federal Inflation Reduction Act of 2022, with deposits into the Electricity Supply Reliability Reserve Fund under specified conditions.