CA SB124

Extends Diablo Canyon nuclear power plant operations until October 31, 2029 (Unit 1) and October 31, 2030 (Unit 2), replacing the previous retirement dates, with costs recovered from ratepayers statewide and operator receiving $6.50 per megawatthour plus $50 million annually per unit in compensation.

Establishes California Water Resources Development Bond Account to receive and manage federal Inflation Reduction Act tax credits and direct payments for renewable energy and zero-carbon resource procurement by Department of Water Resources.

Creates Department of Water Resources Electricity Supply Reliability Reserve Fund to finance emergency power generation, energy storage systems, and imported energy purchases for summer grid reliability, with authority to receive federal tax credits and direct payments.

Authorizes California Infrastructure and Economic Development Bank to leverage all financing authorities under the Bergeson-Peace Act when implementing Climate Catalyst Revolving Loan Fund Program, including federal EPA Greenhouse Gas Reduction Fund support, and allows the fund to receive federal appropriations.

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