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<ns0:ActionText>INTRODUCED</ns0:ActionText>
<ns0:ActionDate>2026-02-20</ns0:ActionDate>
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<ns0:SessionYear>2025</ns0:SessionYear>
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<ns0:AuthorText authorType="LEAD_AUTHOR">Introduced by Assembly Member Wallis</ns0:AuthorText>
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<ns0:Name>Wallis</ns0:Name>
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<ns0:Title> An act to amend Section 748.5 of the Public Utilities Code, relating to electricity. </ns0:Title>
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<ns0:Subject>Electricity: climate credits. </ns0:Subject>
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<html:p>The California Global Warming Solutions Act of 2006 establishes the State Air Resources Board as the state agency responsible for monitoring and regulating sources emitting greenhouse gases. The act authorizes the state board to include the use of market-based compliance mechanisms in regulating those emissions. The implementing regulations adopted by the state board provide for the direct allocation of greenhouse gas allowances to electrical corporations pursuant to a market-based compliance mechanism.</html:p>
<html:p>Existing law, except as provided, requires revenues received by an electrical corporation as a result of the direct allocation of greenhouse gas allowances to be credited directly to the residential customers of the electrical corporation, as specified.</html:p>
<html:p>This bill would make nonsubstantive changes to that
requirement.</html:p>
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<ns0:Preamble>The people of the State of California do enact as follows:</ns0:Preamble>
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<ns0:Num>SECTION 1.</ns0:Num>
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Section 748.5 of the
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is amended to read:
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<ns0:Num>748.5.</ns0:Num>
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(a)
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(1)
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Except as provided in subdivisions (c) and (d), the commission shall require revenues, including any accrued interest, received by an electrical corporation as a result of the direct allocation of greenhouse gas allowances to electric utilities pursuant to subdivision (b) of Section 95890 of Title 17 of the California Code of Regulations to be credited directly to the residential customers of the electrical corporation.
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(2)
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Small business, emissions-intensive, trade-exposed retail customers of the electrical corporation that are
covered entities under the regulations adopted pursuant to Section 38562 of the Health and Safety Code, and emissions-intensive, trade-exposed retail customers of the electrical corporation that are not covered entities under the regulations adopted pursuant to Section 38562 of the Health and Safety Code, may also be credited from the revenues in paragraph (1), as determined by the commission.
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(3)
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The credits provided to residential customers of an electrical corporation shall be provided on the bills of those customers in no more than four high-billed months of each year to maximize customer electric bill affordability, or as otherwise directed by the commission to address extreme, unforeseen, and temporary circumstances.
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(b)
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(1)
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Not later than January 1, 2013, the commission shall require the adoption and implementation of a customer outreach plan for each
electrical corporation, including, but not limited to, such measures as notices in bills and through media outlets, for purposes of obtaining the maximum feasible public awareness of the crediting of greenhouse gas allowance revenues. Costs associated with the implementation of this plan are subject to recovery in rates pursuant to Section 454.
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(2)
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Not later than January 1, 2027, the commission shall require each electrical corporation to update the customer outreach plan developed pursuant to paragraph (1) to include a statement at the top of customer bills in applicable months specifying the amount of money saved on a utility bill in that month and attributing those savings to the climate credit and the California Cap-and-Invest Program.
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(c)
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The commission may allocate up to 15 percent of the revenues, including any accrued interest, received by an electrical corporation as a
result of the direct allocation of greenhouse gas allowances to electrical distribution utilities pursuant to subdivision (b) of Section 95890 of Title 17 of the California Code of Regulations, for clean energy and energy efficiency projects established pursuant to statute that are administered by the electrical corporation, or a qualified third-party administrator as approved by the commission, and that are not otherwise funded by another funding source. This subdivision shall become inoperative on July 1, 2026.
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(d)
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(1)
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The commission shall require an electrical corporation to annually remit to the State Treasury 5 percent of the revenues, including any accrued interest, received by the electrical corporation as a result of the direct allocation of greenhouse gas allowances to electrical distribution utilities pursuant to subdivision (b) of Section 95890 of Title 17 of the California Code of Regulations for deposit in the
California Transmission Accelerator Revolving Fund, pursuant to Section 63049.74 of the Government Code. This paragraph shall become operative on July 1, 2026, and shall become inoperative on July 1, 2031.
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(2)
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The revenues deposited into the California Transmission Accelerator Revolving Fund shall be available to the California Infrastructure and Economic
Development Bank for purposes of the California Transmission Accelerator Revolving Fund Program established pursuant to Article 10.5 (commencing with Section 63049.71) of Chapter 2 of Division 1 of Title 6.7 of the Government Code.
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