Vote Smart's Synopsis:

Vote to pass a bill that authorizes the California Alternative Energy and Advanced Transportation Financing Authority to procure energy as needed to maintain renewable energy goals.

Highlights:

• Authorizes the California Alternative Energy and Advanced Transportation Financing Authority to undertake backstop procurement of electricity that would otherwise be performed by an electrical corporation in order to meet the state resource planning and reliability goals (Sec. 1). 

• Requires the authority to do each of the following in the case that they undertake backstop procurement (Sec. 1):

• Receive public review of any submitted procurement plans;

• Create an external advisory group of non-market participants representing consumer, environmental, labor, and other affected interests; and

• Perform outreach to the public and the disadvantaged communities advisory group regarding resource solicitations to encourage participation by community-based resources.

• Specifies that the authority may undertake backstop procurement to support any of the following objectives (Sec. 1):

• Meeting system and local resource adequacy requirements in a manner that maximizes the reduction in the emissions of greenhouse gases at the least cost to ratepayers;

• Filling unmet needs identified under the integrated resource planning process;

• Assisting retail sellers to comply with their obligations under the California Renewables Portfolio Standard Program;

• Promoting the rapid transition to complete reliance on clean energy resources at the lowest cost consistent with the Public Utilities Code;

• Supporting the efficient and equitable achievement of resource adequacy requirements for customers of electric companies; or

• Managing electric generating resources previously under contract with an electric company.

• Requires that the authority manages the resale of electricity for its contracted resources (Sec. 1).

• Authorizes the authority to submit annual revenue requirements for approval by the Public Utilities Commission to recover the net costs from approved procurement plans (Sec. 1).

• Specifies that no reimbursement is required by this act because costs are incurred as the result of a crime (Sec. 2).

Full Bill Text