Renewable energy resources: Renewable Transition Financing Act.

Under existing law, the Public Utilities Commission has regulatory authority over public utilities, including electrical corporations, and authorizes the commission to fix just and reasonable rates and charges. The existing restructuring of the electrical services industry provides for the issuance of rate reduction bonds by the California Infrastructure and Economic Development Bank for the recovery of transition costs, as defined, by electrical corporations. This bill would enact the Renewable Transition Financing Act. The act would authorize a financing entity, as defined, to issue green rate reduction bonds, as defined, for the recovery of transition costs, as defined, by an electrical corporation.