Electricity: wildfire mitigation: rate assistance: Policy-Oriented and Wildfire Electric Reimbursement (POWER) Program.

Senators Becker and Wahab propose sweeping changes to California's electrical infrastructure oversight and wildfire mitigation framework through legislation establishing new programs and authorities to enhance grid safety and reliability. The bill creates the Clean Energy Infrastructure Authority to accelerate transmission development, introduces the Policy-Oriented and Wildfire Electric Reimbursement Program to reduce ratepayer costs, and revises wildfire mitigation planning requirements for utilities.

The legislation requires electrical corporations to submit comprehensive wildfire mitigation plans every four years rather than annually, with preliminary plans aligned to rate case filings. These plans must detail risk reduction strategies, cost-efficiency measures, and implementation timelines. The Office of Energy Infrastructure Safety gains expanded oversight authority, with nine months to review plans and enhanced enforcement capabilities.

To address infrastructure financing, the bill authorizes electrical corporations to issue bonds secured by fixed recovery charges for approved wildfire mitigation and energization projects. It prohibits large electrical corporations from including in their equity rate base certain capital expenditures, including $10 billion in energization projects and $5 billion in fire mitigation investments approved after January 2025.

The newly created Clean Energy Infrastructure Authority will identify transmission corridors, coordinate interstate planning, and potentially exercise eminent domain to accelerate clean energy infrastructure development. The Authority can issue bonds through the Infrastructure Bank and must enter agreements with electrical corporations to construct and operate transmission projects in their service territories.

The legislation also modifies greenhouse gas allowance revenue allocation, requiring larger credits for low-income customers during peak demand months. It establishes inflation-constrained rate case requirements and mandates public findings explaining rate increases. These provisions aim to balance infrastructure investment needs with ratepayer cost concerns while maintaining safety and reliability standards.