Public Transmission Financing Act of 2025.

Assembly Member Petrie-Norris's Public Transmission Financing Act of 2025 establishes new financing mechanisms for California's electric transmission infrastructure, creating the Public Transmission Financing Fund to support public ownership of transmission projects aligned with state clean energy goals.

The legislation authorizes the California Infrastructure and Economic Development Bank to administer the Public Transmission Financing Program, providing financial assistance through direct funding, debt financing, and bond issuance for eligible transmission projects. The program requires public transmission sponsors to minimize costs through specific revenue requirements or provide retail bill credits when excess revenues are collected. Projects must operate under project labor agreements that include prevailing wages, targeted hiring provisions, and enhanced apprenticeship utilization.

The bill expands the California Consumer Power and Conservation Financing Authority's role to include partnerships between public transmission sponsors and electrical corporations for shared ownership of new transmission assets. It removes the authority's previous $5 billion bond issuance limit and enables it to seek financing through the Public Transmission Financing Fund. The Public Utilities Commission must ensure any retail bill credits from public transmission sponsors appear as separate line items on customer bills.

The legislation anticipates appropriations of $325 million from existing bond funds to establish the Public Transmission Financing Fund, along with $5 million for the Consumer Power and Conservation Financing Authority to support staffing needs related to public transmission infrastructure financing and ownership.