§ 850.7. — 850.7. (Added by Stats. 2018, Ch. 626, Sec. 32.)

California § 850.7.

• Jurisdiction: California
• Code PUC: Public Utilities Code - PUC
• Div. 1.: DIVISION 1. REGULATION OF PUBLIC UTILITIES
• Part 1.: PART 1. PUBLIC UTILITIES ACT
• Ch. 4.: CHAPTER 4. Regulation of Public Utilities
• Art. 5.8.: ARTICLE 5.8. Catastrophic Wildfire and Ratepayer Protection Financing

Text

(a)
Notwithstanding subdivision (e) of Section 850.1, if, subsequent to the issuance of a financing order, an electrical corporation receives additional insurance proceeds, tax benefits, or other amounts that reimburse the electrical corporation for costs associated with catastrophic wildfire amounts included in the recovery costs addressed in that financing order, the electrical corporation shall credit customers, in a manner to be determined by the commission, with the net after tax amounts of those reimbursements, but the commission may not adjust, amend, or modify the catastrophic wildfire amounts, fixed recovery charges, the fixed recovery tax amounts, the financing order, recovery costs, the recovery property, or the recovery bonds.
(b)
Nothing in this section shall be construed to permit setoff, counterclaim, surcharge, recoupment, or defense by the electrical corporation or any other person, or in connection with the bankruptcy, reorganization, or other insolvency proceeding of the electrical corporation, any affiliate of the electrical corporation, or any other entity, against the recovery property, the fixed recovery charges, or the interests of an assignee, bondholder, or financing entity, or any pledgee in recovery property or fixed recovery charges.

Legislative History

Added by Stats. 2018, Ch. 626, Sec. 32. (SB 901) Effective January 1, 2019.