Utility Rates Admended See #305

UTILITY RATES. INITIATIVE CONSTITUTIONAL AMENDMENT. Adds several sections concerning rates and services of electrical and gas corporations regulated by Public Utilities Commission. Provisions are made regarding: Refunds for specified over collections authorized since 1972; rolling rates back to September 30, or January 1, 1981, and requiring refunds; reserve account requirements; charging for power plant costs prior to energy production or for specified construction costs; colder and hottest climate life line rates; restricting termination of service in residences occupied by specified children or older persons; rates for specified agricultural producers, governmental buildings, and educational institutions; maximum rates of return; other matters. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: This measure would have major adverse financial effects on operating revenues of private utilities in California. No estimate of the fiscal impact of this measure on state and local governments can be made because it cannot be predicted how utilities would react to an operating revenue loss of large magnitude, especially when a large portion of their costs are fixed, or beyond their immediate control (e.g., imported natural gas prices)