Nuclear Power.

NUCLEAR POWER. INITIATIVE STATUTE. Prohibits nuclear power plants from producing electrical energy by use of nuclear fission until the State Energy Commission finds and the Legislature affirms that there has been developed and that the federal government has approved and there exists a demonstrated technology or means for the permanent and terminal disposal of high-level nuclear waste. Permits government to process and approve licenses and other authorizations for nuclear fission power plants but prohibits operation until disposal requirements for high-level nuclear waste are met. Authorizes amendment by a two-thirds vote of each house of the Legislature to further its purposes. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Assuming the measure is constitutional and that existing nuclear plants are shut down for at least several years, the fiscal effect depends on whether the Public Utilities Commission (PUC) allocates the ultilities\u27 investment losses to investors or ratepayers. If investors bear the investment losses, the effects are estimated as follows: while the extent of state liability, if any, is unclear, potential one-time state cost of more than $5 billion if existing plants are permanently closed and compensation were mandated by the courts; if investors were not compensated by the state, unknown, probably multi-million dollar, reduction in state corporate and personal income tax revenues over several years; potential state cost of up to $25 million annually to compensate school and community college districts for property tax losses; potential one-time state administrative costs of at least $1 million; and potential statewide decrease in property tax revenues to local governments, excluding schools, of up to $15 million annually. If the ratepayers bear the losses, the effects are estimated as follows: increased state and local government electricity costs of at least $20 million in the first year and increasing amounts thereafter; potential state cost of up to $25 million annually to compensate school and community college districts for property tax losses; potential state administrative costs of at least $1 million; potential statewide decrease in property tax revenues to local governments, excluding schools, of up to $15 million annually; and potential increase in cities\u27 utility users\u27 tax revenues of several million dollars annually