SB 1287: Electric service providers and community choice aggregators – financial security requirements

SB 1287 (Bradford) This bill would have required newly forming Community Choice Agencies (CCAs) to post bonds or demonstrate insurance coverage in an amount of no less than $500,000. The bill would also empower the CPUC to require new CCAs include financial security that would meet no less than 12 months of incremental procurement cost incurred by the provider of last resort (currently the incumbent IOU in all cases), upon the CCA customers’ involuntary return to the incumbent utility. The effective impact of this bill would be to foreclose on virtually any new CCAs forming. STATUS: Introduced February 18. Assigned to the Senate Energy Committee. Died in committee.