ELECTRIC UTILITIES. ASSESSMENTS. BONDS. INITIATIVE STATUTE. Prohibits assessment of utility tax, bond payments or surcharges for payment of costs of nuclear power plants/related assets. Limits authority of electric companies to recover costs for non-nuclear generation plants. Prohibits issuance of rate reduction bonds and assessments on customers for payment of bond principal, interest, and related costs. Provides judicial review of Public Utilities Commission decisions relating to electric restructuring and financing costs by writ of mandate. May provide up to 20% electricity rate reduction for residential and small commercial customers of investor-owned utilities by January 1, 1999. Restricts customer information dissemination. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: State government net revenue reductions potentially in the high tens of millions of dollars annually through 2001-02. Local government net revenue reductions potentially in the tens of millions of dollars annually through 2001-02. State and local government savings in utility costs, potentially in the tens of millions of dollars annually through 2001-02.
Popular Vote Results
Y: 2064623; A: 26.5; N: 5710140; B: 73.5
HARVEY ROSENFIELD, Co-Chair, Californians against Utility Taxes (CUT); NETTIE HOGE, Executive Director, The Utility Reform Network (TURN); HARRY M. SNYDER, Senior Advocate, Consumers Union, Publisher of Consumer Reports
LARRY McCARTHY, President, California Taxpayers Association; JERRY MERAL, Executive Director, Planning & Conservation League; ALLAN ZAREMBERG, President, California Chamber of Commerce
Rebuttal Against Author
RALPH NADER, Consumer Advocate; DAVID BROWER, Founder, Friends of the Earth; EUGENE P. COYLE, Ph.D., Utility Economist
Electric Utilities. Assessments. Bonds. California Proposition 9 (1998).