California § 3401 - The Legislature finds and declares all of the following: (1) The safe, efficient,

§ 3401. The Legislature finds and declares all of the following: (1) The safe, efficient,

(a) The Legislature finds and declares all of the following: (1) The safe, efficient, and reliable generation, procurement, transmission, distribution, and storage of energy for residents and businesses in California is essential for living and doing business in California. The economic strength and productivity of California and its residents require the availability of energy with which to operate their businesses and live safely in their homes. (2) Californians residing, working, or doing business within Pacific Gas and Electric Company’s service territory deserve to be served by a utility that prioritizes operational safety and efficiency, is prudently managed and soundly financed, and has a capital structure that enables it to make critical safety investments. (3) The Legislature recognizes that Pacific Gas and Electric Company may meet the requirements of Chapter 79 of the Statutes of 2019 and emerge from bankruptcy as a transformed utility that is positioned to provide Californians with access to safe, reliable, and affordable service. (4) The purpose of this division is to ensure that if Pacific Gas and Electric Company fails to emerge from bankruptcy as a transformed utility, then Golden State Energy is duly empowered to serve in that critical role. (b) It is the intent of the Legislature that Golden State Energy act pursuant to this division only in the event that a transformed utility does not emerge from the bankruptcy or the transformed utility fails to meet its duty to provide safe, reliable, and affordable energy services. (c) A failure of Pacific Gas and Electric Company to exit bankruptcy will result in a risk to or delay of fair compensation to the victims that have already been waiting years to put their lives back together. It is therefore the intent of the Legislature that, should Pacific Gas and Electric Company not exit its bankruptcy, Golden State Energy be positioned to take over the utility and compensate victims. (d) It is the intent of the Legislature that the commission regulate Golden State Energy as an electrical and gas corporation, except that the commission should recognize its status as a nonprofit public benefit corporation, which does not have shareholders and operates for its customers and for the benefit of the people of California. Due to this difference, it is necessary to establish some alternative procedures for Golden State Energy.