In light of the enactment of Assembly Bill (AB) 1373, a new report from Moody’s looks at the steps and challenges California’s public power system has faced and will face as it shifts toward renewable energy.
On Oct. 7, California Governor Gavin Newsom signed into law AB 1373, thereby allowing the state’s Department of Water Resources to act as a central buyer to procure resources to satisfy renewable portfolio standards for electric utilities in the state.
Senate Bill (SB) 100, put into law in 2018, stipulates that California have 100 percent carbon-free electricity by 2045 and mandates that utilities supply retail customers with 44 percent renewable electricity by the end of 2024, 52 percent by the end of 2027 and 60 percent by the end of 2030.
Moody points out that AB 1373 will likely bolster the development of renewable projects such as offshore wind farms, geoth