Press Release

State Senator Dr. Aisha Wahab Introduces the Investor-Owned Utility Accountability Act

Sacramento, CA — State Senator Dr. Aisha Wahab (D-Silicon Valley) introduced The Investor-Owned Utility Accountability Act, SB 332, which addresses ongoing issues of affordability and safety with California’s investor-owned utilities (IOUs).

“People care about affordability and safety. What we do matters to protect and support 40 million Californians. This bill gives power back to the people on rates, safety, and holds investor-owned utilities accountable,” said Dr. Wahab.

The Investor-Owned Utility Accountability Act is a multi-prong approach that will:

  1. Cap IOU rate increases for residential customers to no more than the Consumer Price Index
  2. Prohibit the shut-off of utilities for specified vulnerable ratepayers to ensure their health and safety needs are met
  3. Reduce ratepayer contributions to the Wildfire Fund, and increase IOUs responsibility for the fund
  4. Require annual audits of equipment and the replacement of equipment that’s outlived its usable life  in high fire risk areas
  5. Require proposed executive compensation be contingent on safety metrics
  6. Require undergrounding for replacement equipment
  7. Fund resilience hubs and community infrastructure to meet power needs during emergencies
  8. Fund a feasibility study to determine what form of utility best serves ratepayers

SB 332 is sponsored by Reclaim our Power and Center for Biological Diversity, and must pass Senate policy committees and pass off of the Senate Floor no later than June 6, 2025, before moving to the Assembly for consideration.

“California can lead the nation with Sen. Wahab’s bill and stop utilities from forcing families to choose between keeping the lights on and having enough to eat. The state’s top corporate utilities can avoid shutting off their customers’ power with just a tiny fraction of the nearly $2.4 billion they sent to shareholders last year,” said Selah Goodson Bell, energy justice campaigner at the Center for Biological Diversity.

“We can build a better energy system,” said Emi Yoko-Young, Reclaim Our Power’s policy organizer. “This bill addresses the immediate needs of our communities and utility workers who are most impacted by the harms of the investor-owned utilities, and is an important step in creating a more equitable and sustainable energy system that would put people and the planet over profits.”