The authority may only exercise its powers pursuant to Article 4 (commencing with Section 3340) of Chapter 3 for the following purposes:
(a) Establish, finance, purchase, lease, own, operate, acquire, or construct generating facilities and other projects and enterprises, on its own or through agreements with public and private third parties or joint ventures with public or private entities, or provide financial assistance for projects or programs by participating parties, to supplement private and public sector power supplies, taking into account generation facilities in operation or under development as of August 13, 2001, and to ensure a sufficient and reliable supply of electricity for California’s consumers at just and reasonable rates.
(b) Sponsor, finance, purchase, lease, own, operate, acquire, or construct an eligible transmission project, as defined in Section 63049.71 of the Government Code.
(c) Finance programs, administered by the Energy Commission, the commission, and other approved participating parties for consumers and businesses to invest in cost-effective energy efficient appliances, renewable energy projects, and other programs that will reduce the demand for energy in California.
(d) Finance natural gas transportation and storage projects under Article 7 (commencing with Section 3368) of Chapter 3.
(e) Achieve an adequate energy reserve capacity in California within five years of August 13, 2001.
(f) Provide financing for owners of aged, inefficient, electric powerplants to perform necessary retrofits to improve the efficiency and environmental performances of those powerplants.
(Amended by Stats. 2025, Ch. 119, Sec. 48. (SB 254) Effective September 19, 2025.)