SB 1501: BNF; PUBLIC UTILITIES COMMISSION; ENERGY; STEP-IN AGREEMENTS; POWER PURCHASE AGREEMENTS; POWER PURCHASE COSTS TRUST FUND

Requires the Department of Budget and Finance to enter into step-in agreements for payment obligations arising under certain power purchase agreements.  Establishes the Power Purchase Costs Trust Fund.  Establishes that revenues from on-bill charges for power purchase agreements and money from a surcharge supporting a reserve account shall be held in trust by the Department of Budget and Finance, and that independent power producers shall hold a beneficial interest in the revenues to the extent of the amounts owed under the covered power purchase agreements.  Appoints, authorizes, and empowers the electric utility to serve as the billing, collection, and payment agent of the Department of Budget and Finance in the service of performing step-in agreements.  (CD1)