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This excerpt taken from the PCG 8-K filed Oct 28, 2005. Renewable Energy
Requirement California law requires that, beginning in
2003, each California retail seller of electricity, except for municipal
utilities, must increase its purchases of renewable energy (such as biomass,
wind, solar and geothermal energy) by at least 1% of its retail sales per year,
the annual procurement target, so that the amount of electricity purchased from
renewable resources equals at least 20% of its total retail sales by the end of
2017. The Utility was excused from meeting its annual procurement target under
the current law in 2003 and 2004 due to its Chapter 11 proceeding. With its
exit from Chapter 11, as of January 1, 2005, the Utility is no longer
exempt from complying with its annual procurement target. To meet the 20% goal
by the end of 2017, the Utility estimates that it will need to purchase 700-800
GWh of electricity from renewable resources each year. During 2003 and 2004,
the Utility entered into several new renewable power purchase contracts that
will help the Utility meet its goals. The Utility also is conducting
negotiations with several renewable energy providers pursuant to a request for
offers made by the Utility in July 2004 that should result in the Utility
entering into a number of new renewable
contracts in 2005. In January 2005, the California Senate introduced a bill proposing to require the goal to be met by the end of 2010 instead of 2017. The CPUC also has suggested that the 20% goal be met by 2010. The Utility estimates that the accelerated goal would require the Utility to increase the amount of its annual renewable energy purchases to approximately 800-900 GWh. Based on the medium load scenario in the Utility’s long-term electricity procurement plan, the Utility believes that it can meet the accelerated goal.
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