In a critical step on the road to financial solvency for the state and two private-sector utilities, the California Public Utilities Commission last Wednesday issued its draft rate agreement with the state water resources department (DWR), which since January has been buying billions of dollars of wholesale electricity for the state. Comments on the draft are due by Aug. 1, and the regulators expect to act on the final document at their regular business meeting Aug. 23.
Solvency
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