California lawmakers ended their legislative session Saturday with a burst of dealmaking, passing bills designed to lower utility rates, expand the electricity market and increase oil supplies.
State lawmakers began the session with a long list of energy priorities, including a promise to address a rapid rise in electricity prices. But it wasn’t until days ago that Gov. Gavin Newsom (D) announced that his office and legislative leaders had compromised on a sweeping energy and climate package, including a bill to extend the state’s cap-and-trade program.
“After months of hard work with the Legislature, we have agreed to historic reforms that will save money on your electric bills, stabilize gas supply, and slash toxic air pollution — all while fast-tracking California’s transition to a clean, green job-creating economy,” Newsom said in a statement.
The bills now move to Newsom’s desk. Here’s a look at how they will change California’s electricity and oil and gas markets.
