Proposition 7: Renewable Energy. FAILED

Statute

• Requires all utilities, including government-owned utilities, to generate 20% of their power from renewable energy by 2010, a standard currently applicable only to private electrical corporations.
• Raises requirement for all utilities to 40% by 2020 and 50% by 2025.
• Imposes penalties for noncompliance. Fast-tracks approval for new renewable energy plants.
• Requires utilities to sign longer contracts (20 year minimum) to procure renewable energy.
• Creates Solar and Clean Energy Transmission Account to purchase property or rights of way for renewable energy.

Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government:

• State administrative costs of up to $3.4 million annually for the regulatory activities of the Energy Resources Conservation and Development Commission and the California Public Utilities Commission, paid for by fee revenues.
• Potential, unknown increased costs and reduced revenues, particularly in the short term, to state and local governments resulting from the measure’s potential to increase retail electricity rates, with possible offsetting cost savings and revenue increases, to an unknown degree, over the long term to the extent the measure hastens renewable energy development.

(Initiative 07-0066.)


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Proposition 10: Alternative Fuel Vehicles and Renewable Energy. FAILED

Bond. Statute.
Authorizes $5 billion in bonds paid from state’s General Fund, allocated approximately as follows:

• 58% in cash payments of between $2,000 and $50,000 to purchasers of certain high fuel economy and alternative fuel vehicles;
• 20% in incentives for research, development and production of renewable energy technology;
  
• 11% in incentives for research and development of alternative fuel vehicle technology;
• 5% in incentives for purchase of renewable energy technology; 4% in grants to eight cities for education about these technologies;
• and 3% in grants to colleges to train students in these technologies.

Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government:

• State costs of about $9.8 billion over 30 years to pay both the principal ($5 billion) and interest ($4.8 billion) costs on the bond.
• Payments of about $325 million per year.
• Increase in state sales tax revenues of an unknown amount, potentially totaling in the tens of millions of dollars, over the period from 2009 to beyond 2018.
• Increase in local sales tax and VLF revenues of an unknown amount, potentially totaling in the tens of millions of dollars, over the period from 2009 to about 2018-19.
• Potential state costs of up to about $10 million annually, through about 2018 -19, for state agency administrative costs not funded by the measure.

(Initiative 07-0101.)

More on the CA Secretary of State's site.
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