Electric utilities; recovery of certain project development costs.

Electric utilities; recovery of certain project development costs. Permits an investor-owned electric utility to petition the State Corporation Commission at any time for the approval of a rate adjustment clause for the recovery of project development costs for up to five electric generation facilities, regardless of fuel source. The bill also exempts such facilities from requirements in existing law to retire or decommission such facilities. The provisions of the bill have a contingent expiration date of one year after the effective date of any regulations promulgated by the State Air Pollution Control Board to establish carbon dioxide emissions allowances pursuant to current law.