California's investor-owned utilities would be bought out and become publicly owned under a ballot initiative that was recently cleared to begin collecting signatures.
The Public Power Daily reported that the initiative calls for creating the California Electrical Utility District to replace Pacific Gas & Electric, San Diego Gas & Electric and Southern California Edison. Existing public power utilities wouldn't be directly affected, but could join if they wanted.
The statewide utility district would be run by an 11-member elected board, with each member representing a ward. The statewide public power utility would acquire property, build infrastructure, set electricity rates, impose taxes and issue bonds.
The California Secretary of State is allowing the collection of signatures for the initiative to appear on the November 2016 ballot. Proponents must 365,880 signatures from registered voters by April 26.
PG&E has about 5.4 million electric customers accounts, SCE has about 5 million customer accounts and SDG&E has about 1.4 million customer accounts.
Under new elections laws, if Davis is able to get 25 percent of the required ballot signatures, California Senate and Assembly committees will be required to hold hearings on the proposal, Public Power Daily reported.