3860 Department of Water Resources
3260 - CALIFORNIA ENERGY RESOURCES SCHEDULING
For a limited period of time, this program purchased electric power on behalf of the state's investor-owned utilities. Beginning January 1, 2003, the utility companies resumed responsibility for purchasing power from the spot market. The utilities, however, continued to receive power from the Department's long-term energy contracts with energy suppliers, under which the Department retains legal and financial responsibility. All energy contracts signed by the Department have now expired or were terminated. However, litigation continues against some of the counterparties to these contracts. Additionally, the Department retains the legal and financial responsibility for administering $6.090 billion in revenue bonds issued to repay the General Fund for money borrowed for power purchases during the energy crisis and funding of reserve accounts necessary to maintain an investment grade credit rating associated with the revenue bonds.