Existing law vests the Public Utilities Commission with regulatory authority over public utilities, including electrical corporations and gas corporations. This bill would require an electrical corporation or gas corporation to submit a financial condition report to the Legislature, as provided, if the corporation's credit rating reaches a near-distress rating level, as defined, or if the commission issues a cost-of-capital decision, as defined, affecting the corporation. The bill would specify information required to be included in the report, including information determined by the commission to be relevant to the Legislature's understanding of the corporation's financial condition. Under existing law, a violation of the Public Utilities Act or an order, decision, rule, direction, demand, or requirement of the commission is a crime. Because the above provisions would be part of the act and a violation of a commission action implementing the bill's requirements would be a crime, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.