Market Overview

Oppenheimer's Thoughts On California's Jerry Brown


Oppenheimer is out with a research note this morning, where it gives some key takeaways regarding its trip to California to cover the gubernatorial elevations.

The analysts said that, with the election of Jerry Brown as California's new governor, the California Public Utilities Commissioners expect the overall energy policies of the state to continue on the same course or even intensify.

They believe that renewables, energy efficiency and demand-side management will continue to be top priorities. Although the analsyts are comfortable with the current constructive nature of the commission balancing ratepayers' and utility needs, they note that only two of the current commissioners, President Peevey and Commissioner Simon, are guaranteed to continue in office on 1/1/2011.

Commissioners Bohn and Grueneich's terms end at year-end, and they do not seem to be seeking reappointment. Commissioner Ryan requires Senate confirmation by 1/20/2011 to remain on the commission.

The analysts said, “The biggest near-term uncertainty with the CPUC is that Governor-elect Brown may "un-appoint" Commissioner Ryan, and then appoint three new commissioners who might not share the remaining two commissioners' vision.”


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