How the Stewardship Council Came to Be

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Principal events preceding the Land Conservation Commitment and Creation of the Stewardship Council

Mid 2000 to early 2001: The “energy crisis”; the California electricity market becomes dysfunctional and wholesale electricity prices skyrocket. PG&E and other utilities spend billions on this expensive power which they cannot recover from fixed retail rates

April 2001: PG&E voluntarily declares bankruptcy under Chapter 11

September 2002: The California Public Utilities Commission (CPUC) files an alternative, much different plan of reorganization.

November 2002: Bankruptcy Court proceedings begin.

March 2003: The Bankruptcy Court orders PG&E and the CPUC to attempt to negotiate a settlement

June 2003: PG&E and the CPUC announce a Proposed Settlement Agreement, including the Land conservation Commitment, and file it with the Bankruptcy Court.

July 2003: The CPUC begins consideration of the Proposed Settlement Agreement. Numerous parties, including the California Hydropower Reform Coalition, submit testimony regarding the Land Conservation Commitment. The principal problem with the Commitment is the lack of specification of how the Commitment will be implemented.

September 9, 2003: The CPUC invites the submitters of testimony to “come up with a resolution” – within 15 days – of issues related to the Land Conservation Commitment.

September 25, 2003: The Stipulation resolving issues related to the Land Conservation Commitment is presented to the CPUC.

December 19, 2003: The CPUC issues its final decision specifying the conditions for PG&E’s exit from bankruptcy. The Land Conservation Commitment , the Stipulation, and creation of the Youth Investment Program are included in this decision.

January 5, 2004: The Bankruptcy Court approves the CPUC decision.

April 12, 2004: PG&E exits from bankruptcy.

April 29, 2004: The Stewardship Council holds its first meeting.