SB 540: Independent System Operator: independent regional organization: California Renewables Portfolio Standard Program.

This bill aims to establish an independent regional organization for managing California's energy markets. The organization will oversee voluntary energy markets, ensuring they serve the state's interests. The bill also establishes a regional energy market oversight council, which will approve or disapprove participation in these markets. The California Renewables Portfolio Standard program will remain unchanged, requiring all retail sellers to procure a minimum amount of electricity from eligible renewable energy resources. However, the independent regional organization will not be considered a balancing authority for this program. The bill also revises the rules governing the power exchange, which is responsible for providing an efficient competitive auction for electricity sales. Some of these provisions are deleted. Finally, the bill imposes a state-mandated local program, which req…