Analysts Warn Against Newsom’s Proposal For State Power-Buying Entity

California budget analysts are pressing legislators to closely scrutinize Gov. Gavin Newsom’s (D) proposal for a new “central procurement” process for the state to secure adequate amounts of energy with utility ratepayers footing the cost, questioning whether the move is necessary and warning it could further drive up the state’s high power prices. “Given that California’s electricity rates already are among the highest in the nation and rising faster than inflation, the Legislature will want to carefully consider the potential...