Jeff --

Here are my thoughts.  Add / delete any

The state has properly identified (finally) the fundamental problem in 
California - the shortage of supply in a market with growing demand.  
Recognizing the core problem is at least half of the battle.
But rather than remove the current roadblocks to increased generation and 
transmission investment, California appears to be choosing to own and operate 
generation and transmission.
The best solution is to have the state allow private companies to site new 
generation.
Given government's other large scale participation into public power - TVA, 
BPA, NYPA - it is highly unlikely that trying to set up a state agency to do 
something that private capital is willing and able to do is rational or in 
the public interest.
Issuing debt costs consumers money and takes away capital from other 
important issues - new roads and new schools.
We would be willing to work with the Legislature to help craft a bill that 
gets more supply in California quickly, efficiently, and in an 
environmentally sound manner, but this draft only creates more bureaucracy.