California state regulators ruled December 20 that 85 percent of the revenues derived from the sale of greenhouse gas emissions allowances by the state’s investor-owned utilities, between 2013 and 2020, must be passed on to ratepayers in the form of rate reductions and semiannual “climate dividends”. California’s three investor-owned utilities are Pacific Gas and Electric Company, Southern California Edison, and San Diego Gas and Electric Company. The California Public Utilities Commission predicts that utilities will return between $5.7 billion and $22.6 billion to ratepayers as a result of the new rule.