Abstract

One of the more welcome consequences of the energy crisis of 1973 has been the realization that natural resources need to be husbanded and conserved. In recognition of the importance and urgency of developing an energy policy for California, the Warren-Alquist State Energy Conservation and Development Act made the state responsible for energy planning in California and established, the Energy Resources Conservation and Development Commission to monitor and regulate the demand and the supply of electricity in the state. These forecasts, essential to energy planning, unfortunately conflict with regulations that have been proposed by the federal Securities and Exchange Commission (SEC) to encourage equity in the dissemination of information among the financial community and the public. It may be concluded, therefore, that whatever the merits and demerits in general of the proposed SEC forecasting regulations, they should not be applied to utilities in their compliance with state and federal regulatory requirements. Any use of material provided to these agencies by the companies in, for instance, their annual reports or statements to the press could remain subject to SEC surveillance, however.