X. California Environmental Quality Act (CEQA)
Under the California Environmental Quality Act (CEQA) and Rule 17.1 of the Commission's Rules of Practice and Procedure, we must consider the environmental consequences of projects that are subject to our discretionary approval.8 Thus, in deciding whether to approve this application, we must consider if doing so will alter an approved project, result in new projects, change operations, etc., to have an environmental impact.
CEQA guidelines recognize that the timing of the environmental review involves a balancing of competing factors, and that such review should occur as early as feasible in the planning process to enable environmental considerations to influence project design, yet late enough to provide meaningful information for environmental assessment.9 We conclude that it is premature to conduct a CEQA review of the projects that may be funded with debt and preferred stock issued pursuant to this Opinion because there is insufficient information to conduct a meaningful environmental assessment at this time.
This Opinion does not authorize any specific capital expenditures or construction projects. SDG&E cannot use any proceeds from the debt and preferred/preference stock issued pursuant to this Opinion to begin construction of capital projects until it has obtained all necessary discretionary approvals from the Commission, including environmental review under CEQA.
Consistent with D.04-10-027 (re PG&E), we find this Opinion granting authority for SDG&E to issue debt or preferred/preference stock is too remote from any specific action by SDG&E to require CEQA review.
8 Pub. Resources Code Section 21080.
9 Code of Regs., Title 14, § 15004.
