City of Corpus Christi, Appellants v. Public Utility Commission of Texas, Appellees; Power Choice…

Summary

The Texas Supreme Court affirmed the district courts' judgments, holding that the Public Utility Commission’s securitization provisions of the PURA are constitutional, that regulatory assets may be securitized, that the Commission properly applied investment tax credits, that the use of the 1998 SEC Form 10‑K to determine regulatory assets is valid, that the non‑standard true‑up mechanism is authorized, and that the Cities were not denied due process. Justice Owen dissented on the non‑standard true‑up issue, while Justices Owen and Hecht filed concurring opinions.