This statutory initiative provides that no electricity rate can be set at a level intended to generate revenues to offset losses the IOUs incurred while procuring electricity during the rate freeze period established under AB 1890. Accordingly, the measure applies to PG&E and SCE, since they had not recovered all of their stranded costs and were still subject to the rate freeze when electricity prices skyrocketed. In contrast, SDG&E had already recouped its stranded costs and was no longer affected by the rate freeze established under AB 1890 when the crisis hit. The initiative also specifies that any revenues collected prior to the enactment of this initiative by the IOUs for the purpose of offsetting these losses must be rebated to the ratepayers.