Advocates for aggressive utility reform, including a 25% rate reduction, by challenging the guaranteed 10% return on equity for investor-owned utilities.
Proposes major state-led economic interventions, including building one million new housing units in four years and tripling the state's electric vehicle tax credit.
Supports using tax policy to redistribute corporate profits to consumers, specifically by enforcing a windfall profits tax on oil companies and closing the Proposition 13 corporate property tax loophole.
Frames international conflicts, specifically the war in Iran, as a direct subsidy to the oil and gas industry that harms California consumers through higher fuel prices.
Believes that existing and emerging technologies in renewables, batteries, and grid management (AI/IT) are sufficient to lower energy costs and increase grid capacity without massive infrastructure rebuilding.
Early 2026
The 2026 California gubernatorial race begins to take shape, with Tom Steyer, Xavier Becerra, and Katie Porter as key Democratic contenders.
Q1-Q2 2026
Following the implosion of Eric Swalwell's campaign, Tom Steyer emerges as a narrow frontrunner in the Democratic field.
April 2026
Steyer announces a self-funded campaign of over $100 million and outlines a platform focused on reducing utility bills, building housing, and challenging oil companies.
April 27, 2026
Steyer claims his campaign is being targeted by a PAC funded by electric monopolies and has drawn social media opposition from Donald Trump and Elon Musk.
▶Gubernatorial Campaign and Political PositioningMay 2026
Tom Steyer is presented as a leading, self-funded candidate in the 2026 California gubernatorial race. His campaign is defined by its populist stance against established corporate and political interests, attracting opposition from electric utilities, oil companies, Donald Trump, and Elon Musk.
Steyer's strategy of self-funding allows him to adopt aggressive anti-corporate positions that may be untenable for candidates reliant on traditional fundraising, creating a high-risk, high-reward political dynamic.
▶Energy and Utility ReformMay 2026
A cornerstone of Steyer's platform is a direct challenge to California's investor-owned utilities. He pledges to cut utility bills by 25% and criticizes the current model of guaranteed returns on capital expenditures, such as the $3 million per mile cost for undergrounding wires.
Investors in California utilities face significant regulatory risk if Steyer's proposals gain traction, as his platform directly targets the profitability model that has long underpinned the sector's financial stability.
▶Economic Intervention and Tax PolicyMay 2026
Steyer proposes significant state-led economic interventions, including a plan to build one million new homes, triple the EV tax credit, and enforce a windfall profits tax on oil companies. He also plans to call a special election to close a multi-billion dollar corporate property tax loophole from Proposition 13.
Steyer's agenda signals a potential shift towards more aggressive state intervention in markets and a more redistributive tax policy, which could significantly alter the business and investment climate in California.
▶Geopolitics of Energy and Climate
Steyer explicitly links U.S. foreign policy, particularly the war in Iran, to domestic energy costs and oil company profits. He argues the $200 billion war acts as a subsidy for the oil and gas industry, while also citing scientific projections that the world will pass the 2°C warming threshold by 2035.
By framing geopolitical conflicts as direct economic factors impacting California consumers, Steyer is attempting to nationalize and internationalize state-level political discourse, a tactic that could resonate with voters concerned about inflation and global instability.