Requires the Public Utilities Commission to establish residential electricity rate structures that prioritize affordability and equity. Requires the Public Utilities Commission to establish a lifeline baseline performance standard, a medical essential needs energy program, and a new tariff. Requires electric utilities to file revised tariffs no later than twelve months after the Public Utilities Commission has issued a final decision and order under this Act. Requires the Public Utilities Commission to convene a stakeholder process for developing and implementing this Act.