On December 18, 2007 the Pacific Gas & Electric Company, the largest national utility company, announced a commercial agreement to purchase power generated by wave energy. This decision was made in part to be competitive in the public electrical energy market in the state of California under stringent renewable energy restrictions. Currently, California state law requires that publicly owned utilities are required to generate 20% of their electricity from renewable energy sources such as wind, solar and wave power by 2010. After the General Election on November 4, 2008 this law may be subject to change to an even more stringent law, which states that publicly owned utilities would be required to increase their proportion of electricity from renewable resources to 20% by 2010, 40% by 2020 and 50% by 2025.