The bill amends the 1939 Public Act 3, which regulates public and private utilities in Michigan, by introducing new definitions and clarifications related to advanced nuclear reactor technologies and electric vehicle services. Notably, it defines "advanced nuclear reactor technologies" to include improvements in nuclear facilities that enhance safety and efficiency, as well as existing facilities that have undergone lifecycle management. The bill also updates various terms, such as replacing "assignee" with a more specific definition and clarifying the roles of the Michigan public service commission and electric utilities.

Additionally, the bill mandates that certain charges, known as securitization charges, must be collected by electric utilities to recover qualified costs, emphasizing the necessity of these charges in the financing order. The language also indicates that the enactment of this bill is contingent upon the passage of several other related bills in the legislature. Overall, the amendments aim to modernize the regulatory framework for energy suppliers and enhance the state's approach to energy production and consumption, particularly in the context of nuclear energy and electric vehicles.

Statutes affected:
House Introduced Bill: 460.10