This bill authorizes electric utilities to securitize storm-related costs through the issuance of rate reduction bonds (RRBs) via finance orders from the public utilities commission. It amends existing law by inserting a new declaration of purpose that emphasizes the public interest in allowing the commission to issue finance orders for storm cost recovery. Additionally, it introduces definitions for "storm costs," which include expenses incurred by utilities for storm preparation and restoration, as well as associated fees and transaction costs related to RRBs. The bill also expands the commission's authority to issue finance orders for storm costs, ensuring that the issuance is in the public interest and can lead to lower overall costs for retail customers.

Furthermore, the bill modifies the process for setting the RRB charge, which is the amount charged per kilowatt-hour to recover costs associated with the RRBs. It includes provisions for the commission to adjust this charge as necessary to ensure timely recovery of all related costs, including principal, interest, and any premiums. The bill also mandates that the commission issue a final decision on applications for finance orders within 180 days and allows for periodic adjustments to the RRB charge to reconcile actual collections with expected amounts. The effective date of the act is set for April 15, 2026.

Statutes affected:
Introduced: 369-B:1, 369-B:2, 369-B:3, 369-B:4
As Amended by the House: 369-B:1, 369-B:2, 369-B:3, 369-B:4
Version adopted by both bodies: 369-B:1, 369-B:2, 369-B:3, 369-B:4
CHAPTERED FINAL VERSION: 369-B:1, 369-B:2, 369-B:3, 369-B:4
HB1539 text: 369-B:1, 369-B:2, 369-B:3, 369-B:4