This bill authorizes electric utilities to issue AAA-rated bonds to recover costs associated with storm-related damages and enhance infrastructure resilience. It amends RSA 369-B by inserting a declaration of purpose that highlights the public interest in issuing finance orders for rate reduction bonds that securitize storm costs. The bill defines "storm costs" as expenses incurred by electric utilities for preparation, restoration, and response to storm damage, including related fees and transaction costs. It grants the Public Utilities Commission (PUC) the authority to issue finance orders for these bonds upon petition from utilities, requiring the PUC to conduct hearings and issue decisions within 60 days. Additionally, the bill mandates the establishment of a rate reduction bond (RRB) charge to recover costs associated with the bonds, including principal and interest, while deleting conflicting existing language.

The bill aims to streamline the process for utilities to recover storm-related costs, potentially lowering carrying charges for customers and extending the recovery period. The Department of Energy notes that the immediate impact on state expenditures is indeterminable, with long-term savings remaining uncertain due to fluctuating interest rates and recovery periods. The PUC will need to hire additional staff to manage the increased workload, with projected costs funded through the Utility Assessment Fund. Overall, the bill seeks to enhance regulatory oversight while facilitating the recovery of storm-related costs through the issuance of rate reduction bonds.

Statutes affected:
Introduced: 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