House Bill No. 2747 amends existing laws related to public utilities, specifically focusing on electricity regulation by the Oklahoma Corporation Commission. The bill introduces a new application window for electric utilities to seek rate adjustments and establishes a separate rate adjustment mechanism that allows for refunds. It modifies the process for utilities to recover costs associated with transmission upgrades and capital expenditures necessary for compliance with various environmental laws. Notably, the bill specifies that if a utility constructs or acquires a natural gas generation facility, the Commission must expedite the approval process, and it allows for the recovery of costs associated with such facilities through a new rate adjustment mechanism.

Additionally, the bill mandates that starting July 1, 2025, public utilities can defer a significant portion of depreciation expenses and returns related to qualifying electric plants, provided they notify the Commission of their election to do so. The Commission is tasked with conducting prudence reviews of these deferrals before they are included in the utility's rate base. Furthermore, the bill prohibits rate-regulated electric suppliers from offering incentives to customers to switch from natural gas to electricity, ensuring that the development of new high-voltage transmission lines is conducted in a manner that provides reliable service at the lowest reasonable cost. An emergency clause is included, allowing the bill to take effect immediately upon passage and approval.