The bill amends the Oklahoma Statutes concerning public utilities, particularly focusing on electricity and electric transmission facilities. It establishes a new application window for electric utilities to construct or acquire generating facilities, with the Corporation Commission required to respond within 180 days for natural gas facilities and 240 days for other fuel types. Additionally, a new rate adjustment mechanism is introduced, allowing utilities to recover costs and potentially refund customers if construction projects are halted. The bill also clarifies the rights of incumbent electric transmission owners and mandates competitive bidding for certain projects, overseen by an independent evaluator appointed by the Commission. Furthermore, it allows electric cooperatives outside the Southwest Power Pool to construct and maintain local transmission facilities with fewer regulatory constraints.

Moreover, the bill introduces provisions for the deferral of depreciation expenses and returns for public utilities, effective July 1, 2025. It permits utilities to defer ninety percent of depreciation expenses related to qualifying electric plants, excluding transmission facilities or new generating units, contingent upon notifying the Commission. The Commission will conduct a prudence review of these assets before they can be included in the utility's rate base. Additionally, the bill prohibits retail electric suppliers from providing rate-payer-funded incentives to encourage customers to switch from natural gas to electricity, aiming to maintain market stability. The act is set to take effect immediately upon passage and approval, with specific implementation dates for the deferral provisions.