This bill establishes new regulations for public utilities in Oklahoma, specifically targeting those that provide electric services to large load data centers. It defines key terms, including "public utility" and "large load data center," and mandates that these utilities file an updated schedule of tariffs with the Oklahoma Corporation Commission. This schedule must include a surcharge for large load data center customers during peak demand periods. Additionally, the bill requires that all funds collected from this surcharge be transferred to the Corporation Commission and deposited into a newly created "Grid Modernization Revolving Fund."

The Grid Modernization Revolving Fund will be a continuous fund, not limited by fiscal year constraints, and will consist of all surcharge revenues collected. The Oklahoma Corporation Commission is authorized to use these funds for modernizing the state's electric grid, with expenditures made through the State Treasurer upon proper claims approval. The bill is set to take effect on November 1, 2026.