The bill S. 157 seeks to amend the South Carolina Code of Laws, specifically Sections 58-27-1105 and 58-27-1110, to improve the storm damage recovery process for electric utilities. It introduces the term "qualified independent third party," which refers to an expert entity responsible for certifying compliance with commission requirements. The bill also allows electric utilities to recover storm-related costs from Hurricane Helene, including the cost of capital incurred from the storm's occurrence until the issuance of storm recovery bonds. This provision aims to mitigate the financial burden on utilities due to the hurricane's impact on their infrastructure.

Additionally, the bill revises the petition process for financing orders, enabling utilities to postpone the review of certain financing costs to future proceedings, thereby streamlining the recovery process. It emphasizes the necessity for a thorough cost comparison to ensure that storm recovery bonds yield tangible benefits for customers. Key provisions include the establishment of nonbypassable storm recovery charges applicable to all retail customers, a formula-based mechanism for adjusting these charges, and the creation of storm recovery property to secure the bonds. The bill also mandates that once storm recovery bonds are issued, the financing order becomes irrevocable, with limited opportunities for adjustment, while allowing for judicial review by affected parties to ensure compliance with legal standards.

Statutes affected:
01/14/2025: 58-27-1105, 58-27-1110
01/17/2025: 58-27-1105, 58-27-1110
02/19/2025: 58-27-1105, 58-27-1110
02/25/2025: 58-27-1105, 58-27-1110
02/25/2025-A: 58-27-1105, 58-27-1110
03/04/2025: 58-27-1105, 58-27-1110
03/05/2025: 58-27-1105, 58-27-1110
03/06/2025: 58-27-1105, 58-27-1110
03/10/2025: 58-27-1105, 58-27-1110
Latest Version: 58-27-1105, 58-27-1110