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 entity with expertise in relevant fields designated by the commission to certify compliance. The bill permits electric utilities to recover storm-related costs from Hurricane Helene, including the cost of capital from the storm's occurrence until the issuance of storm recovery bonds, with a cap set at the utility's total weighted average cost of capital from its most recent base rate case. Additionally, it modifies the petition process for financing orders, allowing utilities to defer certain cost reviews to future proceedings and establishes a timeline for the commission's response to financing order petitions.
Moreover, the bill outlines a detailed framework for the issuance of storm recovery bonds, requiring financing orders to assess cost-effectiveness and rate impacts on customers. It introduces a nonbypassable storm recovery charge applicable to all customers and a formula for annual adjustments to these charges. The bill also specifies the conditions for creating and transferring storm recovery property, ensures the irrevocability of financing orders post-issuance, and mandates that utilities provide an issuance advice letter to the commission with final bond terms and compliance certifications. It allows for judicial review of financing orders by affected parties and ensures the orders remain effective despite any changes in the utility's corporate status. The act will take effect upon the Governor's approval.
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