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, capped at the utility's total weighted average cost of capital from its latest 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 to issue financing orders.

Moreover, the bill outlines the requirements for financing orders related to storm recovery bonds, mandating detailed findings on cost-effectiveness and rate impacts on customers. It ensures that storm recovery charges are nonbypassable for all current and future customers and introduces a formula for annual adjustments to these charges. The bill also specifies the creation and transfer conditions for storm recovery property and the irrevocability of financing orders once bonds are issued. Utilities are required to submit an issuance advice letter detailing the final terms of the bonds, including compliance certifications. 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