Bill S. 157 seeks to amend the South Carolina Code of Laws to improve the storm damage recovery process for electric utilities. It introduces the term "qualified independent third party," which refers to an expert entity designated by the Public Service Commission to certify compliance with specific requirements. The bill allows electric utilities to recover storm-related costs incurred due to Hurricane Helene, including capital costs from the storm's occurrence until the issuance of recovery bonds. This provision recognizes the extensive damage and financial burden faced by utilities in restoring their infrastructure.

Additionally, the bill revises the petition process for financing orders, enabling utilities to defer the review of certain costs to future proceedings, thereby streamlining the financing process. It establishes requirements for financing orders related to storm recovery bonds, including detailed findings on cost-effectiveness, nonbypassable recovery charges for all customers, and a formula for annual charge adjustments. Once issued, the financing order becomes irrevocable, with limited opportunities for modification, and allows for judicial review by affected parties. The act will take effect upon the Governor's approval, facilitating prompt implementation of these provisions.

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
Latest Version: 58-27-1105, 58-27-1110