The bill H. 3756 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 designates an expert entity responsible for certifying compliance with recovery standards. The bill permits electric utilities to recover storm-related costs from Hurricane Helene, specifically allowing them to include the cost of capital incurred from the storm's date until the issuance of storm recovery bonds, capped at the utility's total weighted average cost of capital. Additionally, it modifies the petition process for financing orders, enabling utilities to defer the review of certain costs and establishing a timeline for the commission's response to petitions.

The legislation outlines a detailed framework for the issuance of storm recovery bonds, requiring financing orders to assess cost-effectiveness and impacts on retail customers. It introduces a nonbypassable storm recovery charge applicable to all customers and a formula for annual adjustments to these charges. Once storm recovery bonds are issued, the financing order becomes irrevocable, with changes to recovery charges only allowed through the established adjustment mechanism. The bill also mandates the provision of an issuance advice letter by the utility, ensuring compliance and customer benefits, and allows for judicial review of financing orders, maintaining their effectiveness despite changes in the utility's corporate status. This act will take effect upon the Governor's approval.

Statutes affected:
01/15/2025: 58-27-1105, 58-27-1110
01/29/2025: 58-27-1105, 58-27-1110
02/26/2025: 58-27-1105, 58-27-1110
03/05/2025: 58-27-1105, 58-27-1110
Latest Version: 58-27-1105, 58-27-1110