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 allows utilities to recover storm-related costs from Hurricane Helene, specifically capping the cost of capital at the utility's total weighted average cost as determined in its latest base rate case. Additionally, it modifies the petition process for financing orders, enabling utilities to defer certain financing cost reviews and requiring a comprehensive description of storm recovery activities and their financial impacts on customers.

The legislation also outlines specific requirements for financing orders related to storm recovery bonds, mandating detailed findings on cost-effectiveness and rate impacts, as well as establishing nonbypassable storm recovery charges for all customers. It provides a formula for annual adjustments to these charges and creates storm recovery property to secure the bonds. The bill ensures that financing orders are irrevocable once bonds are issued and allows for judicial review by affected parties. The commission is responsible for reviewing issuance advice letters and must act within a designated timeframe. The 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
Latest Version: 58-27-1105, 58-27-1110