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 refers to an entity with expertise in relevant fields that the Public Service Commission can designate to certify compliance. The bill allows electric utilities to recover storm-related costs from Hurricane Helene, including capital costs incurred from the storm's occurrence until the issuance of storm recovery bonds. Additionally, it modifies the petition process for financing orders, enabling utilities to defer the review of certain costs to future proceedings, thereby streamlining the recovery process while ensuring that the issuance of storm recovery bonds provides net benefits to customers.

Moreover, the bill outlines specific requirements for financing orders related to storm recovery bonds, mandating detailed findings on cost-effectiveness and rate impacts on customers. It establishes that storm recovery charges must be nonbypassable for all current and future customers and introduces a formula for annual adjustments to these charges to address any over- or under-collection. The bill also emphasizes the irrevocability of financing orders once bonds are issued, limiting the commission's ability to amend them, and requires utilities to provide detailed issuance advice letters. It allows for judicial review of financing orders by affected parties and clarifies that these orders remain effective despite any changes in the utility's corporate status. The act will take effect upon the Governor's approval.

Statutes affected:
01/15/2025: 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