The "Electric Rate Stabilization Act" is a proposed amendment to the South Carolina Code of Laws that allows electric utilities to request annual adjustments to their rates through the Public Service Commission. The bill introduces Article 24 to Chapter 27, Title 58, which outlines the procedures for utilities to elect to apply the terms of this article to their rates and charges. It establishes requirements for the commission to make findings and set ongoing procedures for rate adjustments, including the necessity for utilities to file monitoring reports quarterly and to undergo general rate proceedings every five years. The act also mandates the commission to specify a range for the utility's cost of equity and to provide detailed financial information in its orders.

Additionally, the bill authorizes the Office of Regulatory Staff to create up to two additional positions for each regulated electric utility to assist in carrying out the provisions of the act, with costs borne by the utilities. The act stipulates that the Department of Revenue will assess these utilities for the expenses associated with the new positions, ensuring that the financial responsibilities are managed appropriately. The act will take effect upon approval by the Governor.