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 general rate proceedings every five years. Additionally, the bill mandates the creation of an additional position within the Office of Regulatory Staff to oversee these adjustments.

The legislation also details the reporting and monitoring requirements for utilities, including quarterly reports on various financial metrics and annual calculations of revenue adjustments based on the utility's earnings relative to established ranges. The Office of Regulatory Staff is tasked with reviewing these reports and proposing necessary adjustments to ensure compliance. The bill stipulates that any rate adjustments authorized under this act will take effect for all bills rendered after the first billing cycle of August each year. Overall, the act aims to provide a structured framework for electric rate adjustments while ensuring customer protections and regulatory oversight.