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 and ensure compliance with the new regulations.

The legislation also details the reporting and monitoring requirements for utilities, including quarterly reports on their financial performance and adjustments needed to maintain compliance with established rate ranges. It specifies the process for reviewing and adjusting rates based on these reports, including provisions for public hearings and the ability for aggrieved parties to petition for review of commission orders. The act aims to provide a structured framework for rate stabilization while ensuring customer protections and regulatory oversight.