The bill S. 656 aims to amend the South Carolina Code of Laws by adding Section 58-5-70, which establishes new requirements for the Public Service Commission when evaluating applications from public utilities seeking to acquire property or assets related to water, sewerage collection, or sewerage disposal owned by local government entities. The bill mandates that the commission must consider the fair market value of the property, which must be supported by two independent appraisals conducted by mutually selected experts. Additionally, the Office of Regulatory Staff may provide an appraisal, and the average of these appraisals will determine the fair market value.

Furthermore, the bill stipulates that a public hearing must be scheduled within 60 to 90 days of receiving an application, and the commission is required to issue a decision within 180 days. If a public utility successfully acquires the property, the purchase price or fair market value will be included in the utility's rate base for its next general rate case, contingent upon a finding that the acquisition is in the public interest. The bill also allows for the possibility that either party may choose not to proceed with the acquisition.

Statutes affected:
05/06/2025: 58-5-70
Latest Version: 58-5-70