Phase I Utilities; securitized asset costs. Authorizes Appalachian Power to petition the State Corporation Commission for a financing order for securitized asset costs, as defined in the bill. The bill creates the securitized asset cost charge and provides that the revenues generated by this charge, known as securitized asset cost property, are a property right that can be transferred and pledged as security for the securitized asset cost bonds. The bill establishes the procedures for creating, perfecting, and enforcing the security interest in securitized asset cost property. The bill also prohibits during the months of December, January, and February (i) any increase of Appalachian Power's rates for electric generation and distribution services, (ii) the application of any new rate adjustment clause to such utility's customer's bills, and (iii) any increase of an existing rate adjustment clause applicable to such customers' bills. The bill prohibits Appalachian Power from disconnecting from service any residential customer between July 1, 2025, and December 31, 2026, for nonpayment of bills or fees.

Statutes affected:
Labor and Commerce Substitute: 56-585.1, 56-585.8