The proposed bill authorizes electrical, gas, and water companies in Washington State to use securitization financing for wildfire-related costs and other emergency expenses, aiming to reduce costs for customers. It allows the utilities and transportation commission to approve such financing while ensuring that securitized debt is not classified as public debt. The bill introduces new definitions, including "bondholder," "rate recovery asset," and "financing order," and maintains the commission's authority over the rates and services provided by these companies. It mandates that financing applications be approved within 180 days and specifies the types of costs that can be considered bondable, such as capital and operating costs related to emergencies.

Additionally, the bill amends existing laws regarding financing orders, establishing a framework for the recovery of bondable expenditures and allowing companies to file tariffs for conservation measures without prior determinations. It clarifies the process for transferring rate recovery assets and protects these transfers from third-party claims. The legislation also permits costs for energy or water conservation measures to be classified as bondable if they meet specific criteria, ensuring that obligations remain intact in bankruptcy proceedings. Overall, the bill aims to provide a structured approach for cost recovery while safeguarding customer interests and enhancing public safety.

Statutes affected:
Original Bill: 80.28.005, 80.28.303, 80.28.306, 80.28.309, 80.08.140