The proposed bill authorizes electrical, gas, and water companies in Washington State to use securitization financing for wildfire-related costs and other emergency expenses, potentially reducing costs for customers. It establishes that such financing requires approval from the utilities and transportation commission, which retains authority over rates and services. New definitions are introduced, including "bondable rate recovery expenditures" for costs from federally or state-declared disasters and "rate recovery assets" for companies' rights to recover these costs. The bill outlines a process for companies to petition the commission for financing orders, requiring a detailed explanation of the emergency and associated costs, with a decision mandated within 180 days.

Additionally, the bill amends existing laws regarding financing orders, focusing on the recovery of bondable expenditures and establishing a framework for ongoing rate recovery charges that cannot be avoided until debts are paid. It modifies conservation service tariff provisions, allowing companies to file tariffs for conservation measures without prior determinations on bondable investments. The bill also clarifies the transfer and management of rate recovery assets, ensuring protections against third-party claims and defining the rights of secured parties. Costs for energy or water conservation measures can be classified as bondable if they meet specific criteria, and the state is not obligated to guarantee any bonds issued under this act. The bill is designed to take effect immediately upon passage, emphasizing the need for public safety and welfare.

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